What Is A Money Market Account At A Credit Union
What is a money market account?
Like a savings account, a coin marketplace account is designed to help you save and earn higher interest. Money market accounts are peculiarly practiced for building upwards your emergency savings and are insured by the National Credit Marriage Administration (NCUA) only similar our other savings accounts.
1 of the biggest benefits of a coin market account over a savings business relationship is that the involvement rates are usually far superior. And at Patelco, we've got one of the highest rates around. In fact because of our high involvement rates, Patelco'south money market place account has been named The Best Money Market Account in 2021 pastInvestopedia. 2
At many banks, simply accounts with very high balances can enjoy higher savings rates. But at Patelco, the first $two,000 deposited into our Money Market Select Business relationship earns the highest interest rate. We intendance about every member's financial well-being and are committed to helping and encouraging our savers to build good savings habits.
Check out the chart below to run across how much y'all could earn.
Run into your savings grow
| Yous earn… | On your balance of: |
| ane.00% APY | $0.00 – $2,000.00 |
| 0.50% APY | $ii,000.01 – $5,000.00 |
| 0.30% APY | $5,000.01 – $10,000.00 |
| 0.25% APY | $10,000.01 – $50,000.00 |
| 0.xx% APY | $fifty,000.01 – $100,000.00 |
| 0.15% APY | $100,000.01 – $9,999,999.99 |
For instance:
| A $five,000 deposit earns a blended APY of 0.70% |
| A $10,000 deposit earns a blended APY of 0.50% |
| A $25,000 deposit earns a composite APY of 0.35% |
Calculate your blended APY on whatsoever deposit corporeality below.
Money Market Calculator
Enter your deposit amount to come across how much your savings can earn each year.
($0 - $99,999,999)
| Deposit Distribution | APY |
|---|---|
| $0.00 | ane.00% |
| $0.00 | 0.l% |
| $0.00 | 0.30% |
| $0.00 | 0.25% |
| $0.00 | 0.20% |
| $0.00 | 0.xv% |
Enter your deposit amount and see how much you could earn when y'all move your coin to Patelco's Money Marketplace Select Account3.
- i.00% APY on balances upwardly to $2,000.00 1
- Liquid savings
- No monthly fees, no minimum residue
- Dividends paid monthly
- Gratis checks4
- ane.00% APY on balances up to $2,000.00 ane
- No monthly fees, no minimum balance
- Deposits and withdrawals field of study to IRA limitationsv
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No Minimum Balance or Fees
No Minimum Balance or Fees
An easy way to make your hard earned coin work harder
Unlimited Deposits
Unlimited Deposits
More than flexibility to abound your savings
Tin be used every bit overdraft protection
Tin exist used as overdraft protection
No-price peace of mind for your accounts
No Overdraft Transfer Fee
No Overdraft Transfer Fee
With your Money Marketplace account as overdraft protection, there'south no transfer fee to replace overdrawn funds.
- APY=Annual Percentage Yield. Rates are valid as of 4/22/2022 and are subject to change after account opening without notice. Interest is paid at tier rates on balances within each tier. Total interest paid is the sum from each tier. Composite APY shown assumes the amount entered is held in the account for one year. Withdrawing funds before one twelvemonth will result in a different realized rate. No minimum deposit required to open an account. Limit one Coin Market Select Account and one Money Market Select IRA Account per business relationship number.
- Sources: Investopedia
- This calculator is for illustrative purposes only and does not reflect the bodily results of whatever specific eolith amount.
- The maximum number of checks that may clear is three (3) in any calendar month catamenia. Certain withdrawal limits utilize to Money Market Accounts and contributions to and withdrawals from the Money Market Select IRA Account are subject to IRS limitations, be sure to view the Fellow member Handbook for details.
- Consult a taxation counselor most IRA tax advantages.
Source: https://www.patelco.org/explore-services/money-market
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