A money market deposit account is a type of savings account which is designed to be highly liquid. Depositing funds in such an account allows people to create a savings account which earns interest and is very low risk, as funds deposited in money market accounts are insured by the government. Many banks and investment firms offer money market deposit accounts to their customers, with interest rates which can vary, depending on the institution and the current economic conditions.
- Choice Money Market Account. Diamond’s newest money market account! Open your account now with a minimum deposit of $50,000. You’ll receive all the flexibility associated with our money market accounts plus, free money orders and financial planning, available through Diamond Financial Planning.
- Open a savings account or open a Certificate of Deposit (see interest rates) and start saving your money. Prepaid Card The Starbucks ® Rewards Visa ® Prepaid Card is the only reloadable prepaid card that allows you to earn Stars everywhere you shop, with no monthly, annual or reload fees.
- The Mega Money Market Account has no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is $500, with a limit of one account per individual. There is a $3 monthly charge for paper statements, with eStatements available at no charge.
Several restrictions are usually placed on a money market account. Most have a high minimum deposit requirement which is intended to ensure that depositors deposit enough funds to make the maintenance of the account profitable for the bank. There may also be transaction limits on the account which are part of the financial regulations which distinguish between checking and savings accounts. However, customers can usually draw checks on a money market deposit account, and use the account much like they would use a regular checking account.
A money market account, or money market deposit account, is a government-insured bank account that pays relatively high interest rates and provides cash withdrawal privileges. Retirement Sweep Deposit Account: RSDA: Sweeps cash balances into E.TRADE's affiliated banks, E.TRADE Savings Bank and E.TRADE Bank: 0.01%: FDIC-insured up to $500,000 4 check View details: JPMorgan US Government Money Market Fund, Capital Class: OGVXX: A money market mutual fund seeking high current income with liquidity and stability of principal.
Money Market Deposit Account Regulations
The interest rate on a money market deposit account is higher than that for conventional savings and checking accounts, but it is lower than many other types of investment accounts. People may choose this investment option because they want security and flexibility, and are willing to sacrifice some interest earnings to achieve these goals. A riskier option is a money market fund, in which a fund sells shares which are used to buy securities, with the profit from the securities being distributed to shareholders. Money market funds are not insured by the government, making them a more dangerous investment.
When looking at the money market deposit accounts offered by various financial institutions, there are several things to take into consideration. Top trend gaming demo. Investors should definitely compare interest rates and find out whether the rates are fixed or fluctuating, and how long the interest rates will be guaranteed. They should also familiarize themselves with the minimum deposit requirements, the fees which may be charged if the balance dips below those requirements, and the transaction restrictions placed on the account.
A great use for a money market deposit account is as a holding place for funds recently realized from the sale of investments or the settlement of an estate. The funds will earn some money in the money market account, but they will also be very easy to access if necessary, and they are guaranteed by deposit insurance. For long term investments, other types of investment accounts can yield more income. App do sportingbet.
Higher Yields + Unlimited Withdrawals
Take your deposits to the next level with a GFCU Money Market Deposit Account. Move up to an account that has the potential for higher returns over a traditional savings account. Benefit from higher rates and check writing privileges while saving for your next financial goal. This account is ideal for savers who maintain higher deposit balances. Betfair sportsbook app ios.
Open an account for a minimum of $2,000 and benefit from unlimited in-person withdrawals and transfers.
Money Market Deposit Accounts are insured and allow you earn higher dividends as your balance increases.
Money Market Deposit Account Definition
- Open with a $2,000 minimum deposit
- Get a dividend rate as high as 0.35% APY*
- UNLIMITED in-person withdrawals and transfers
- Funds federally insured up to $250,000
Chase Money Market Deposit Accounts
Money Market Rates
| Daily Balance | Dividend Rate | Annual Yield (APY) |
|---|---|---|
| $2,000-$25,000 | 0.25% | 0.25% |
| $25,000.01-$50,000 | 0.30% | 0.30% |
| $50,000.01+ | 0.35% | 0.35% |
All rates are Annual Percentage Yields (APY). The APY is as of 02/25/2021.
There are many ways to become a member, and you can establish your membership with just $5. There are also many benefits to becoming a member of a credit union, including access to dividend-yielding savings and deposit accounts, as well as competitive loans and credit products.