Money Market Accounts
Money Market Accounts are another way to save at higher rates without tying up your money for long time periods. Because they have higher rates, higher balances are required to earn dividends. MSDFCU has three tiers based on the amount you deposit into the account:
- $80,000 and more
Provided your Money Market Account falls within the specified range, you earn the associated rate. You must maintain a minimum of $2,500 to earn dividends. There are no penalties for withdrawal, no minimum balance fees, and you can access your account through Online Banking or by requesting checks for the account. There is a fee to purchase the checks and a minimum withdrawal of $500 per check. The Money Market Account cannot be tied to overdraft services. If you use Online Banking to transfer and access your Money Market funds, there are no fees. Money Market Accounts are insured up to $250,000 by NCUA.
To open a Money Market Account, you must complete the Account Change Form and submit it with a minimum deposit of $1, or open it through your Online Banking Account.