Have you built up a substantial amount of savings? Would you like to earn higher dividends on that money than you can earn with a regular share savings account, and yet have the cash readily available if you need it? Then, a Money Market Account may be the right choice for you.
Money Market Accounts offer a higher yield on deposits, with the flexibility of immediate access to funds. There is a minimum deposit required to earn dividends, which are paid monthly, and calculated on a date of deposit to date of withdrawal basis. By federal regulations, you can make no more than six electronic transfers per month. A Money Market Account cannot be used for overdraft protection and is not accessible via ATM.
If you need to dip into funds frequently, a Money Market Account may not be the best account. It is, however, an excellent account in which to put your emergency reserves, or to park money you plan to invest later.
When choosing a Money Market Account, consider the following:
Minimum deposit and balance. How much will you need to open the account and what minimum amount must you maintain?
What are the penalties if you fall below that minimum?
Annual Percentage Yield (APY). This is affected by the dividend rate and the method of compounding. Daily compounding maximized your earnings.
Security and Peace of Mind
Our Money Market Account (like all our accounts) are insured to at least $100,000 by the National Credit Union Share Insurance Fund (NCUSIF).
For more information contact us at 888-USE-MYCU or by e-mail at Info@UseMYCU.org.