Money management or money market accounts became popular in the early 1970’s. Before these accounts became available, the small investor was not able to invest in high-yield money market instruments. They were restricted to the lower paying consumer certificates that were available from commercial banks and savings institutions. As the interest rates on large certificates of deposit rose during the mid-1970’s, financial firms looked for ways to get around the smaller investor’s exclusion from the money market investments. To do this they pooled the funds of many small investors. These pools were large enough to meet the minimum amounts imposed.