Can a Money Market Account help you with your financial goals?
What Is a Money Market Account?
A money market account blends features from both savings and checking accounts. It allows for deposits and select withdrawals, offering flexibility for managing your funds. Like a savings account, an MMA pays interest and often provides higher interest rates compared to standard savings accounts. It also grants access to your money when you need it, similar to a checking account.
However, some money market accounts may impose limits on the number of certain transactions allowed within a specific time frame, and there is often a minimum deposit required to open one.
Comparing Money Market and Checking Accounts
At Union Savings Bank, customers who open a money market account benefit from competitive interest rates, low minimum balance requirements, access to online banking, and other advantages. These features set money market accounts apart from traditional checking accounts and make them an attractive option for many customers.
Is a Money Market Account Right for You?
If you are planning to save for a major purchase, such as a wedding, car, or home, but also want to maintain convenient access to your money, a money market account could be the right choice. If you are comfortable letting your funds grow through accrued interest and do not intend to make frequent withdrawals—unlike with a primary checking account—a money market account may be worth considering.
To learn more and find out if a money market account aligns with your financial goals, reach out to the experts at Union Savings Bank today.