Earn higher yields than with a regular savings account while keeping your funds readily accessible.
Opening a Money Market Account is extremely easy. In fact, once logged into Branch@Home, you can open a new Money Market Account in less than a minute! You can also open a Money Market Account by calling or visiting your local branch.
|Product||Minimum Balance Required to Earn Dividends||APY 2||Compounded/Credited|
|Money Market Account||$1,000.00 to $10,000.00||0.20%||Monthly/Monthly|
|$10,000.01 to $50,000.00||0.40%||Monthly/Monthly|
|$50,000.01 and up||0.60%||Monthly/Monthly|
It is a type of share savings account where very little account activity is expected and is normally controlled by assessing fees for excessive activity and/or for falling below the required minimum balance of $1,000. The two key features of this account versus a regular savings account is the added dividend earning potential and the capability to write checks from this account even though it is a special share account. It is commonly referred to as a Money Market Account.
You may make six (6) per month as limited by Federal law and regulation. Included are transfers to third parties by means of a preauthorized, automatic, telephonic, home banking or audio response transfer or instruction. Exempt are transfers/withdrawals made in person. If you exceed the limit on preauthorized and automatic withdrawals/transfers, you will be assessed a $12 fee for each occurrence. If you continually exceed the monthly transaction limit, your MMA may be closed as prescribed by law and regulation.
Yes. Checks should be ordered when this account is opened.
Yes, you need to make sure your minimum balance is always at or above the required $1,000. Example: Your balance falls to $500 on October 15, and you make a deposit of $520 on October 30 to bring your balance up to $1,020. You are assessed a $10.00 minimum balance fee and $12.00 in excess withdrawal fees on October 31 so that your balance declines to $998.00 on October 31. You did not make another deposit before the fees were assessed on October 31. So, your beginning balance on November 1 is $998.00 and you will be assessed a $10.00 minimum balance fee on November 30.