Are you looking for a great way to invest your money and grow your wealth? A money market account is a great option if you’re seeking high yields with limited risk. Money market accounts are federally insured and offer many benefits, such as higher interest rates, increased liquidity, and easy access to funds. In this blog post, we will discuss the advantages of opening up a money market account so you can begin earning more from your savings without worrying about sacrificing security or convenience.
Higher Interest Rates: Amplify Your Earnings
When it comes to growing your savings, the interest rate plays a pivotal role. Money market accounts often offer higher interest rates compared to regular savings accounts. With the potential for increased returns on your funds, your hard-earned money can work harder for you.
NCUA Insured: Protecting Your Deposits
Safety and security are paramount when entrusting your funds to a financial institution. Money market accounts, just like savings accounts, are NCUA insured. The National Credit Union Administration (NCUA) provides insurance coverage of at least $250,000 per depositor. This means your deposits are safeguarded, offering you peace of mind as you watch your savings grow.
Accessible Funds: Balancing Flexibility and Growth
While some investment options may lock your funds for an extended period, money market accounts strike a balance between growth and accessibility. You have the freedom to withdraw or transfer funds as needed, ensuring that your money remains within reach whenever life's unexpected expenses or opportunities arise. This flexibility empowers you to navigate your financial journey with ease.
Benefits of a TTCU Money Market Savings Account
- Free e-statements and online banking benefits: You can sign up to have banking statements sent to your email at no cost.
- Free online banking services: You can access everything you need from the comfort of your home.
- No monthly fee: The Money Market account is free, so long as your daily balance averages $1,000 or more.
- Free checks: You will receive your first 25 checks at no cost.
- Low fees for accounts under $1,000: If your Money Market account dips below $1,000, you only pay a $5 monthly service fee.
TTCU’s Money Market Savings account interest rates
TTCU offers excellent interest rates on our Money Market Savings accounts. Take a look at our current rates*:
- $1 - $49,999.99: 2.00%
- $50,000 - $99,999.99: 2.15%
- $100,000 or more: 2.25%
*Rates effective 5/15/2023 | APY = Annual Percentage Yield | For current rates, call 806-742-3606 | Rates subject to change | Fees may reduce earnings.
Money market accounts are excellent investments for anyone looking to boost their savings and grow their wealth. With higher interest rates than regular savings accounts, increased liquidity, and easy access to funds, you’ll enjoy great returns while resting assured that your money is secure.
Interested in learning more about Texas Tech Credit Union’s Money Market Savings account? Schedule an appointment with a financial expert today.