A Money Market Account is similar to a Checking Account however it pays a higher interest rate as long as you maintain a minimum balance of $2,000. If your Checking Account typically has a balance over $2,000 you may want to consider opening a Money Market Account to earn interest.
You can open a Money Market Account with an initial deposit of $2,500. As long as your balance stays over $2,000 you’ll continue to receive interest on your funds. There are no monthly service fees unless your account balance drops below $500.
A Money Market Account is not the type of account you pay your daily bills from. It’s designed as a way to keep a sizeable amount of savings available so you can write a sizeable check at any time.
Account Type | Interest rate* | Annual Percentage Yield (APY)* | Interest Calculation Method | Interest Paid | Interest Paid on Amount Over | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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TEXT
Preferred Money Market
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TEXT
0.05%
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TEXT
0.05%
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TEXT
Daily Balance
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TEXT
Monthly
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TEXT
$2,000.00
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Effective May 11, 2020 |
Preferred Money Market
Interest rate*0.05%
Annual Percentage Yield (APY)*0.05%
Interest Calculation MethodDaily Balance
Interest PaidMonthly
Interest Paid on Amount Over$2,000.00
* Fees could reduce the earnings. Rate/Yield on the above account is subject to change daily. Questions? Call 1-800-543-2811.
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