First Class American Credit Union members who want to earn more on their savings but don’t want to invest in risky stocks may benefit from opening one of our money market accounts. What is a money market? Read on to find out if this financial strategy is right for you.
What is a Money Market Account?
Money markets are similar to savings accounts, but they offer higher interest rates which gives you a better return on your money. In return for higher rates, there are certain minimum requirements that apply to these accounts, such as a higher minimum balance requirement, a limited number of withdrawals per month, and fewer check writing privileges.
Benefits of FCACU Money Market Accounts
Although money markets have stricter requirements, they offer many financial rewards as well. Members who may benefit from opening a money market account include those who:
- are willing to maintain a high daily minimum balance in their account
- want limited risks and a guaranteed return on their money
- desire to earn a higher interest rate than standard savings accounts offer
First Class American Credit Union money market accounts excel at both keeping your money safe and giving you a great interest rate. We’ve listed below some of the features of the FCACU Money Market accounts:
- Better interest rate than a regular savings account.
- While our Money Market accounts need a minimum of $2500, it has a considerably higher interest rate than other accounts.
- Funds within our Money Market accounts are liquidable – you can use checks, pay taxes, use it for personal loans, and more.
- You can open a Money Market account with as little as $25.
- Interest begins to accrue immediately as long as you maintain a balance of $0.01. Interest payments are made at the end of each month based on your average daily balance.
- You should try to maintain a minimum balance of $2,500. (A $10 service fee applies for each month the balance falls below $2,500.)
- Limit transfers, withdrawals and check withdrawals to six per month. (Excess withdrawals incur a $10 fee per occurrence.)
Begin earning more interest today! Contact First Class American Credit Union to get your Money Market account setup.