At MembersFirst 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 of the convenient features of checking accounts along with an attractive rate of return to help your money grow.
Here’s everything you need to know about money market accounts.
Higher interest rates
Money market accounts offer a rate of return that surpasses your typical savings account. You can check our rates here. This 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 given month. In the past, these limits, known as Regulation D limits, were set by the federal government and capped at 6 per month. This federal restriction has been suspended due to the coronavirus pandemic, but most banks and credit unions continue to place their own limits on allowable monthly transactions. If you open a money market account at MembersFirst Credit Union, you’ll be allowed up to 6 transactions each statement cycle, 3 of which can be made by check.
The funds in your money market account at MembersFirst Credit Union are insured by the NCUA up to $250,000. Couples with joint accounts can each be covered up to that amount for double the secured savings. This means you can keep a large sum of money in your account with low risk of losing it to a market crash or a poor choice of investment. A money market at MembersFirst Credit Union 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. Some big banks may only allow money market accounts to be opened with a deposit of $3,000 or more. Here at MembersFirst Credit Union, you can open an account with as little as $1,000. Also, we won’t charge a penalty or maintenance fee for a money market account, as long as there is a minimum balance of $1,000 in the account at all times.
Ideal uses for money market accounts
Money market accounts fill that sweet spot for funds that members want to keep accessible while having the best chance at growth. They 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:
- Tuition payments
- Emergency household repairs
- Unexpected medical fees
- Purchasing a new car
- Quarterly tax payments
- Annual vacation
Opening and managing a money market account
If you’re ready to open a money market account, join today, add an account or stop by a local MembersFirst Credit Union branch. 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. Check your statements regularly for signs of fraud, and consider linking your account to a checking account for easy transfers. If you opt to access your account with a debit card and PIN, be sure to keep your card in a safe place, choose a strong, unique code for your PIN and never share it with others. Finally, be wary of any regulations and limits that may come with your account and be sure to keep to them at all times.
Are you ready to start saving big? Open a money market account at MembersFirst Credit Union today!