- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Lending
- Credit Cards
- Lending Services
- Insurance
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Privacy Notice
- Schedule an Appointment
Money Market Account
A type of savings account that offers higher interest rates and has higher minimum balance requirements.
More Details
A money market account is a type of savings account that typically offers a higher interest rate than a traditional savings account, but also imposes stricter withdrawal limits and may require a higher minimum balance. Money market accounts are offered by banks, credit unions, and other financial institutions and are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
Example
Imagine that you are looking for a place to save your money and earn a higher return than a traditional savings account. You might consider opening a money market account at a bank or credit union. Money market accounts typically offer a higher interest rate than traditional savings accounts and may also offer check-writing or debit card capabilities.
Related Terms
Asset
A resource owned by an individual or organization that has economic value, such as cash, investments, and property.
Mutual Fund
A type of fund managed by professional investment managers that pools money from many investors and uses that money to buy a diversified portfolio.
Returned Item Fee
A fee that is charged to a bank account holder when a check or electronic payment they have made is returned unpaid.