How to Open A Money Market Account In 5 Easy Steps

So you’ve finally made up your mind. You’ve read about the benefits of money market accounts, and you are ready to pull the trigger and get a money market account of your very own. All you have to do now is find some simple, easy-to-follow instructions on how to open one.

As fate would have it, how to open a money market savings account is exactly what you’ll learn in this blog. We’ve broken down the process into five steps, and after you’ve followed them you’ll be the proud owner of a money market account.

How Do I Open A Money Market Account?

Choose a Money Market Account

The first step in opening a money market account is, unsurprisingly, selecting which money market account you’d like to open. You’ll want to look for a money market account that offers a high interest rate, first and foremost.

However, you should also look at features like the minimum balance requirement. Ideally, you’ll deposit more cash into a money market account than you’ll withdraw, but if you do have to withdraw money from your account, a lower minimum balance means you’ll be able to withdraw more money without having to pay a maintenance fee.

How much money will your money market account earn? Find out!

Get Your Required Documents Together

If you’re not a member of the credit union where you’d like to open a money market account, you’ll have to become one first. That means you’ll have to provide some documents that prove you’re you. These can include:

• Drivers license or other state ID
• Birth certificate
• Social security number
• Phone number
• Proof of address, such as a bill or a bank statement

Provide Funding for a Money Market Account

In addition to being a member of the credit union, you’ll also have to have enough money to open your money market account. Most money market accounts have a higher minimum deposit requirement than traditional savings accounts. At First Alliance Credit Union, for instance, the minimum deposit requirement is $2,000. But, can you add to a money market account regularly? The answer is yes, it is one of the many benefits of a money market account!

If you’re already a member of the credit union, you can deposit that money into your existing checking or savings account and transfer it into your money market account through your online bank account or with your credit union’s mobile app. You can also make a deposit directly at a credit union branch, either by writing a check to yourself or bringing the deposit in cash.

Talk With a Member Advisor

Once you’re a credit union member and you have the funding for your money market account in place, the only thing left to do is go into a branch and tell a member advisor you want to open a money market account. They’ll open up the account, and you can let them know how you’ll be funding it.

Log Into Your Online Bank Account

Now that your money market account is funded, log in to your credit union’s online banking platform or mobile app to make sure your new account shows up and access your money market funds. From there, you can electronically transfer additional funds to your account, keep track of the interest it generates or even transfer funds to your checking account if you need to use some money. 

Open a Money Market Account at First Alliance Credit Union

If you’re ready to open a money market account, all you need to do is follow five simple steps. These include selecting the money market account you’d like to open, funding the account and finally asking a member advisor to open your new money market account. Checking in on your new account through your online banking platform or mobile app isn’t strictly required, but it is recommended, and it’s also an easy way to make deposits into your new account.

You can see how easy opening a money market account is when you talk to a member advisor at First Alliance Credit Union. They’ll help you do everything from becoming a member to opening your own money market account, and they can even show you what other types of savings accounts might be a good fit for you, such as Certificates of Deposit, club savings accounts, and even our WINcentive savings account.

Questions about money market accounts? Ask us!