All You Need to Know About Money Market Accounts

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. At Scott Credit Union, our money market accounts earn a high APY! 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 more flexibility than savings accounts. The funds may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from money market accounts to checking accounts. It’s important to note that most financial institutions place limits on the number of money market transactions you can make during a month. If you open a money market account at Scott Credit Union, you’ll be allowed 6 convenient** transactions per month, additional transactions subject to fees.

Security

The funds in your money market account at Scott Credit Union are insured by the National Credit Union Administration (NCUA) up to $250,000. Therefore; you can keep a large sum of money in your account with less risk.

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. At Scott Credit Union, you can open an account with no minimum amount! 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 Scott Credit Union today!

*APY = Annual Percentage Yield. Visit scu.org for current rates.

** “Convenient” transactions are transfers/withdrawals made by a preauthorized, automatic, telephonic agreement, order or instruction, or by check, debit card, or similar order made payable to third parties.