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How to Open a Money Market Account

Chris Gottschalk

Chris Gottschalk About The Author

Dec 2, 2021 5:15:00 AM

If you’ve been saving for a while, you may know about money market savings accounts. You might also know that you can open one with a deposit of at least $2,000 and get a higher interest rate in return. What you might not know is how to open money market account.

As it turns out, opening up a money market account is actually pretty easy, especially if you want to open up a money market account at First Alliance Credit Union. All it takes is a few simple steps.

Open up a Traditional Account

The first step to opening up a money market account at a financial institution is to become a member or customer at that institution first and open up a traditional checking account or savings account.

Man on laptop filling out applicationIn the case of First Alliance Credit Union, you can become a member by filling out an online application, then visiting any one of our six branches in person so a Member Experience Advisor can help you finish the process. All you need is five dollars to open an account, and as an added bonus, you’ll get your debit card within minutes of you opening your account. 

Talk to a Member Advisor

Once you’ve opened your new First Alliance Credit Union checking or savings account, you’re ready to take the next step—tell a member experience advisor that you’d like to open up a money market account. Once you’ve done that, they’ll open the account for you.

Man talking with member advisorRemember that you’ll need to have enough money to make an initial deposit in your new money market account. You can either transfer funds from your traditional checking or savings account or make a cash deposit. Of course, you can also transfer funds to your new First Alliance money market account from an external account, but keep in mind that external transfers may have fees attached with them.

After you’ve made your deposit, you’re finished. All you need to do now is reap the benefits of a higher interest rate and add more money to your account, either to pad out your emergency fund or help you achieve a financial goal.

Get a Money Market Account at First Alliance Credit Union

If you’ve already built up your savings, a money market account at First Alliance Credit Union can give you a higher rate of interest while still letting you withdraw your money easily if you need it. All you need to do is open up a traditional checking or savings account and then talk with a member experience advisor.

Want to experience the benefits of a money market account for yourself? Become a member of First Alliance Credit Union today and talk with a member experience advisor. You’ll also get to track your money market account’s progress and transfer money into it using our online banking platform and mobile app.

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We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.