A Money Market Account (MMA) may be the ideal option if you want to earn interest while maintaining access to your funds. It can be incorporated into any personal wealth savings plan and offers more flexibility compared to retirement or college savings accounts.
Here are five key benefits of Money Market Accounts.
- Federally Insured - Money Market Accounts (MMAs) are insured up to insurance limits. This is a significant advantage compared to a brokerage account or money market fund, where your deposited money is at risk from market fluctuations.
- Higher Interest Rates and Compound Interest - Money Market Accounts typically earn a higher interest rate compared to our other deposit savings accounts. The interest is calculated daily, compounded, and applied monthly. This means that the interest you earn is added to your balance, and in the following month, you earn interest on your new balance.
- Liquid Savings - An MMA offers significant liquidity, which refers to the ease of converting an asset into cash. This feature makes MMAs suitable for long-term savings, emergency funds, or future major purchases.
- Online and Mobile Banking - You can access your MMA balance through online or mobile banking. All you need is a connected device, and you can check balances, pay bills, transfer money, view accounts, and more. Banking convenience is right at your fingertips.
- Digital Savings Tools - Our mobile app provides digital savings tools that can help you save money and track your progress. Set financial goals with these tools to save for both big and small objectives.
** Monthly average daily balance. No monthly fee. Limited to 6 monthly withdrawals. **
