Top Questions about Money Markets
What are they?
- Money Market Accounts offer you a place to keep your money and pay you higher interest rates. Larger account balances help you enter into higher tiers to save more. Money Market Accounts are like savings accounts and checking accounts. These accounts allow you to save money, but also have opportunity of taking out when you need it.
What benefits do they have?
- No annual fees.
- No monthly fees.
- 6 different tiers of competitive interest rates.
- No minimum to have a Money Market, but to hit the first tier of higher interest rate you need $2,500.00.
- Insured by NCUA. Federated Employees Credit Union is insured by the National Credit Union Administration. NCUA insures deposits up to $250,000.
What are the disadvantages?
- You can make up to three withdrawals a month without paying a transaction fee. Each additional transaction that month has a $15.00 fee.
- Minimum amount to withdraw is $500.00 per transaction.
Can I have more than one Money Market Account?
I have my money in my Primary Share, should I move it to a Money Market?
- These Money Market accounts help you save more and have benefits if you are able to meet the requirements.
What if my account goes below the $2,500.00? Do I have to close my Money Market account?
- No! There is no minimum balance requirement.
- Your interest rate will be the same as the primary share savings account interest rate if your balance goes below $2500.00.
How do I learn more?
Published Date:April 15, 2021
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