A money market account is a type of low-risk, high-yield savings account that sometimes earns more interest than a regular share savings account. A money market account requires a minimum balance, and the higher the balance, the more you earn.
You can deposit money into your money market account at any time, and you can spend from it just like a checking account, as long as you maintain the minimum daily balance. You also have the option to close the account at any time, with no penalty for doing so.
That means…this type of account might be right for you if you have a sizeable but short-term savings goal, like if you are planning a family trip abroad, need to make a down payment on a house, or have a wedding coming up.
Minimum Balance Requirements
The minimum balance required to open and maintain this account is $2,500.00. Should your account fall below this balance, a service charge will be imposed. Read Full Disclosure.