Money Market Accounts

Money markets and savings accounts seem similar at first, but offer a few crucial differences. One of the biggest is the difference in interest rates - money market accounts and other types of HYSA accounts tend to offer a higher interest rate overall, as well as increasing interest rates as your balance increases, whereas most savings accounts tend to remain static in their interest rates over time, at least in relation to your balance.

Additionally, money market accounts tend to require a higher minimum balance and deposit amount than savings accounts. This balance is required to maintain the overall rate of growth, and as the balance increases you can earn greater interest and dividends on the balance in your account.

Money market accounts work like a standard savings account, but with much higher interest rates and the flexibility to let you access your money when you need it. As deposits are made into your money market account, interest is paid periodically on your current account balance. The biggest difference with money market accounts, however, is that the interest rate will actually go up as your account balance goes up. By saving more money in your money market account, you can watch it grow even faster with a higher interest rate.

Interest rates for money market accounts depend on a variety of factors, and will actually increase as the balance in your account goes up. For the most up to date information on current money market account interest rates, check out our current interest rates.

Money market accounts compound interest daily and pay monthly. The interest rate on a money market account tends to be higher than in standard savings accounts, and will increase as you place more money into the account.

As a Genisys member, you can elect to have a percentage of your paycheck directly deposited into your money market account, as well as any other savings accounts or checking accounts you may have with us.

Since money market accounts have higher interest rates than standard savings accounts, they’re a great option if you’re saving up for a specific goal, such as emergency savings, a down payment for a house, or other significant purchases. Even if you aren’t working toward a specific goal, they’re generally a good way to help your money work harder.