Are you looking for ways to earn more on your savings? A money market account may be a wise option to consider. A money market account is a convenient and safe place to keep your cash and help it grow. It combines the best features of a checking and savings account, giving you easy access to your money and a higher rate of return. Here are a few great reasons to consider opening a money market account:
Easy access to your funds
With a money market account, you don't have to worry about having your money tied up for months or years the way it is with other types of accounts, like certificates of deposit (CDs). Money market accounts offer ease of access to your funds, though depending on the financial institution, you might be limited in the number of transactions you can make in a statement period. For this reason, money market accounts are useful for large, occasional expenses such as emergency funds, college tuition payments, home repairs or unexpected medical bills.
Money market rates are typically higher than those you might receive from a regular savings account. While the deposit amount required to open a money market account is usually larger than a savings account, the earning potential is often greater. Plus, as your investment grows in the account over time, you'll earn even more.
Money market accounts offer a level of flexibility that other investment options can't match. Much like a regular checking account, you have the ability to withdraw and transfer money and even write checks. This provides convenience if you need to access your funds quickly. However, most people prefer to use a money market account as a savings account and not for their day-to-day transactions.
Security and peace of mind
Perhaps most importantly, money market accounts provide a safe and secure place to store your savings. The funds in your money market account are insured up to the maximum allowed by law by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), if issued by a credit union. Unlike an investment in stocks, bonds and mutual funds, which could lose value if the market falls, a money market account is a risk-free way to grow your money.
Are you ready to start earning even more on your savings? Wright-Patt Credit Union offers some of the highest money market rates in the area, helping you save better today for the life you want to live tomorrow. With a Money Market Account from Wright-Patt Credit Union, you'll benefit from the convenience of a savings account while still earning a higher rate of return on your savings.
Best of all, our members earn, on average, $56 more per year by choosing Wright-Patt Credit Union for their Money Market account*. Open a Money Market Account and start saving better with our great rates. Contact us or stop by one of our convenient Member Centers to learn more.
*According to September 2018 CUNA Member Benefits Report when compared to Ohio banking institutions on a $2,500 money market account.