You’ve got a lot of options when it comes to savings accounts. If you’re looking to earn one of our most competitive rates while maintaining quick access to your money when you need it, check out our Money Market Account.

Basics of Money Market Accounts

A question we’ve heard frequently recently is, “What is a Money Market Account?” Sometimes the word “market” creates confusion, potentially implying a connection to the stock market, but Money Market Accounts are zero-risk and have nothing to do with the stock market.

Money Market Accounts are versatile savings accounts that earn dividends and function similarly to a checking account. You can:

• Enjoy higher dividends with no minimum balance. Earn higher rates compared to a Basic Savings Account, with no early withdrawal penalties and no minimum balance required to start earning.
• Access your funds at any time. Your money is always within your reach. Make withdrawals or deposits, transfer money into or out of the account and use checks to access your money. Plus, manage your account easily from anywhere with Grow Online and Mobile Banking.^*
• Earn more as you save more with our tiered rate structure. You’ll get a higher rate of return as you reach higher balances. (Check out current savings rates.)

Use a Money Market Account to build up an emergency cash reserve, save for a large purchase or hold your liquid savings assets at better rates compared to a Basic Savings Account. The choice is yours!

FAQs About Money Market Accounts

Is my money safe in a Money Market Account?
Yes, your money is quite safe. Money Market Accounts and other savings accounts are federally insured by the NCUA up to $250,000.

Should I choose a Money Market Account or a Certificate Account?
Both of these savings options have their advantages. The main decision comes down to whether you need ready access to the funds. If so, stick with a Money Market Account. You’ll earn better rates compared to a Basic Savings Account, and you’ll be able to get your hands on your money whenever you need it.

Certificate Accounts typically have the best available rates but come with early withdrawal penalties, so they aren’t designed to provide quick access to the funds. If you’re willing to set a chunk of money aside for a specific term, you may want to consider a Certificate Account. You can lock in today’s competitive rates for a set term from 6 to 60 months and watch as your money grows.

Do Money Market Accounts have a minimum balance requirement?
Some financial institutions may have minimum balance requirements, but at Grow, there is no minimum deposit required to open or maintain a Money Market Account. Anyone can start earning dividends on any balance, and you’ll earn more as you save more.

Ready to start earning more?

Better rates, easy access to your funds and no minimum balance required. What’s stopping you from earning more? Open your Money Market Account today!

Become A Grow Member

Open A Money Market Account in Online Banking
Existing Grow Members

Accounts are subject to approval.
^*Additional data charges may apply. Please see your wireless carrier for more information.

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Posted In:

• Savings Education