Your solution for a better savings rate without locking your money in a CD.
A Money Market Account is a Savings Account with some of the benefits and features of both a CD and a Checking Account. The interest rate on a Money Market Account will fall between a high CD rate and a low Savings Account rate.
- 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 |
| 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 |
