Money Market Savings Accounts
Most savings accounts pay very little. You keep your money safe, but it barely grows. A Money Market Savings Account changes that without asking you to lock your funds away.
At PDCU, the Money Market Plus Account requires a $1,000 minimum deposit and pays a higher rate than a standard savings account, with rates that increase as your balance grows. Interest compounds monthly, so you earn on what you have saved plus what you have already earned. And if you ever need the funds, they are available. No waiting for a term to end, no early withdrawal penalties.
If your balance reaches $10,000 or more, ask about our High-Yield Money Market Account, which is built for larger balances and pays an even better rate.
Money Market Plus Account
Unlock a rate as high as 3.00% APY²
A Money Market Plus Account gives you a way to earn more on larger savings balances while keeping your money available when you need it. It can be a good fit if you want better earning potential than a standard savings account, but do not want to lock your funds into a Certificate.
- Earn tiered dividends: Higher balances may qualify for higher dividend rates.
- Keep access to your money: Transfer funds, write checks, or withdraw cash when needed.
- Open with $1,000: Start earning with a minimum opening deposit of $1,000.
- Dividends paid monthly: Dividends are calculated daily and paid monthly.
- Federally insured: Your account is federally insured by NCUA.
A Money Market Plus Account may be a smart choice for emergency savings, planned expenses, or funds you want to keep accessible while earning dividends.
What is a money market account?
A money market account is a savings account that can help you earn more on your balance while keeping access to your money. It is often a good fit for members who want higher earning potential than a standard savings account, but still want the flexibility to make withdrawals, transfers, or write checks when needed.
At People Driven Credit Union, a Money Market Plus Account earns tiered dividends based on your balance. That means higher balances may qualify for higher dividend rates. Dividends are calculated daily and paid monthly.
A Money Market Account can be useful for emergency savings, planned expenses, home projects, tax payments, or other larger balances you want to keep accessible.
Have $10,000 or more to deposit?
If you have a larger savings balance, compare our High-Yield Money Market Account. It may be a better fit if you want to earn tiered dividends while keeping access to your funds.
Review the current rates, minimum balance requirements, and account features to see which money market option fits your savings goals.
How to Open a Money Market Account
Opening a Money Market Plus Account is simple. You can get started online, contact People Driven Credit Union, or visit a branch for help choosing the right account.
- Open with $1,000: A minimum opening deposit of $1,000 is required.
- Review current rates: Money Market Plus Accounts earn tiered dividends based on your balance.
- Confirm membership eligibility: Membership and eligibility requirements apply.
- Fund your account: Add money by transfer, direct deposit, mobile deposit, or another available deposit option.
Once your account is open, you can manage your money through online banking, the MyPDCU mobile app, at a branch, or through our Interactive Teller Machines (ITMs).
Compare rates
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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 $2,499³ 0.349% 0.35% $2,500 to $9,999³ 0.499% 0.50% $10,000 to $24,999³ 0.598% 0.60% $25,000 to $49,999³ 1.094% 1.10% $50,000 to $99,999³ 1.144% 1.15% $100,000 to $249,999³ 1.243% 1.25% $250,000 and above³ 2.960% 3.00% Rates Effective as of:
²APY = Annual Percentage Yield. Rates are variable and may change at any time. Fees may reduce earnings. Membership and eligibility requirements apply. Federally insured by NCUA.
-
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
$10,000 and above³ 3.348% 3.40% Rates Effective as of:
²APY = Annual Percentage Yield. Rates are variable and may change at any time. Fees may reduce earnings. Membership and eligibility requirements apply. Federally insured by NCUA.
-
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 $4,999³ 0.349% 0.35% $5,000 to $24,999³ 0.499% 0.50% $25,000 and above³ 1.094% 1.10% Rates Effective as of:
²APY = Annual Percentage Yield. Rates are variable and may change at any time. Fees may reduce earnings. Membership and eligibility requirements apply. Federally insured by NCUA.
Money Market vs. Savings Account vs. CD: What Is the Difference?
All three are deposit products insured by the NCUA. The differences come down to rate, flexibility, and minimum balance.
| Membership Savings | Money Market | Certificate of Deposit | |
|---|---|---|---|
| Interest Rate | 0.01% APY² | As high as 3.00% APY² | Fixed for the term |
| Access to Funds | Anytime | Anytime | At maturity (early withdrawal fee may apply) |
| Minimum to Open | $5 | $1,000 | Varies by term |
| Rate Changes | Variable | Variable, tiered by balance | Locked for the full term |
| Check Writing | No | Yes | No |
| NCUA Insured | Yes, up to $250,000 | Yes, up to $250,000 | Yes, up to $250,000 |
²APY = Annual Percentage Yield. Rates are variable and may change at any time. Fees may reduce earnings. Membership and eligibility requirements apply. Federally insured by NCUA.
Frequently asked questions
- 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.
You can open a Money Market Savings Account with People Driven Credit Union online, in person at a branch, or through the MyPDCU app if you are already a PDCU member.
Ways to open your account
To open your account online, visit the Open Account page. You can also visit a branch to open your account in person. If you are already a member, you may also be able to open your account through the MyPDCU app.
What to keep in mind
At People Driven Credit Union, the Money Market Savings Account requires a $1,000 minimum deposit to open. Membership and eligibility requirements apply.
Need help?
If you have questions or want help opening your account, call 844-700-7328 during business hours.
Yes. Money in a People Driven Credit Union Money Market Savings Account is federally insured by the National Credit Union Administration, or NCUA, to at least $250,000 per member, per ownership category.
How NCUA insurance helps protect you
NCUA insurance protects eligible deposits at federally insured credit unions. Coverage limits apply by ownership category, so your total protection may vary depending on how your accounts are structured.
What to keep in mind
A Money Market Savings Account can offer both savings growth and deposit protection, but it is still a good idea to review your account ownership and total balances if you want to understand your full insurance coverage.
If you have questions about your Money Market Savings Account or your coverage, call 844-700-7328 during business hours.
A Money Market Savings Account is a type of savings account that can offer higher dividend rates than a regular savings account while still giving you access to your funds. It may be a good fit if you want to earn more on your savings without locking your money into a certificate.
How it works at People Driven Credit Union
At People Driven Credit Union, the Money Market Savings Account requires a $1,000 minimum deposit to open. Interest is calculated daily based on your balance and is paid and compounded monthly. The account also offers tiered rates, which means higher balances may earn higher dividends.
How it compares to other savings options
A Money Market Savings Account can offer more flexibility than a certificate because your funds remain available, and it may offer higher earnings than a standard savings account. At People Driven Credit Union, you can also write checks from the account.
What to keep in mind
Funds in a Money Market Savings Account at People Driven Credit Union are federally insured by the NCUA to at least $250,000. Fees may apply in some cases, so it is a good idea to review the account terms and fee schedule before opening the account.
If you have questions about whether a Money Market Savings Account is the right fit for your goals, call 844-700-7328 during business hours.
No. There is no limit on withdrawals or transfers from People Driven Credit Union’s Money Market Plus Savings Account.
How you can access your funds
You can access money in your account in different ways, including transfers and check writing. The account is designed to give you more flexibility than a certificate while still helping you earn more than a standard savings account.
Need help?
If you have questions about your Money Market Savings Account, call 844-700-7328 during business hours.
Disclosures
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