Savings Accounts
The Basics
Money markets are a type of interest-earning savings account that allow you a
limited number of transfers or withdrawals each month. The interest rate you receive
on a money market account depends on the amount of your account balance.
The Benefits
- Money Market accounts are FDIC-insured (up to $100,000 in aggregate per all customer accounts)
- Money Market accounts combine the advantages of an interest-earning savings account with the flexibility of a checking account
- Money Market accounts offer higher interest rates than many other types of savings accounts
What to Consider
- Money Market accounts have minimum balance requirements
- Money Market accounts limit the number of balance transfers you can make each month
- Money Market accounts limit the number of checks you can write against your account each month
- Money Market accounts do not have fixed interest rates
- Money Market accounts require a minimum deposit to open an account