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.