The concept of a money market account is pretty simple—if you have a minimum opening balance of $2,000, you can open a money market account and get a higher rate of interest than you would in a traditional savings account. However, many people tend to get tripped up on the details.
One of those details is how to access the money you have in a money market account. This is especially important, since many people like to keep their emergency funds in a money market account until they need it. Fortunately, accessing money in a money market account is not hard.
A Money Market Account is a Savings Account
The reason accessing money in a money market account isn’t hard is because a money market account is very similar to a traditional savings account. That means you can access your money in the same way you can with a traditional savings account.
In other words, you can use a debit card to access one of our Advisor Supported Kiosks or an ATM to withdraw funds from your money market account. You can also withdraw your funds in person when you talk to a member advisor at one of our five branches.
While you can access the money in a money market account the same way you would with a traditional savings account, you’re also bound by the restrictions of a traditional savings account. The biggest restriction is that you’re limited to six withdrawals a month before you have to pay a fee. It’s a very small fee, but a fee nonetheless.
The good news is if you’re using the money market account the way you would a traditional savings account, this shouldn’t be an issue. You’ll be making far more deposits than you will withdrawals, and when you do have to make a withdrawal it should only be to cover an emergency or a big-ticket item that you’ve been saving for.
Open a Money Market Account at First Alliance Credit Union
You can access the money in your money market account the same way you would access the money in a traditional savings account. However, you should be aware that a money market account also has the same restrictions as a traditional savings account, especially the limit on monthly withdrawals.
If you want to open up a money market account, become a member of First Alliance Credit Union today. You can easily set up the account with help from a member advisor, and you can manage it from any location with our online banking and mobile app.
Want more information? Check out episode 14 of our Good Money Moves podcast and learn more about different types of savings accounts.