Major purchases and expenses require planning. Things like a vacation, a wedding or purchasing a new home often require a long-term savings plan. But not just any savings plan. You’ll want a place to park your money that still allows you to access your funds when you need them.
That’s where money market accounts come in. These blend the best of checking and savings accounts. They’re perfect for funds you don’t need to use immediately but will want to withdraw sometime in the future.
1. Higher Interest Rates & Accelerated Earnings
These savings accounts typically offer higher interest rates than traditional savings accounts and do not come with the restrictions of term-based certificates. The interest is also compounded monthly, which means it is calculated each month and added to your balance each month, including any interest earned previously. This means your money to grows faster over time without requiring active management. It is a simple and effective way to build your savings.
There’s also added peace of mind knowing that the National Credit Union Association (NCUA) insures up to $250,000 of the funds in your money market account in the event the credit union is no longer operating.
2. Accessibility
Another major draw for a money market account is the liquidity of your funds. Unlike term savings certificates or certificates of deposits (CDs), money markets have no maturity date or term requirement, so you’re able to access the funds in your account at any time. At Golden 1, you can withdraw funds from your money market account without penalties.
3. Flexibility
With complete access to your savings also you can easily transfer funds between your checking account and your money market account. Simply link your Golden 1 Money Market Savings Account to another checking or savings fund to use as overdraft protection.
Whether it’s exceptional rates, easy access to your funds, or the flexibility to move money freely, Money Market Savings Accounts are ideal for anyone looking to set aside cash for large, occasional expenses like tuition payments, emergency household repairs, or unexpected medical fees.
Open a Golden 1 Money Market Account
Empower yourself to save smartly. Open a Golden 1 money market account with only $100 and enjoy no monthly service charge and no minimum balance to earn dividends. Join us by:
• Applying online
• Calling 1-877-465-3361
• Visiting a Golden 1 branch near you
