All You Need to Know About Money Market Accounts
posted
October 10, 2023
in
Budgeting & Saving
Money market accounts offer many convenient features of checking accounts, with an attractive rate of return to help your money grow. Here’s all you need to know about money market accounts.
High dividend rates
Money market accounts offer a higher dividend rate than a typical savings account. A money market account can be the perfect way to give your short-term savings their best chance at growth.
Increased flexibility
Money market accounts offer the same flexibility as savings accounts. The funds are accessible via paper check. Most banks and credit unions also allow transfers from money market accounts to checking accounts.
Minimum balance requirements
Most financial institutions require a minimum initial deposit for money market accounts and a minimum balance to be kept in the account at all times. Here at Greater Iowa Credit Union, you can open an account with as little as $2,500.
Ideal uses for money market accounts
Money market accounts can be ideal for expected occasional expenses, or for the unexpected emergency that can send a lesser-prepared individual into debt.
Here are some of the most popular uses for money market account funds:
- Emergency household repairs
- Unexpected medical fees
- Purchasing a new car
- Tax payments or insurance premiums
- Annual vacation
Are you ready to start saving big? Open a money market account at Greater Iowa Credit Union today!