FAQ Category: Money Market Plus
What does APY mean?
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...
Continue ReadingWhat is a Money Market Savings Account?
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...
Continue ReadingHow is a Money Market Account different from a regular savings account?
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...
Continue ReadingWhat is the minimum balance required to open a Money Market Savings Account?
At People Driven Credit Union, the Money Market Savings Account requires a minimum deposit of $1,000 to...
Continue ReadingHow often is interest compounded and paid?
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...
Continue ReadingIs there a limit on withdrawals or transfers?
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Continue ReadingCan I write checks from my Money Market Account?
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Continue ReadingAre Money Market Savings Accounts safe?
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...
Continue ReadingAre there fees associated with Money Market Accounts?
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...
Continue ReadingHow can I open a Money Market Savings Account?
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...
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