Saving money is important for your financial wellbeing. And although savings accounts are a great choice for all families trying to save, there are other account options available at United Teletech Financial. One of those options is the money market account.
What Is a U-Savers Money Market Account?
A money market account is similar to a savings account. The only difference is that money market accounts have some checking account features as well. Most money market accounts come with checks and other features. For example, the U-Savers Money Market account comes with free checks and access to our online banking tools.
Plus, money market accounts allow you to have access to your money at any time; there are no fees for making withdrawals. Money market accounts often have a higher APY* than traditional savings accounts, making them a great choice for saving for the future. It’s important to note that balances less than $1,000 will not accrue interest.
Cash within a money market account is insured by the NCUA. To learn more about the U-Savers Money Market account, check out our rates. We also offer specific money market accounts for estates and businesses, depending on your needs.
Is a Money Market Account the Right Choice for You?
Should you open a savings account or a money market account? If you have a large sum of money you’d like protected for the time being, yet you’d still like easy access in the event of an emergency, a money market is a great option. Or, if you have a savings account and want to try increasing your APY, a money market account is worth checking out.
Money market accounts are super simple to access. If you wish to save your money and don’t want the temptation of easy access, a traditional savings account might be best for you.
Questions? Concerns? We Offer Certified Financial Counseling.
Not sure if a money market account is right for you? We offer certified financial counseling to help you better understand your options. Our counselors will help you develop a plan to reach your financial goals. If a money market account would serve you, they’ll help you open the account and instruct you on how to use it best.