At Genisys, we offer our members a wide variety of financial products and services to help you manage, save and grow your money. Whether you’re new to the world of banking and in the process of opening your first checking account, or you’re a seasoned saver looking for a new place to grow your money, a money market account can be the right choice for you. These popular accounts blend the best of savings and checking accounts, offering convenient features along with an attractive rate of return to help your money grow.
Here’s all you need to know about money market accounts.
High Dividend Rates
Money markets offer a rate of return that surpasses your typical savings account. A money market account can be the perfect way to give your short-term savings their best chance at growth.
Money market accounts are not intended to cover everyday expenses. However, they do offer increased flexibility over savings accounts. Depending on your financial institution, the funds in your money market account may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from money market accounts to checking accounts.
It’s important to note that most financial institutions do place limits on the number of money market transactions you can make during a given month. In the past, these limits, known as Regulation D limits, were set by the federal government and capped at 6 convenient** transactions per month. Though this federal restriction has been permanently suspended as of October 2022, some banks and credit unions continue to place their own limits on permitted monthly transactions. Be sure to check with your financial institution to verify the number of transactions they allow.
At Genisys, the funds in your money market account are insured by the NCUA up to $250,000. Couples with joint accounts can each be covered up to that amount for double the secured savings. This means you can keep a large sum of money in your account with low risk of loss. A money market account offers a great opportunity to start saving with confidence!
Uses for Money Market Accounts
Money market accounts fill that sweet spot for funds that members want to keep accessible while having the best chance at growth. They can be ideal for expected occasional expenses or for the unexpected emergency that can easily send a lesser-prepared individual into debt.
Here are some of the most popular uses for funds kept in money market accounts:
Emergency household repairs
Unexpected medical fees
Purchasing a new car
Tax and/or insurance premium payments
If you’re ready to open a money market account, stop by any of our branch locations or give us a call at 248-322-9800 extension 5. Setting up your account is easy, and once it’s open and funded, you can manage it the same way you would any other account.
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