All You Need to Know About Money Market Accounts
All You Need to Know About Money Market Accounts
Money market accounts offer many convenient features of checking accounts, 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 market accounts offer a higher dividend rate than a typical savings account. 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 offer more flexibility than savings accounts. The funds 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 place limits on the number of money market transactions you can make during a month.
Security
Your Money Market accounts are federally insured to at least $250,000 by the National Credit Union Share Insurance Fund, administered by the NCUA and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Minimum balance requirements
Most financial institutions require a minimum initial deposit for money market accounts and a minimum balance to be kept in the account at all times.
Ideal uses for money market accounts
Money market accounts can be ideal for expected occasional expenses, or for the unexpected emergency that can send a lesser-prepared individual into debt.
Here are some of the most popular uses for money market account funds:
- Emergency household repairs
- Unexpected medical fees
- Purchasing a new car
- Tax payments or insurance premiums
- Annual vacation
Are you ready to start saving big? Open a Money Market account at County Federal today! Our Member Choice Money Market offers exclusive member advantages, such as competitive rates, complete liquidity, and convenient access for easy withdrawals.
Content Source: CUContent
