What is a Money Market Account?

Are you looking for a secure and flexible way to grow your savings? Look no further! A money market account might just be what you need. With higher interest rates compared to a regular savings account, this option is perfect for those aiming to maximize their savings. But what exactly is a money market savings account, you ask?

Well, a money market account is a type of deposit account offered by banks and credit unions. It combines the benefits of a savings account with the perks of a money market fund, allowing you to earn a higher interest rate while keeping easy access to your funds. Sounds great, right?

What is a Money Market Account?

A money market account is a type of savings account that offers higher interest rates compared to a standard savings account. It merges the benefits of a savings account with the flexibility of a checking account, making it a fantastic choice for individuals looking to grow their savings while maintaining easy access to their funds.

One of the key features of a money market account is the higher interest rate it offers. This allows your money to grow faster over time compared to a regular savings account. Additionally, high yield money market accounts often come with a minimum balance requirement, ensuring account holders are committed to saving a specified amount.

Opening a money market account provides several benefits. Firstly, it offers a safe and secure way to save money, as these accounts are insured by NCUA. Secondly, the higher interest rates help your money work harder for you, speeding up your financial goals.

Compared to a standard savings account, a money market account has distinct differences. While both types provide a place to save money, high yield money market accounts often have higher minimum balance requirements and may offer limited check-writing privileges. In contrast, standard savings accounts may have lower interest rates but provide more flexibility in terms of access to funds.

How to open a Money Market Account?

Opening a Money Market Account with us is easy and sets you on the path to hitting your financial goals. Simply complete the application form by providing your personal information and answering a few required questions. Once your application is approved, you’ll receive your account details and can start saving right away. To make saving even simpler, consider setting up direct deposit or automatic transfers to ensure regular contributions. With your Money Market Account, you’ll be earning more while staying on track toward your financial milestones!

Why Choose a Money Market Account?

High dividend rates

Money market account 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 Zing 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

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

Checking Comparison Chart

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Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer

Available

Mile High APY

Yes

N/A

Yes

5 Buck Club

Yes

What is a Money Market Account?

What is a Money Market Account?

How to open a Money Market Account?

Why Choose a Money Market Account?

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Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

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