All You Need to Know About Money Market Accounts

Money market accounts offer many convenient features of checking accounts, with an attractive rate of return to help your money grow. Here’s all you need to know about money market accounts.

High dividend rates

Money market accounts offer a higher dividend rate than a typical savings account. A money market account can be the perfect way to give your short-term savings their best chance at growth. Check out our current rates here. 

Increased flexibility 

Money market accounts offer more flexibility than savings accounts. The funds may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from money market accounts to checking accounts. 

Security

The funds in your money market account at MIT Federal Credit Union are insured by the National Credit Union Administration (NCUA) up to $250,000. You can keep a large sum of money in your account with less risk. 

Minimum balance requirements

Most financial institutions require a minimum initial deposit for money market accounts and a minimum balance to be kept in the account at all times. Here at MIT Federal Credit Union, you can open an account with no minimum balance or fees.                      

Ideal uses for money market accounts

Money market accounts can be ideal for expected occasional expenses, or for the unexpected emergency that can send a lesser-prepared individual into debt.

Here are some of the most popular uses for money market account funds:  

• Emergency household repairs
• Unexpected medical fees 
• Purchasing a new car
• Tax payments or insurance premiums
• Annual vacation

Are you ready to start saving big? Open a money market account at MIT Federal Credit Union today!