Still Using a Basic Savings Account? Meet the Money Market Account

If you are still using a basic savings account, it may be time to consider making the move to a High Five Money Market Account with MPCU to better meet your needs… and for a better return on your money!

What Is a Money Market Account?

A Money Market Account is a great choice for those who want higher returns than a regular savings account offers without tying up funds in stocks or CDs with long maturity dates. This interest-bearing deposit account combines the dividend-paying features of a savings account with some of the convenient checking account features like check writing and a debit card, for a smart account choice that works well for many people.

Key Features of a Money Market Account

A Money Market Account is the perfect choice if you are looking for higher returns than a traditional savings account while still maintaining easy access to your funds and convenient checking account features. A Money Market account offers the flexibility you want and need:

Benefits of an MPCU Money Market Account

• Low opening deposit
• Higher interest rates
• No maturity date like CD’s
• No monthly fees
• Easy access to cash via check writing or debit card
• Money is insured by the FDIC
• Flexible account options
• Minimum balance requirements

Money Market Account vs Traditional Savings Account

Both types of accounts offer interest on deposits and are great resources for saving money. Compare the features of each to determine which one will work best for your unique financial situation.

Main Differences Between a Money Market Account and a Traditional Savings Account

• Balance Requirements – Savings accounts do not typically have a substantial minimum balance requirement to avoid monthly account fees; however, a Money Market account often requires a minimum amount be kept in the account to avoid paying fees.
• Access to Funds - Money Market accounts are flexible and offer easier access to funds via check-writing and debit cards, whereas a savings account offers access only via bank transfers or an ATM withdrawal.
• Interest Rate – One of the main draws to a Money Market account is the higher interest rates, which can be substantial when balances are kept at higher levels.
• Use of Funds – Those who are trying to build savings for emergency funds or long-term financial goals would best be served by a traditional savings account. Active savers who want to earn interest on their money but also want easy access for quick use may benefit better from a Money Market account.

Why Savers Are Rethinking Their Strategy and When a Money Market Account Makes Sense

Today’s modern saver is rethinking their strategy when it comes to savings and is looking to better understand the benefits and flexibility a Money Market account provides. Here are some examples of when a Money Market account makes the best sense for your finances.

A Money Market Account Makes Sense…

• When you can get a higher interest rate and APY than a savings account
• If you would like the ability to write checks, use a debit card, or withdraw cash from ATMs
• If you are able to meet the opening deposit and minimum balance requirements
• If you want quick access to your money with no fees or waiting
• When you want to park your emergency savings or tax payments in an account for a short term with higher interest rates

Factors to Consider Before Opening an Account

As with any account, it is important to gather details to ensure it is a good fit for your situation. Check interest rates, minimum balance requirements, and withdrawal limits before opening a Money Market account. And of course, be sure to choose a local, trusted lender to work with that can guide you through the process and answer any questions you may have about a Money Market account.

How to Get Started With Your New Money Market Account at MPCU

If you have decided a Money Market account is a good fit for your financial needs, the first step is to contact a trusted financial institution like MPCU. Our team is here to help you maximize savings and walk you through the set-up process and answer any questions you may have. We will show you how to enjoy more options and guaranteed returns on your money with a Money Market Savings account from Members Plus CU. You will enjoy a low opening deposit and no monthly fees with a minimum balance. We invite you to visit a local branch today, give us a call, or send an email to learn your options for opening a new Money Market account to start reaping these benefits.

The team at Members Plus Credit Union is here to help you with all of your financial needs, including a Money Market account for savings. We invite you to contact us today to learn more about the benefits of a Money Market account and how it can help set you on the right path to meeting your financial goals.