Can a Money Market Account Help You with Your Financial Goals?
There are a number of choices when it comes to opening an account with a bank or credit union. While there are a variety of checking accounts offered, one solution you may not have considered is a money market account (MMA).
Money market accounts combine both the features of a savings and a checking account and can be used for both deposits and some withdrawals. Learn more about money market accounts and how these differ from the more traditional checking accounts we offer.
What Is a Money Market Account?
Like a savings account, a money market account bears interest and often pays out higher interest rates than other savings accounts. And, much like a checking account allows, you can also access your funds if needed.
However, some MMAs also maintain limits on certain transactions over a time period, and there may be a minimum deposit amount required when setting one up.
Our Money Market Accounts vs. Checking Accounts: How Do They Compare?
Union Savings Bank MMA customers enjoy many benefits, including low minimum balance requirements, competitive interest rates, online banking, and more.
Is a Money Market Account Right for You?
If you want to save up for something large (like a wedding, a car, or a home) but also want to be able to have easy access to the money, then a money market account may be the perfect option.
As long as you’re okay with largely letting the money accrue interest and don’t plan on taking money out often (as you would do with a primary checking account) then a money market account is a great idea to explore.
Contact the experts at Union Savings Bank today to see if a money market account is the right choice for your financial goals.