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.
Membership and eligibility requirements apply.
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Open an Account Online
Open a Money Market Account online in minutes.
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Open an Account in Person
Visit one of five PDCU branches located in southeast Michigan.
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Speak with an Expert
Talk with a banker about opening a Money Market Account.
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High-Yield Money Market Accounts
Accounts of $10,000 or more qualify for an even higher APY.
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!
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
|
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% |
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Rates Effective as of: |
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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.
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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% |
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Rates Effective as of: |
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Who Is a Money Market Account Right For?
A Money Market Savings Account works best when you have a larger balance sitting in a standard savings account and you want it to earn more without locking it away in a Certificate of Deposit.
It is a good fit if you:
Have at least $1,000 to deposit and want a rate that beats a standard savings account right away.
Want access to your funds without committing to a fixed term like a CD requires.
Are building an emergency fund and want it earning a competitive rate while staying liquid.
Plan to grow your balance over time. Higher balances earn higher rates with PDCU’s tiered structure.
Want the option to write checks directly from your savings without moving money first.
Have $10,000 or more to deposit. Balances at that level qualify for our High-Yield Money Market Account with even better rates.
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 | Standard | Higher than savings | 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 |
Rates are variable and subject to change. See current rates on our Savings & Loan Rates page.
Frequently Asked Questions
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
