If you already have at least $10,000 in savings and plan to add to it, you might want to consider a money market account. It’s a great way to increase your earning power and still have some access to your money. The more you have in your account, the higher the interest rate.
Higher Balances = Higher Dividends
The money market account interest rate tiers are as follows:
- $10,000-$59,999.99
- $60,000 and up
Money Market Account Features
- A minimum of $10,000 is required to open the account and to earn interest.
- Interest is compounded daily and credited monthly.
- Unlimited deposits.
- Withdrawal ability.*
- Account access through online and mobile banking, ATMs, branch, and the 24-hour Automated Telephone Teller.
Money Market Rates
Effective as of October 10, 2022| Tier | Dividend Rate | APY* |
|---|---|---|
| $10,000-59,999.99 | 0.15% | 0.200% |
| $60,000 and over | 0.20% | 0.200% |
| *APY = Annual Percentage Yield. Fees could reduce the earnings on these accounts. Rates are subject to change at any time. Please contact the credit union to verify the most current rates. | ||
Account Limitations: Federal Reserve Board Regulation D limits withdrawals and transfers to no more than six preauthorized, automatic, or telephone transfers from this account to another account of yours or to a third party per month. Online/ mobile banking transfers or bill payments, and transactions made by debit card or a check to a third party are included in the Reg D limits. Withdrawals and transfers are not limited when made in person at a branch, ATM, or by mail.