Individual money market accounts receive up to $250,000 of insurance protection in the United States. Even if you don’t put your money into one of these recommended places, most local institutions provide a boost of 0.003% or more when you shift from a standard savings account to a money market account. It offers a 1.85% APY with only a $100 minimum balance. NerdWallet ranks the best choice for 2020 as the CIT Bank Money Market Account.
Several other providers are currently giving rates in the 1.75% range. UFB Direct offers a 1.9% APY if you have a $25,000 minimum deposit available. If you have $5,000 that you can put into this option at BMO Harris, then you can earn an APY of 1.95%. Some money market accounts provide a significant return.Īlthough the average APY for a money market account is fairly low, there are some notable exceptions to consider.
Writing checks is also a possibility, and some jumbo accounts may let you use a debit card up to the maximum number of allowable withdrawals.Ģ. Most allow you to take cash out from your local branch. Although the returns are not significant with a money market account, you’ll receive a higher APY in most situations than with a standard savings account while having limited access to your balance each month. Should you need that cash for any reason, then you would end up paying a penalty on that amount – a figure that could even represent a loss of principal. If you were to put your money into a certificate of deposit, then it would get locked away for a predetermined amount of time. You have more access to your money than in other savings options. List of the Advantages of a Money Market Accountġ. With interest rates continuing to be at historic lows, a review of the money market account advantages and disadvantages is worth considering if you are looking for ways to improve the returns you can earn. That means you won’t lose the entirety of your deposit, even if your financial institution goes out of business for any reason. Most offer a competitive interest rate in exchange for meeting a balance requirement or a minimum deposit amount.Īs with other banking accounts in the United States, money market accounts receive insurance through the Federal Deposit Insurance Corporation (FDIC) at banks or the National Credit Union Administration (NCUA) at credit unions. It comes with some checking features that may include a debit card or checks so that you can access your money on a limited basis each month. Open your Money Market account online or contact us with any questions.A money market account is a savings instrument that is similar to what you’d receive with a traditional savings account. **Reaching ten or more transactions per month on your checking account: For a transaction to be counted, it must post to your 7 17 Credit Union checking account by the end of the current month and must be a monetary transaction, which can include, but is not limited to, deposits, transfers, cash withdrawals, cleared checks, online or mobile bill payments, and ACH payments balance inquiries and fees are not counted as a transaction.ħ 17 Credit Union provides banking services to the greater Warren, Kent, Ravenna, Canton, and Youngstown, OH, areas. Have an active checking account with 10 or more transactions** each month.Maintain daily balance of $10,000 or more.*To earn higher dividend rates of the Relationship Money Market account, you must meet the monthly account requirements: Review all Relationship Money Market Dividend Rate APY and Tiers The dividend rate is based on your daily balance.Dividends are compounded and paid monthly.Up to six electronic withdrawals per statement cycle.Higher dividend rates available based on account relationships*.
With a minimum of $10,000, you can take advantage of higher rates on your deposits based on your relationships of an active 7 17 checking account and eStatements. 7 17 Money Market accounts are federally insured by the NCUA. It's the ideal account for safeguarding larger deposits or building up emergency funds for unexpected expenses. You get a better rate than a regular savings account with more accessibility than a certificate. Ready to boost your savings? Our Money Market accounts are high-yield options that reward you with higher dividend rates for larger balances. The larger your balance, the more you earn
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