Is a Money Market the Best Choice for Me?

Are you looking for a way to save money, but a savings account isn’t enough? A money market account is a no-risk, higher interest way to put your money away for a rainy day.

What is a Money Market Account?

A money market account is basically a savings account that offers easier withdrawals and a slightly higher interest rate. However, most money market accounts do have higher minimum deposits and balance requirements compared to a regular savings account. The good news is your money market deposits, like your other credit union deposits, are federally insured by the National Credit Union Administration for up to $250,000. With a money market account, you can make up to six withdrawals or transfers each month, so you have easy access to your savings.

Is a Money Market Account the Best Choice?

If you’re torn between keeping your money in a savings account or opening a certificate of deposit (CD) or a money market account, we break down the choices:

 

Type of Account Interest Rate Why Choose This Account?
Money Market Account Slightly higher than with a savings account ·      Higher rate

·      Can make monthly withdrawals/transfers

Savings Account A bit lower than a money market account ·      Usually has a lower opening deposit and minimum balance

·      Easy access to your money

CD (Share certificate) Usually the highest rate of all accounts ·      You won’t need the money for months or years

·      Low risk with higher interest rates

WWFCU Money Market Accounts

WWFCU offers three different money market accounts. You can withdrawal funds from your money market account at our branch or transfer money to other accounts either by calling us or through online banking. Here’s a look at our different accounts:

Money Market Account

  • Lowest interest rate
  • Dividends paid monthly
  • No early withdrawal penalties
  • A minimum balance of $2,500

Premier Investment Account

  • Excellent interest rate
  • Dividends paid monthly
  • No early withdrawal penalties
  • $25,000 minimum deposit

Capital Cash Account

  • The best interest rate
  • Dividends paid monthly
  • No early withdrawal penalties
  • $50,000 minimum deposit

Click here to view our money market account dividend rates.

If you’d like to learn more about WWFCU’s money market accounts, speak to a Member Service Representative in our branch or by calling (734) 721-5700.

 

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Member Service: (734) 721-5700