There are quite a few ways to save and spend while still seeing the best return on your money. Savings accounts are an ideal home for funds you want to put away for emergency or special purposes. Checking accounts are the way to go for money you will spend on living expenses. But, what if there were a way to take everything you love about your savings account and put it together with the best parts of your checking account in one fantastic account? Let’s take a look at Money Market accounts.
What is a Money Market account?
Money Market accounts blend accessibility and convenience with a more than standard rate of return to help your money grow. They’re perfect for funds you don’t need immediate access to, but may need to withdraw portions of sometime in the future. You’ll earn a handsome return on your money without the risk of the stock market, or the restrictiveness of a savings certificate account.
It’s important to note that most Money Market accounts have a minimum balance requirement. While some large banks won’t let you start one without a minimum deposit of $3,000 or more, here at MembersFirst Credit Union, you can open up a Money Market account with as little as $1,000. As long as you’re careful to keep your balance from falling below $1,000, there are no fees or penalties. Use online or mobile banking to keep an eye on your balance to avoid dropping too low.
5 Reasons to Open a Money Market Account
Security – Funds in your Money Market account are insured by the NCUA up to $250,000. This means you can keep a large sum of money in your account without the risk of losing it to a market crash or a poor choice of investment. It’s a great opportunity to start saving with confidence!
Accessibility of Funds – One of the most attractive features of Money Market accounts is the liquidity of funds. Money Markets have no maturity date or term requirement. This affords them ease of access that other savings vehicles, like CDs or Share Certificates, do not have; you are free to access the funds in your account at any time, usually without penalty.
There are restrictions on the number of transactions you can make a month, though. If you own a MembersFirst Credit Union Money Market account, you can make up to 6 withdrawals from your account each month, 3 of which can be by check.*
The accessibility factor makes Money Market accounts super-convenient for members who don’t know exactly when they will want to withdraw their funds. So, they are perfect for those large, occasional expenses, like tuition payments, emergency household repairs and unexpected medical fees. You might want to put away a sum to use as spontaneous splurge money when the desire strikes. Or, you can keep your quarterly tax payments in your Money Market account until they’re due so you earn more dividends on this money while it’s waiting to be spent.
Whatever purpose you have in mind for your funds, a Money Market account is an ideal place to keep them.
Higher Interest Rates – Money Market accounts offer a rate of return that surpasses your typical savings account. This is especially beneficial in a rising-rates environment when those rates are only expected to increase. Give your money its best chance at growth!
Account Benefits – Like every account here at MembersFirst Credit Union, your Money Market account comes with lots of benefits and attractive features, like debit card and online banking access with alerts to help you keep on top of your balance.
Personal Checks and Debit Card Access – Money Market accounts offer some flexibility. In fact, you can easily transfer funds into your checking account. Then you’re free to use the funds to make payments by writing personal checks or using your debit card. This flexibility means you can use that money in a pinch without any major effort or waiting for a withdrawal to clear.
Are you ready to start saving big? Open a Money Market account at MembersFirst Credit Union today! If you have questions about whether a Money Market account is right for you, we’re always here to help. You can drop in for a chat at one of our locations or give us a call at 404-978-0080. A Member Advisor will be happy to assist you.
*Additional debits incur a nominal fee.