Make an Appointment

When is a Money Market a Good Idea?

January 17, 2017

A Money Market account is a good idea for short-term needs, giving you the benefit of earning dividends (when you meet a minimum balance), and the flexibility to deposit and withdraw funds when you need them.
We’re often asked when a Money Market account is the right vehicle to save. We start by sitting down with you to find out your goals. Are you saving for a near-term purchase, like furniture, or planning for the long term, for something like a retirement home? Your short-term needs can be met with a Money Market, and it can also be a great transition to that longer-term account as well.

Almost every Member with any extra savings is a good candidate for a Money Market; think of it as a safe place between a savings account and a longer-term savings account like a Share Certificate (similar to a CD or Certificate of Deposit).

What is Your Spending Plan?
A spending plan is simply your budget: all your income, including earnings, dividends, and interest, versus your outflow, including debts, bills, and monthly expenses. We work with you to develop a spending plan so you know how much you have for everyday spending, and how much you can set aside on a regular basis for saving. That amount can start accumulating in a Money Market account.

How Does a Money Market Work?
While some accounts require you to tie up your money for a fixed amount of time in order to earn, a Money Market account allows you to access your funds at any time. You can start a Money Market with no minimum deposit, and it’s safe and flexible: deposit or withdraw money whenever you need it.

And your account pays you monthly dividends if you meet a minimum $5,000 deposit, with higher earnings the more you have deposited (at preset tiers).

We have many kinds of savings accounts, and a Money Market is a great start to longer-term savings. What’s best for you may be a mix of options. We can look at your overall financial profile and goals, and help you make a plan.
To set up a Money Market account, contact us to make an appointment.




​charity “best “debt “savings 50/30/20 529 about account account” adults advice Amanda L. King Memorial Fund American Cancer Society American Heart Association American Red Cross Amy DeMetri animals Anita’s Steven Swan Humane Society Anita’s Stevens Swan Humane Society atv financing atv loan Auto auto loan back bad credit bank Banzai Berowski Better U Program bike Blog Blog Posts Blogs boat loans borrow Branch breach budget Budgeting business camper cancer Capitol Civic Center Car car loan Car Loans Card Cell Phones For Soldiers Challenge charity Check checking checks Child Tax Credit children Children’s Miracle Network Hospitals Children's Museum Choice Investments Christmas Chuck club College Comets Community compounding consolidation” conventional Corporate Credit Credit Card credit cards credit union Dance the Night Away debt debt consolidation plan deposit destinations dividend donation down payment Dream earnings education Entrepreneurs Equifax equity expenses experienced investing experienced investor FDIC FHA FHA loan Fical Finance Financial financial literacy program financing Firley Moran First First Source Federal Credit Union for Games Genesis Genesis Group gifts giving Giving Tuesday Go Blue Go Red Go Red for Women Good Good News Center Goodison-Bick Greiner Group guide Halloween HCCC Health healthy pet loan Heart HELOC herkimer holiday Holiday loan holidays home home buying Home Equity Line of Credit Home Equity Loan Home Equity Loans Home Improvement Loan hot tub house House of the Good Shepherd Hug Indoor installation interest invest Investment investments IRA JD Arrante Jessie Joseph R. Carucci Legacy Awards Julie Keller KIDS Kid's Oneida kitchen remodel kristy learn lien lienhouse Lilli living smarter LMV loan Loans Local long-term savings manage management Marketing Maxam medical Mel member members mentoring Michael Mike missing money money management Money Market Money Market Account Mortgage Mortgages Motorcycle Financing Motorcycle Loan MVCC National Center for Missing & Exploited Children National Credit Union Administration (NCUA) National Credit Union Youth Month NCMEC NCUA Neumann New New Hartford new investors nole North Utica of One Oneida online online safety Only order checks Orsomarso overdraft Pamela paperwork Paralympics Parsons patient pay bills payments personal loans pet care pet financing pet surgery Pete pets plan planning Posts Power presents President/CEO programs protection purchase QR Questions rates Recreational Loan recreational loans Red reduce relief renovation Requirements Resolutions resort resorts retirement rewards ride Rome Run RV RV & Camper Loan Ryan Misencik Safety saving savings savings account savings” Schools Schumer security Sen. service settlement” Sherman Sinnott Education Center ski resort ski trips sled snowboard snowmobile snowmobile trails social media Source South South Utica spending spots SSHS Staff Stevens-Swan Humane Society students Sue Summer system Tammy Cieslak Tanya Taxes teachers Team Team First Source teens Term Share Certificate testimonial the The American Cancer Society The Genesis Group Tiny's Grill Tips Tom travel treatment treats Tricia trip TV Union Unite United United Way Up Upstate Caring Partners Utica Utica Blue Sox Utica Children’s Museum Utica Comets Utica Zoo VA vacation vacation financing vacation loan Valley Health Services Video Visa volunteer Waggle Walk Walk-A-Thon Way Wear Wellness Wells Wendy Why We Ride wig Wiggle wild Winner winners Winter withdrawal women Women’s Employment & Resource Center Year's York You You’re Young Young Entrepreneurs Academy Young Scholars Program YWCA