A money market account is a type of bank account that bears interest. It has a few unique features that separate it from other accounts, so we’ve put together a guide to help you decide whether a money market account is right for your needs.
What Are the Benefits of Money Markets?
If you are looking to save but also want the ability to write checks and access funds with a debit card, our Flex Money Market account is perfect for you.
1. Higher Interest Rates
One of the main advantages of a money market account is the interest rate. You’ll earn more interest than you would with a checking or savings account. Money market savings rates typically grow higher as your balance increases, making it easier for you to meet your savings goals.
2. Insurance Protection
Another benefit of money market accounts is that they are insured. The FDIC insures up to $250,000. In the rare event that your bank goes under, your savings account is still protected.
3. Access to Your Funds
You’ll also have the benefit of accessing the money in the account when you need it. Our Flex Money Market account gives you the safety net of a few checks each month while your savings grow.
Flex Money Market
Enjoy the perks of our Flex Money Market account, which rewards higher balances with higher interest rates.
- Tiered rates
- No monthly service fees
- No minimum balance required to open
- Free online banking1
- Free Visa® ATM Card2
- Limited check writing and transfers (Six transfers per month to another account or to third parties by preauthorized, automatic or telephone transfer, including checks.)
How Are Money Markets Different From Checking and Savings Accounts?
Think of a money market account as a blend between a standard checking and savings account. Like a checking account, a money market account allows you to write checks and, in many cases, use a debit card. However, keep in mind that there is a limit for the number of checks you can write each month.
Your money market account comes with an interest rate similar to a savings account. Your interest rate is higher in many cases than it would be with a traditional savings account.
The terms of your money market account may vary based on your bank. Some banks require a minimum deposit to open your account. Savings rates may also vary, so you should check with your local bank to ensure that you’re getting the best rate.
Get the Best Money Market Rates at Mid Penn Bank
Look no further than your local PA community bank to learn more about money market accounts and start saving today. At Mid Penn Bank, we’re happy to help you determine which type of account is the best fit for your needs.
1 – Internet and carrier fees may apply.
2 – Overdraft and returned item fees may apply.