Money Market FAQ

Money Market accounts offer a secure place to keep your money and allow you to withdraw funds if needed. The dividends are compounded and paid monthly based on the balance of the Money Market account. As you save money, the balance will increase, and you will earn a higher dividend rate. 

What are the benefits of Money Market accounts?

• No annual fees
• No minimum balance
• Dividends are compounded and paid monthly 
• The APY associated with each tier is determined by the account's balance 

Can I set up recurring deposits for Money Market accounts?

Making weekly or monthly deposits is a powerful way to build up your savings and achieve your goals. You can make managing your money easier by using automatic recurring transfers or setting up direct deposits.

Does my Money Market account have limits?

• There is no limit to the balance you can keep in the Money Market account 
• Members can have one or multiple Money Market accounts
• Withdrawals of $500 or more can be made up to 3 times per month and each additional withdrawal will result in a $15 fee 
• The Federated Employees Credit Union is insured by the National Credit Union Administration (NCUA). The NCUA provides $250,000 in coverage for single-ownership accounts at the credit union

What are the requirements to open a Money Market account?

There are no specific age requirements to open a Money Market account. Joint ownership with a parent or guardian is required for individuals under 18 years old.

Individuals can open a Money Market savings by emailing fedecu@fedins.com, calling 507-455-5430, or stopping by one of our offices located in the Owatonna Federated Insurance buildings for personalized service. If you are not already a FECU member, you'll need to provide a valid ID and your Social Security number to open your Money Market account.

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