If you are still using a basic savings account, it may be time to consider making the move to a Money Market Account with CCCU to better meet your needs… and for a better return on your money!
A Money Market Account is a great choice for those who want higher returns than a regular savings account offers without tying up funds in stocks or CDs with long maturity dates. Money Market Accounts earn dividends at a variable rate, allowing your earnings to adjust as rates change. This interest-bearing deposit account combines the dividend-paying features of a savings account with the convenient access of a checking account.
A Money Market Account is the perfect choice if you are looking for higher returns than a traditional savings account while still maintaining easy access to your funds. A Money Market account offers the flexibility you want and need:
Low opening deposit3
Higher interest rates
No maturity date like CD’s
No monthly fees2
Money is insured by the NCUA
Flexible account access
Both types of accounts offer interest on deposits and are great resources for saving money. Compare the features of each to determine which one will work best for your unique financial situation.
Balance Requirements – Savings accounts do not typically have a substantial minimum balance requirement to avoid monthly account fees; however, a Money Market account often requires a minimum amount be kept in the account to avoid paying fees.3
Interest Rate – One of the main draws to a Money Market account is the higher interest rates, which can be substantial when balances are kept at higher levels. Money Market accounts earn dividends at a variable rate, allowing your earnings to adjust as rates change.
Use of Funds – Those who are trying to build savings for emergency funds or long-term financial goals would best be served by a traditional savings account. Active savers who want to earn interest on their money but also want easy access for quick use may benefit from a Money Market account.
Today’s modern saver is rethinking their strategy when it comes to savings and is looking to better understand the benefits and flexibility a Money Market account provides. Here are some examples of when a Money Market account makes the best sense for your finances.
A Money Market Account Makes Sense…
If you can get a higher interest rate and APY1 than most savings accounts
If you are able to meet the opening deposit and minimum balance requirements3
If you want quick access to your money with no fees2 or waiting
When you want to park your emergency savings or tax payments in an account for a short term with higher interest rates
As with any account, it is important to gather details to ensure it is a good fit for your situation. Check interest rates, minimum balance requirements, and withdrawal limits before opening a Money Market account. And of course, be sure to choose a local, trusted financial institution to work with that can guide you through the process and answer any questions you may have about a Money Market account.
If you have decided a Money Market account is a good fit for your financial needs, the first step is to contact CCCU. Our team is here to help you maximize savings and walk you through the set-up process and answer any questions you may have. With a Money Market account, you will enjoy a low opening deposit3 and no monthly fees2 when the minimum balance is met. We invite you to visit a local branch today, give us a call, or send an email to learn your options for opening a new Money Market account to start reaping these benefits.
Money Market Account Disclosures:
1APY=Annual Percentage Yield. The APY may change after account opening. 2Money Market accounts are fee-free if minimum balance is met. 3Minimum amount to open a Money Market account is $1,000. Minimum amount to open a Mega Money Market account is $100,000. Account qualifications apply. View our Schedule of Rates and Fees or contact credit union for full details.