Money Market Accounts: A Smart Savings Option for Growth and Access
With their traditionally high yields, investment accounts like 401(k)s, mutual funds, or IRAs are an excellent tool for building wealth over a long period of time. However, to reap the full financial benefits of these accounts, your money needs to stay put — in some cases, for decades — in order to see decent yields and avoid penalties for early withdrawals.
For that reason, it’s wise to have a separate, more accessible savings account in which you park some cash. This could be where you save for a large expense like tuition or a home improvement project, spending money for travel, or an emergency fund to cover expenses in the event of temporary change of income.
Luckily, with the right account, you don’t need to exchange accessibility for growth. Liquid cash can still earn a yield while remaining within reach. When you’re looking for a place to save money while still earning interest, a Money Market Account is a great option.
What is a Money Market Account?
A Money Market Account is a high-yield savings account option that offers check writing privileges.
When you choose Connexus for your Money Market Account, you can make unlimited deposits into the account. You can also make up to four fee-free withdrawals from the account each month.
Like other Connexus deposit accounts, your Money Market Account is federally insured by the National Credit Union Administration up to at least $250,000. (Learn more about NCUA insurance.)
When is a Money Market Account the right option?
Whether it’s your emergency fund, travel money, cash for an upcoming large purchase, or other savings that you can’t lock up into long-term investment accounts, if you need a safe and accessible savings option a Money Market Account is a great fit.
By putting the cash in a typical checking or low-yield savings account, you leave the potential for growth via interest or dividends on the table. Instead, move the money to an account that will earn you a high yield.
Connexus Money Market Accounts offer nationally leading yields. In fact, we currently offer up to 4.51% APY1. Our Money Market accounts are NCUA insured, come with free checks, and give you the option to make up to four fee-free withdrawals per month. And, provided your balance stays above the minimum daily balance threshold of $1,000, your returns are guaranteed.
Open a Money Market Account now
Ready to move your savings to an account that offers both yields and accessibility? Get started with a Connexus Money Market Account today.
DisclosuresAPY= Annual Percentage Yield
1 See Money Market yields and disclosures