You have a lot of choices when it comes to savings accounts, but it’s not always easy knowing which type of account will work best for your lifestyle. You may want the benefit of an account where money can earn interest and grow over time, but also want accessibility so you can get your money whenever you need it without jumping through a bunch of hoops. A Money Market Account, or MMA, is a type of savings account where you won’t have to choose between growth and accessibility–your balance earns interest and you can access it any time.
An MMA operates like a traditional savings account. You earn high yields on any deposits you make, but you can access it free of charge throughout the month. Whether you need to write a check, withdraw cash from an ATM, or conduct an Electronic Funds Transfer.
Should I Open a Money Market Account?
You may want to carefully consider whether or not an MMA is right for you. MMAs offer numerous advantages, including:
Earned interest: At Space Age Credit Union, you can start earning interest in your MMA with as little as $2,500 but have the option to earn even more interest with the Maximum MMA ($10,000 minimum average balance), Premiere MMA ($50,000 minimum average balance), Jumbo MMA ($100,000 minimum average balance) and our top earner, the Mega MMA ($250,000 minimum average balance). Check out our Money Market Rate.
Easy access to your cash: Enjoy check writing, ATM access, and Electronic Funds Transfer options with your MMA from Space Age Credit Union. You won’t face any fees either, unless you exceed the allotted number of withdrawals per month.
Protection of federal insurance: If you’re concerned about security, we don’t blame you. Rest assured MMAs at Space Age Credit Union are federally insured by the National Credit Union Administration (NCUA) up to $250,000, per owner, per shared account.
Keep in mind dividends will not be paid until your account balance meets the minimum requirements, plus your account may be subject to fees if you need to make more than the designated number of withdrawals per month.
Is a Money Market Account Worth It?
Here at Space Age Credit Union, we believe an MMA is a fantastic addition to your portfolio, thanks to its dividend potential, liquidity and safety. No matter how much or little you have to get started with, an MMA can make a great financial tool so you can achieve your goals, such as starting an emergency fund, saving for a wedding or vacation, tax payments, or a rainy day.
With a Money Market Account from Space Age Credit Union, you can have the best of both worlds–earn interest and access your funds on your schedule, not ours. Give us a call today at 303-369-7666 and find out how you can get your money to work for you.
