Money Market Account - Rates - Fort Knox Federal Credit Union

Money Market Account header

Earn higher yields than with a regular savings account while keeping your funds readily accessible.

  • No Monthly Service Charge 1
  • Minimum Balance to Earn Dividends: $1,000
  • Greater Interest Rates with Higher Deposits
  • Free Online Access

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.

1 APY-Annual percentage yield. If balance falls below $1,000 at any time, a fee is assessed (one $10 fee during calendar month). 5x’s is calculated off the national average found at https://www.valuepenguin.com/banking/average-money-market-rates#nogo as of 7/26.

Product Minimum Balance Required to Earn Dividends APY 1 Compounded/Credited
Money Market Account $1,000.00 to $10,000.00 0.20% Monthly/Monthly
  $10,000.01 to $25,000.00 0.40% Monthly/Monthly
  $25,000.01 to $50,000.00 0.55% Monthly/Monthly
  $50,000.01 to $100,000.00 0.70% Monthly/Monthly
  $100,000.01 and 250,000 0.90% Monthly/Monthly
  $250,000.01 and up 1.00% Monthly/Monthly

1 Annual percentage yield. Rates are variable and may be changed or discontinued at any time. Dividends paid and compounded monthly on Money Market Accounts. To avoid transaction fees, a maximum of six (6) withdrawals or transfers are allowed per month. All accounts federally insured by NCUA up to $250,000.

What is a MMA (Money Market Account)? 

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.

How many withdrawals/transfers may I make from this account? 

During any month, you may not make more than six (6) withdrawals or transfers to another account or to a third party that do not require your physical presence, including withdrawals or transfers to another account, online banking transfers, overdraft protection transfers, transfers done over the phone with our Member Service representatives, and ACH payments or withdrawals. This does not apply to ATM transactions, transfer payments made to a Fort Knox FCU loan, transactions made in person at a branch, or transactions sent in by mail. If you exceed the Reg D limitations, your transaction may be refused or reversed, and your account may be subject to a fee or closed. For more information please review our Regulation D Important Information and FAQ pages here.Reg D

Do I need special checks to access this account? 

Yes.  Checks should be ordered when this account is opened.

May this account be used for overdraft protection? 

No.

May I set up online bill payment from this account?

No.

May I use my check card on this account?

No.

If my account is assessed a fee for failure to maintain required balance or for excessive withdrawals and my account starts the new dividend period below minimum balance requirement, will I be assessed a fee? 

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. 

Savvy Money Market Product

Turn your savings into earnings with a Savvy Money Market. This single-tier money market account is constantly growing and moving forward. Keep your funds within reach and access your funds at any time. You also can earn a higher return while maintaining flexibility with your investment.

      • Competitive dividends 1.85% APY1
      • Dividends paid monthly
      • No time frame for maturity
      • One free withdrawal each month2
      • Insured up to $250,000 by NCUA
      • No monthly service charge
      • Deposit minimum balance of $250,000 required
      • Free Online Banking and eStatements
      • Free Mobile Banking
      • Free Phone Facts

Opening a Money Market Account is extremely easy. In fact, once logged into Branch@Home, you can open a new Savvy Money Market Account in less than a minute! You can also open a Savvy Money Market Account by calling or visiting your local branch.

1) Annual Percentage Yield (APY) is accurate as of the last dividend declaration date and may be changed or discontinued at any time after account is opened. 0.00% APY on balances less than $250,000. Fees may reduce earnings on the account. Dividends are paid and compounded monthly. Minimum balance to open account is $250,000. 2) Any withdrawals in excess of one per month will be assessed a $20 withdrawal fee. Reg D disallows any withdrawals in excess of six per month. If the account balance falls below $250,000 at any time during the month, a fee will be assessed (one $10 fee during a calendar month) and 0.00% APY dividends will be earned that month. This is a share savings money market account that does not offer checks and may not be used for overdraft protection purposes or online bill payments.


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