Money Market
The Solid Investment with More Liquidity
A money market account (MMA) is a type of financial account that combines features of both savings accounts and checking accounts. It is designed to provide our members with a relatively safe place to park their funds while earning a competitive interest rate.
Money market accounts are considered to be a low-risk investment option, making them suitable for those who want to earn interest on their savings without subjecting their funds to the volatility of the stock market.
- The minimum balance required to open an account and earn dividends is $2,500
- Competitive tier dividend rates
- 24-hour account access
Rates
| Average Daily Balance | Rate | APY* |
|---|---|---|
| $2,500 to $24,999 | 0.75% | 0.75% |
| $25,000 to $49,999 | 1.05% | 1.05% |
| $50,000 to $99,999 | 1.24% | 1.25% |
| $100,000 and Up | 1.64% | 1.65% |
Characteristics of a Money Market Account
1. Interest Earnings
Money market accounts typically offer higher interest rates compared to traditional savings accounts.
2. Liquidity
Members can access their funds relatively easily by writing checks or using a debit card, making electronic transfers, or withdrawing cash from ATMs.
3. Minimum Balance Requirements
Many money market accounts require a higher minimum balance to open and maintain the account than regular savings accounts.
4. Stability and Safety
Money market accounts invest in low-risk, highly liquid assets such as government securities, certificates of deposit, and commercial paper.
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