Money Market Accounts

Good to Know
 

What is a Money Market Account?
A money market account has similar features to both a checking and savings account. The difference is that a money market gives you higher payouts in interest than a traditional savings has, but requires a larger minimum balance than a traditional checking account.. 


How does it work? 
Money market accounts compound interest daily and pay out monthly. Interest is compounded daily on balances of $1,000 or more (Interest is not compounded on days the average balance drops below this amount). The larger your balance is, the more interest you earn! It is a great option for someone looking for short-term savings goals as money market accounts provide flexibility and access to your savings. 

**APY=Annual Percentage Yield. Assumes interest is reinvested and rate continues for a year. Fees listed on the Service Charge and Fee Schedule could reduce earning on the account. You may forfeit interest if you close any interest-bearing account before accrued interest is credited. Interest is calculated using the daily balance method and is compounded daily and credited on the last day of each month. 

1) *APY=Annual Percentage Yield with a minimum deposit of $10,000 money not currently on deposit at Together Credit Union and balance of $10,000 to earn APY. Withdrawals may reduce earnings on the account. Rate offer accurate as of 11/21/2023. Six months after account open date, account will convert to the standard Money Market and becomes subject to applicable balance tiers and interest rates at that time. Rates subject to change without notice after account opening. Other rates and terms available. Membership eligibility required.