Your solution for a better savings rate without locking your money in a CD.
TelComm Credit Union offers money market accounts that combine the earning potential of a higher-yield savings product with the flexibility of easy account access. Unlike a Certificate of Deposit (CD), a money market account gives you ongoing access to your funds rather than requiring you to commit your money for a fixed term. Designed for members in the Springfield, Missouri area who want their savings to work harder, money market accounts at TelComm offer tiered dividend rates that reward higher balances. Accounts are federally insured, giving you both growth potential and peace of mind.
- Minimum required deposit of $2,500 for a Money Market Account
- Dividends Paid Monthly
- Check Writing Privileges
- Interest based on average daily balance.
- Include up to 6 withdrawals or transfers per month for free. There is a $1 charge per withdrawal after that.
- Insured up to $1,000,000 with us – NCUA for up to $250,000 and ESI up to $750,000.
It’s different from a Checking Account in that it does not allow a debit card and has a limit of no more than six withdrawals or transfers to another account or to a third party by means of a preauthorized transfer, by telephone order or instructions, or by check, draft or similar order per month.
| Checking | Savings | Money Market | CD | |
|---|---|---|---|---|
| NCUA Insurance |
Yes | Yes | Yes | Yes |
| ESI Insurance |
Yes | Yes | Yes | Yes |
| Check-Writing | Yes | No | Yes | No |
| Debit/ATM Card |
Yes | No | No | No |
| Liquidity | Yes | Yes | Yes | No |
| Limited Transactions |
No | Yes – 6 withdrawals per month | Yes – 6 withdrawals per month | Yes – Penalties on withdrawals |
| Relative APY |
Low | Low | High | High |
| Interest Type |
Variable | Variable | Variable | Fixed |
Frequently Asked Questions
| Checking | |
|---|---|
| NCUA Insurance |
Yes |
| ESI Insurance |
Yes |
| Check-Writing | Yes |
| Debit/ATM Card |
Yes |
| Liquidity | Yes |
| Limited Transactions |
No |
| Relative APY |
Low |
| Interest Type |
Variable |
| Savings | |
|---|---|
| NCUA Insurance |
Yes |
| ESI Insurance |
Yes |
| Check-Writing | No |
| Debit/ATM Card |
No |
| Liquidity | Yes |
| Limited Transactions |
Yes – 6 withdrawals per month |
| Relative APY |
Low |
| Interest Type |
Variable |
| Money Market | |
|---|---|
| NCUA Insurance |
Yes |
| ESI Insurance |
Yes |
| Check-Writing | Yes |
| Debit/ATM Card |
No |
| Liquidity | Yes |
| Limited Transactions |
Yes – 6 withdrawals per month |
| Relative APY |
High |
| Interest Type |
Variable |
| CD | |
|---|---|
| NCUA Insurance |
Yes |
| ESI Insurance |
Yes |
| Check-Writing | No |
| Debit/ATM Card |
No |
| Liquidity | No |
| Limited Transactions |
Yes – Penalties on withdrawals |
| Relative APY |
High |
| Interest Type |
Fixed |
