All You Need to Know About Money Market Accounts
At Rio Grande Credit Union, we offer our members a wide variety of financial products and services to help you manage, save and grow your money. Whether you’re new to the world of banking and in the process of opening your first accounts, or you’re a seasoned saver looking for a new place to grow your money, a Money Market Account can be the right choice for you. These popular accounts blend the best of savings and checking accounts, offering convenient features along with an attractive rate of return to help your money grow.
Here’s all you need to know about money market accounts.
High Dividend Rates
Money markets offer a rate of return that surpasses your typical savings account. Rio Grande Credit Union Money Market Accounts offer competitive tiered rates. A money market account can be the perfect way to give your short-term savings their best chance at growth.
Increased Flexibility
Money market accounts are not intended to cover everyday expenses. However, they do offer increased flexibility over savings accounts. The funds in your Money Market Account are also more accessible than term deposits like Share Certificates.
It’s important to note that most financial institutions do place limits on the number of money market transactions you can make during a given month. In the past, these limits, known as Regulation D limits, were set by the federal government and capped at 6 convenient** transactions per month. This federal restriction has been permanently suspended as of October 2022, but most banks and credit unions continue to place their own limits on permitted monthly transactions.
Security
The funds in your money market account at Rio Grande Credit Union are insured by the NCUA up to $250,000. Couples with joint accounts can each be covered up to that amount for double the secured savings. This means you can keep a large sum of money in your account with low risk of loss. A Money Market Account at Rio Grande Credit Union offers a great opportunity to start saving with confidence!
Uses for Money Market Accounts
Money Market Accounts fill that sweet spot for funds that members want to keep accessible while having the best chance at growth. They can be ideal for expected occasional expenses or for the unexpected emergency that can easily send a lesser-prepared individual into debt.
Here are some of the most popular uses for funds kept in Money Market Accounts:
- Tuition payments
- Emergency household repairs
- Unexpected medical fees
- Purchasing a new car
- Tax and/or insurance premium payments
- Annual vacation
Opening a Money Market Account
If you’re ready to open a Rio Grande Credit Union Money Market Account, call or stop by Rio Grande Credit Union. Setting up your account is easy, and once it’s open and funded, you can manage it the same way you would any other account.