Have you built up a
substantial amount of savings? Would you like to earn
higher dividends on that money than you can earn with a
regular share savings account, and yet have the cash readily
available if you need it? Then, a Money Market Account may be
the right choice for you.
Money Market Accounts offer a higher yield on deposits, with
the flexibility of immediate access to funds. There is a
minimum deposit required to earn dividends, which are paid
monthly, and calculated on a date of deposit to date of
withdrawal basis. By federal regulations, you can make no
more than six electronic transfers per month. A Money Market
Account cannot be used for overdraft protection and is not
accessible via ATM.
If you need to dip into funds frequently, a Money Market
Account may not be the best account. It is, however, an
excellent account in which to put your emergency reserves, or
to park money you plan to invest later.
When choosing an MMA, consider the following:
- Minimum deposit and balance. How much will you
need to open the account and what minimum amount must you
maintain?
- What are the penalties if you fall below that
minimum?
- Annual Percentage yield (APY). This is affected
by the dividend rate and the method of compounding. Daily
compounding maximizes your earnings.
Security and Peace of Mind
Our Money Market Accounts (like all our accounts) are insured
up to $100,000 by the National Credit Union Share Insurance
Fund (NCUSIF).
For more information, call (650) 366-5522 or (800) 542-4163
(outside of the local area), or stop by 660A Price Ave.
Redwood City, CA 94063. |
