All You Need to Know About Money Market Accounts
At Forest Area Federal Credit Union, we offer our members a wide variety of financial products and services to help you manage, save and grow your money. Savings accounts and share certificates are the ideal choice for money you won’t need to access for a while, and checking accounts are the perfect home for funds to cover day-to-day expenses. However, you may be seeking an account that blends the best of savings and checking accounts. Money market accounts offer many convenient features of checking accounts, with an attractive rate of return to help your money grow.
High interest rates
Money market accounts offer a rate of return that surpasses your typical savings account. Here at Forest Area Federal Credit Union, our APY for money market accounts is as much as 4.50% APY*! A money market account can be the perfect way to give your short-term savings their best chance at growth.
While not intended to cover everyday expenses, money market accounts do offer increased flexibility over savings accounts. Depending on your financial institution, the funds in your money market account may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from money market accounts to checking accounts.
It’s important to note that most financial institutions do place limits on the number of money market transactions you can make during a month. If you open a money market account at Forest Area Federal Credit Union, you’ll have no monthly or annual fees, as well as dividends that are calculated daily and paid monthly. Keep in-mind you will have limited check-writing, no debit card, and (6) debit/withdrawals per month.
The funds in your money market account at Forest Area Federal Credit Union are insured by the NCUA up to $250,000. This means you can keep a large sum of money in your account with less risk of losing it to a market crash or a poor choice of investment.
Minimum balance requirements
Most financial institutions require a minimum initial deposit for money market accounts and a minimum balance to be kept in the account at all times. Here at Forest Area Federal Credit Union, you can open an account with NO minimum, but higher returns with bigger deposits.
Ideal uses for money market accounts
Money market accounts can be ideal for expected occasional expenses, or for the unexpected emergency that can easily send a lesser-prepared individual into debt.
Here are some of the most popular uses for funds kept in money market accounts:
Are you ready to start saving big? Open a money market account at Forest Area Federal Credit Union today!