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.

Ready to Own the Home of Your Dreams?

Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.