August 23, 2017 · Budget, Investment

The Ins and Outs of Money Market Accounts

There are so many options available when it comes to saving money that at times it can be a bit overwhelming and confusing. One great option for saving (and earning) is a Money Market Account.

A Money Market Account is a premium savings account that has checking account features, such as having immediate access to your funds and the ability to write a check. It’s similar to a regular savings account in that you earn interest on the money you’re putting aside, but it yields at a higher interest rate than a savings account. Another benefit is that the funds in your Money Market Account are not tied to a specific term like they would be if you opted to go with a Certificate of Deposit (CD).

There are a few things you should keep in mind before opening a Money Market Account. Money Market Accounts usually require a higher minimum balance and there is a limit to how many withdrawals you can make per month. Your Visa® Debit Card will not give you access to your Money Market Account. A separate ATM Card can be issued; however, it can only be used to withdraw funds at an ATM and cannot be used for Point of Sale (POS) transactions, such as paying at the gas pump or grocery store. 

Overall, a Delta Community Credit Union Personal Money Market Account is a great way to earn dividends on savings and doesn’t lock you into a fixed rate or long-term commitment. If you’re looking for a smarter way to save, then a Money Market Account may be perfect for you! Stop by any of our branches for more information about opening a Money Market Account.