Money Market Accounts
Money market accounts offer many convenient features of checking accounts, with an attractive rate of return to help your money grow. Here’s all you need to know!
High dividend rates
Money market accounts offer a higher dividend rate than a typical savings account. At Zing, our money market accounts earn as high as 2.57%APY* as of July 15, 2023.* A money market account can be the perfect way to give your short-term savings their best chance at growth.
*Rates are subject to change*
Increased flexibility
Money market accounts offer more flexibility than savings accounts. The funds may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from these accounts to checking accounts.
It’s important to note that most financial institutions place limits on the number of money market transactions you can make during a month. If you open a money market account at $100, you’ll be allowed unlimited convenient** transactions each statement cycle as long as your balance is over $2,000.
Security
The funds in your account at are insured by the National Credit Union Administration (NCUA) up to $250,000. You can keep a large sum of money in your account with less risk.
Minimum balance requirements
Most financial institutions require a minimum initial deposit for these accounts and a minimum balance to be kept in the account at all times. Here at Zing , you can open an account with as little as $100. Also, we won’t charge a penalty or maintenance fee for a money market account, as long as there is a minimum balance of $2,000 in the account at all times.
Ideal uses
Money market accounts can be ideal for expected occasional expenses, or for the unexpected emergency that can send a lesser-prepared individual into debt.
Here are some of the most popular uses for money market account funds:
- Emergency household repairs
- Unexpected medical fees
- Purchasing a new car
- Tax payments or insurance premiums
- Annual vacation
Are you ready to start saving big? Open a money market account at today!
* APY = Annual Percentage Yield is subject to change without notice. See our website for current rates.
** “Convenient” transactions are transfers/withdrawals made by a preauthorized, automatic, telephonic agreement, order or instruction, or by check, debit card, or similar order made payable to third parties
