Chances are you have a savings and personal checking account, but have you looked at a credit union money market account recently? A money market account offers some of the combined benefits of both savings and checking accounts. Think of it as a savings account with extra perks!
When you put your money into a money market savings account it earns interest just like in a regular savings account. However, a money market account offers more earning potential than regular savings. Typically, regular savings offers a lower interest rate because the minimum balance requirement is lower and the funds are more liquid. The yield of a money market account is determined by current money market rates and set in “money markets,” which are recognized as safe investments including certificates of deposit, treasury notes, and municipal bonds.
A Dane County Credit Union money market savings account is available starting with a minimum balance of $2,000 and includes different tiers at $10,000, $25,000, $50,000, and $100,000. The APY (Annual Percentage Yield) is higher at certain tiers which means the more you save, the more you earn.
Easy access to your money
In addition to the higher interest rate, a money market account includes up to six withdrawals per month in person or online.
Just like your credit union savings account, a DCCU money market account is insured by the NCUA or National Credit Union Administration. What does this mean for you? Should anything ever happen to Dane County Credit Union, your funds are guaranteed to remain safe and intact.
If you find you keep $5,000 in savings on a regular basis, you may want to consider moving it to a money market account with a higher interest rate. You’ll still have regular access to make up to six withdrawals per month should you need them. Continue adding to your account and at the $10,000 tier, you’ll move up to higher interest rate.
How do I get my own credit union money market?
If this sounds like something you want to learn more about, call or stop by your favorite DCCU branch location today. It’s never been easier to grow your savings while managing your finances.