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 savings products, such as savings accounts, CDs, and money market accounts, because it standardizes the ...
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 accounts.
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 open.
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 faster.
Continue ReadingIs there a limit on withdrawals or transfers?
No.
Continue ReadingCan I write checks from my Money Market Account?
Yes. You can write checks on your Money Market account like a checking account
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 Government.
Continue ReadingHow can I open a Money Market Savings Account?
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 ...
Continue ReadingIs my money safe in a Money Market Savings Account?
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 ...
Continue ReadingWhat is a Money Market Savings Account?
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 ...
Continue ReadingIs there a limit to how many times I can withdraw/transfer out of my Money Market account?
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 ...
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