Skip nav to main content.
People Driven Credit Union

Money Market IRA

Grow Your Savings with the Flexibility of a Money Market IRA

Schedule an Appointment

Maximize Your IRA Savings with a Money Market IRA

A Money Market IRA from People Driven Credit Union is an excellent choice for those looking to enhance their retirement savings with flexibility and competitive earnings. This account can be established under either a Traditional or Roth Individual Retirement Account (IRA), allowing you to choose the tax benefits that best suit your financial goals.

Designed for easy access, the Money Market IRA is ideal for making regular withdrawals or fulfilling required minimum distributions (RMDs). With a minimum balance requirement of $1,000, this account offers a tiered interest rate structure, rewarding you with our highest rate when you maintain a balance of $25,000 or more.

Ready to open an account? Schedule an in-person appointment at any of our branch locations to get started. Secure your retirement savings with a blend of flexibility, growth, and security tailored to fit your needs.

Why Choose a Money Market IRA?

  • Flexibility: Ideal for retirees or those needing easy access to their funds.
  • Higher Earnings: Maximize your savings with competitive rates that increase with your balance.
  • Security: Know your investment is in a stable, insured account.

Money Market IRA Rates

³New money required to qualify for this rate. Only new funds transferred from external sources to the credit union qualify for this promotion.

Minimum Deposit

Dividend/Interest Rate

APY²
$1,000 to $4,999 0.349% 0.35%
$5,000 to $24,999 0.499% 0.50%
$25,000 and above 1.094% 1.10%

Rates Effective as of:

Frequently Asked Questions

A Money Market IRA is a retirement savings account that combines the benefits of a Money Market Account with the tax advantages of an Individual Retirement Account (IRA). It provides a flexible option for those who want to earn competitive interest while maintaining easy access to funds for regular withdrawals or required minimum distributions.
Yes, a Money Market IRA can be opened under either a Traditional or Roth IRA, allowing you to choose the tax structure that best meets your retirement needs.
To open a Money Market IRA with People Driven Credit Union, a minimum deposit of $1,000 is required.
Interest rates for a Money Market IRA are tiered, increasing as your balance grows. Our highest rate is available for accounts with a balance of $25,000 or more.
Yes, a Money Market IRA is well-suited for individuals who need to make regular withdrawals, such as RMDs, as it provides easy access to funds while continuing to earn interest.
Yes, you can access funds as needed. However, early withdrawals may be subject to taxes or penalties depending on your account type (Traditional or Roth) and how long you have held the funds.
To open a Money Market IRA, you’ll need to schedule an in-person appointment at one of our branch locations.
Yes, Money Market IRAs with People Driven Credit Union are federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government.

APY stands for Annual Percentage Yield. It is a measure of the total amount of interest earned on an account based on the interest rate and the frequency of compounding over a year. APY is a useful metric for comparing the annual earnings on different savings products, such as savings accounts, CDs, and money market accounts, because it standardizes the effect of compounding.

Key Points About APY

  • Includes Compounding: APY accounts for how often interest is compounded (e.g., daily, monthly, quarterly), which can significantly affect the total interest earned over time.
  • Comparison Tool: APY provides a standard way to compare the annual interest earnings of different savings products, regardless of how frequently interest is compounded.
  • Formula: The formula for calculating APY is: 
    APY = (1 + r/n)^n - 1
    where r is the nominal interest rate (expressed as a decimal), and n is the number of compounding periods per year.
  • Higher APY: A higher APY indicates that you will earn more interest on your money over a year, assuming the same principal amount.

Example

For example, if a savings account offers an interest rate of 5% compounded monthly, the APY would be higher than 5% due to the effect of monthly compounding. This makes APY a useful metric for comparing the real return on different financial products.

Disclosures

For more details about IRAs, please ask the credit union for a brochure, or visit the Internal Revenue Service. 

Federally Insured: Savings at People Driven Credit Union are federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government.

²APY = Annual Percentage Yield. APY is a standardized measure of the total interest earned on a deposit account over one year, based on the interest rate and the frequency of compounding. APY assumes that interest remains on deposit until maturity. Early withdrawals and applicable fees may reduce earnings. Rates are effective as of and are subject to change at any time without notice.


Money Market Accounts:

  • $1,000 minimum deposit required to open
  • Interest rate and Annual Percentage Yield (APY) may change at any time without notice, both before and after the account is opened
  • No limit on preauthorized transfers and/or withdrawals
  • ³New money required to qualify for this promotional rate. Only funds transferred from external institutions qualify as new money

Membership Requirement:

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. A $5 deposit secures your ownership share in the credit union and unlocks access to our full suite of products and services. This account earns 0.01% APY with a $5 minimum deposit.

View our Privacy Policy and Website Disclaimer.

Review our Fee Schedule.