Your savings insured to
at least $100,000 by the
National Credit Union Administration, a U.S. Government Agency.
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Section contents:
 A
Money Market account is a liquid savings account that earns higher dividends
than a Regular Share Account. You can use the Money Market account to
deposit investment proceeds or dividends; proceeds from the sale of a house
or securities, or from an inheritance; or to accumulate money for your
child's education, your retirement, or special vacations. The Money Market account combines high money market
rates with unparalleled safety. You have ready access to funds in this account. |
 Eligibility |
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The Money Market account offers a variety of benefits:
- Dividends are calculated on the average daily balance and are paid monthly
- No risk with Federal insurance to $100,000
- No fees and no withdrawal penalties
- May be set up to provide overdraft protection for
your Share Draft (checking) account
- Accessible for balance inquiries and transfers through
Call 24,
the_Max! eBranch and through Norteller ATMs
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| Summary |
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The following requirements apply to money market accounts:
- Minimum opening deposit of $2,500; additional deposits and transfers, no minimum
- Minimum average daily balance of $2,500 to receive the highest dividend return
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Frequently Asked Questions |
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Q: I've been with my
bank for years. Won't it be difficult to change?
A: It's easy to setup a new Money Market account. And the interest you'll
earn on your Money Market account makes the decision to switch from a standard passbook savings
at a bank the only smart one.
Q: I already have a Regular
Share account. Why should I open a Money Market account?
A: By maintaining an average balance of more than $2,500 in your Regular
Share or Share Draft account you are actually losing money. Put the
money to work for you where you earn higher dividends without sacrificing
ready access to your funds.
Q: Isn't one savings account the same as another?
A: Yes, in many ways, but often the earnings will be different. You can benefit from higher dividends. With a minimum balance of just $2,500, you'll earn high money market
rates.
Q: If my balance falls below $2,500, do I get the savings account dividend for that day or days, or for the entire month?
A: Dividends are paid on the average daily balance for the month in each of
our savings accounts. That means the balance can fall below the $2,500
minimum and it can be over $2,500 at other times during the month. As long
as the average daily amount in your account for the month is at least $2,500
you will earn the higher interest rate for the entire month. But all
is not lost even if you miss the minimum $2500 average daily balance. You
will still earn the savings account rate if the average daily balance falls below $2,500, provided
the average daily balance doesn't fall below $100 and you maintain a balance in the account for the entire month. |