At Money One Federal Credit Union, we offer our members a wide variety of financial products and services to help you manage, save and grow your money. Whether you’re new to the world of banking and in the process of opening your first accounts, or you’re a seasoned saver looking for a new place to grow your money, a money market account can be the right choice for you. These popular accounts blend the best of savings and checking accounts, offering convenient features along with an attractive rate of return to help your money grow.

Here’s all you need to know about money market accounts.

High dividend rates
Money markets offer a rate of return that surpasses your typical savings account. At Money One Federal Credit Union our money market accounts offer competitive, tiered rates. For example: the “Insured Money Market Account (IMMA)” begins with a minimum deposit of $2,500 and has rates as high as 2.50% APY. Meanwhile, the “Premium Insured Money Market Account” begins at $25,000 and has rates as high as 3.50% APY. A money market account can be the perfect way to give your short-term savings their best chance at growth.

Increased flexibility
Money market accounts are not intended to cover everyday expenses. However, they do offer increased flexibility over standard savings accounts. At Money One FCU you’ll find that you have direct check-writing ability and enhanced access.

It’s important to note that many institutions place limits on the number of convenient transactions you can make during a given month. At Money One FCU, you are allowed six (6) free monthly withdrawals.

Security
The funds in your money market account at Money One FCU are federally insured (via the National Credit Union Administration, NCUA) up to at least $250,000 in most standard accounts. A money market account at Money One FCU offers a great opportunity to start saving with confidence!

Minimum balance requirements
Most financial institutions require a minimum initial deposit to open money market accounts and a minimum balance to be kept in the account at all times. At Money One, the Insured Money Market Account (IMMA) has a minimum deposit of $2,500 to open. There is no monthly service fee for it. The Premium Insured Money Market has a minimum deposit of $25,000 to open and to earn dividends; to avoid a monthly service fee you must maintain that $25,000 minimum balance. If the average daily balance falls below $25,000 a $10/month fee applies.

Uses for money market accounts
Money market accounts fill that sweet spot for funds that members want to keep accessible while still having the best chance at growth. They can be ideal for expected occasional expenses or for the unexpected emergency that can easily send a less-prepared individual into debt.

Here are some of the most popular uses for funds kept in money market accounts:

• Tuition payments
• Emergency household repairs
• Unexpected medical fees
• Purchasing a new car
• Tax and/or insurance premium payments
• Annual vacation

Opening and managing a money market account
If you’re ready to open a money market account, call, click or stop by Money One FCU. Setting up your account is easy, and once it’s open and funded, you can manage it the same way you would any other account. Use online banking and/or mobile banking for easy transfers. If your account provides you with check-writing ability or a debit/check card, be sure to keep your card in a safe place and choose a strong, unique PIN and never share it with others.

Check your statements regularly for signs of fraud. Be aware of the transaction limits (six convenient transfers/withdrawals per month) and the minimum balance requirements. Keeping your balance above the minimum will ensure you earn the highest rate and avoid fees.

Are you ready to start saving big? Open a money market account at Money One Federal Credit Union today!

* APY = Annual Percentage Yield