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People Driven Credit Union

Money Market Savings Accounts

Money Market Accounts pay rates better than savings, while keeping your funds available.

Open a Money Market Savings Account

Earn More, Access More: Money Market Savings

Looking to grow your savings without sacrificing access to your funds? A Money Market Savings Account could be just what you need, combining flexible access with premium interest rates. You’ll enjoy competitive rates, convenient access, and the confidence to save with a trusted partner.

Enjoy flexibility and earn a premium interest rate

Money Market Plus account requires a minimum deposit of $1,000, offers interest calculated based upon the daily balance, and is paid and compounded monthly. Dividend rates are tiered, offering higher rates for higher balances!

Open a money market account

Should I open a money market savings account?

Yes, if you want to build interest, have access to funds in a pinch, and plan to have balances over $1,000 combined with an insured credit union account’s safety.

Advantages

Money Market accounts have a higher interest rate than you would receive with a regular savings account. Plus, you can also write checks from the account.

Benefits

  • Higher balances earn higher rates.
  • $1,000 minimum deposit to open

Money Market Plus Account 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 $2,499 0.349% 0.35%
$2,500 to $9,999 0.499% 0.50%
$10,000 to $24,999 0.598% 0.60%
$25,000 to $49,999 1.094% 1.10%
$50,000 to $99,999 1.144% 1.15%
$100,000 to $249,999 1.243% 1.25%
$250,000 and above 2.960% 3.00%

Rates Effective as of:

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 Savings Account is a type of savings account that generally offers higher interest rates than regular savings accounts. It also has some checking account features, like limited check writing.
Money Market Accounts typically offer higher interest rates and allow for limited check writing or transfers, making them more flexible for larger balances than standard savings accounts.
At People Driven Credit Union, the Money Market Savings Account requires a minimum deposit of $1,000 to open.
Interest on a Money Market Account is calculated daily based on the account balance and is paid and compounded monthly, allowing your savings to grow faster.
No.
Yes.
Yes, funds in Money Market Accounts 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.
Fees may apply if minimum balance requirements are unmet or the number of allowable transactions is exceeded. For more details, refer to the fee schedule provided by People Driven Credit Union.
You can open a Money Market Savings Account by visiting People Driven Credit Union in person, filling out the forms online, or, if you're a current PDCU member, using the MyPDCU app to open your account.

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

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.

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