Save More. Earn More.
A money market account is a type of savings account that typically offers higher interest rates than a regular savings account. It’s similar to a certificate account, but your funds are not locked up for a set period of time. The interest you earn is based on the amount you keep in the account.
Benefits
- Higher interest rates paid on higher balances
- No set period of time for maturity
- No penalty for early withdrawals
- Easy access to funds
Account Information
- Tiered Interest Rates
- Federally Insured by NCUA
As your deposits build, your rate increases!
| Account Type | APY | Minimum Deposit | Minimum Balance |
|---|---|---|---|
| MONEY MARKET ACCOUNT | 1.01% | $100 | |
| MONEY MARKET ACCOUNT | 1.11% | $2500 | |
| MONEY MARKET ACCOUNT | 1.26% | $10000 | |
| MONEY MARKET ACCOUNT | 1.76% | $25000 | |
| MONEY MARKET ACCOUNT | 2.27% | $50000 | |
| MONEY MARKET ACCOUNT | 2.53% | $100000 |
FREQUENTLY ASKED QUESTIONS
Who should consider a Money Market Account?
A money market account would be beneficial for individuals:
- who don’t need frequent access to their funds but want flexibility for occasional withdrawals
- looking for higher interest rates compared to regular savings accounts
- desiring a low-risk investment option with stability
- who prioritize the security of their savings while still aiming for some growth
Get Your Money Market Account Now!
If you would like to enhance your savings with a Money Market Account with IRFCU, you can open your account by visiting our nearest branch, or via our online and mobile banking platforms.
How are Money Market Accounts different from savings accounts or certificates?
Money market accounts combine aspects of both savings and checking accounts, typically offering higher interest rates than regular savings accounts. They provide easy access to funds, often with limited withdrawal and or transfer privileges. Savings accounts are more straightforward, offering a place to store money with a modest interest rate, but they may have lower rates compared to money market accounts. Certificates of deposit, on the other hand, involve a fixed term and higher interest rates, but funds are generally inaccessible until the maturity date.
Money market accounts strike a balance between accessibility and interest earnings, while savings accounts are more liquid, and certificates of deposit offer higher rates with a fixed term commitment. The choice among these options depends on an individual’s financial goals, liquidity needs, and risk tolerance.
APY= Annual percentage yield.
Credit union deposits are federally insured by the NCUA. The minimum balance required to earn the APY is the same as the minimum amount to open the account. 6 available withdrawals per month.