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.
