If you’re looking to give your savings a boost, a money market account is a great option. If you’re like many people, however, you may not be familiar with what a money market account is, how it can benefit you, or how to open one.
We cover all of this and more below.
A money market account is an account that’s designed to help you increase your savings. You can earn greater dividends than you would using a traditional savings account in exchange for maintaining a set minimum balance.
A higher dividend rate helps you reach your savings goals faster, whether you’re building your emergency fund, saving for a large purchase or a down payment on a house or car, or looking to pad your retirement savings.
Earning more on savings means that, in addition to reaching your financial goals faster, you get peace of mind. If an unexpected expense arises, you’ll have the cash to cover it, rather than needing to take on new or additional debt.
You can use a money market account to save for any of your financial goals. Many of our members use their money market accounts as a holding place for their emergency funds, while others use them to set aside savings for a large purchase or a down payment on a home or car. There are also many people who use money market accounts to pad their retirement savings, while keeping their money in a liquid, accessible state.
Our money market accounts give you easy access to your cash, making them a flexible savings option for any of your financial goals.
Opening a money market account with us is easy!
If you’re already a member, it just takes a few simple steps:
If you’re not a member, you're likely eligible to join. Then, you can follow the steps above.
The minimum balance required for a money market account can vary between financial institutions. However, we aim to make these accounts and their benefits accessible to as many members as possible by setting a low minimum balance requirement of just $500 to earn dividends.
The dividends you earn from a money market account will vary by financial institution. We offer a tiered dividend structure, which means that the more you save, the more you can earn. You can learn more about our tiers and current dividend rates here.
Yes! One of the biggest perks of our money market accounts is that you maintain 24/7 access to your cash through our digital banking channels. Plus, there are no withdrawal or transfer restrictions.
If you want to move money into your PSECU money market account from your other PSECU accounts, it’s easy! Simply log into your account, select Transfer, and follow the prompts on the screen.
If you want to move money into your PSECU money market account from an account at another financial institution, you’ll need to first set up the external transfer capability. Have your routing and account numbers from your other financial institution(s) handy and then follow the simple steps below.
There are many things you can do to maximize your savings in a money market account. Our top three suggestions are below.
Are you ready to give your savings a boost? Open a money market account, or increase your balance in your existing one, to launch your savings today.
For more tips on how to increase your savings, visit the Savings section of our blog.