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A money market account can help you earn higher interest than a traditional savings account. It also gives you the flexibility to write a limited number of checks, so it's a hybrid of sorts. |
Is A Money Market Account Right For Me?A money market account is a tiered interest rate account for our customers who maintain higher balances and don't write many checks per month. Check images are included with your statement. You may receive up to five free photocopies and a free initial trust consultation. The purchase fee is also waived on five personal money orders per month. There is a $2,500 minimum deposit required to open the account, and the monthly service charges are $10 if your balance falls below the $2,500 minimum daily or $5,000 average daily balance. * Interest will be compounded monthly and will be credited to your account monthly. We use the daily balance method to calculate the interest on your account. The daily balance method applies a daily periodic rate to the principal in the account each day. *The average daily balance is determined by adding the full amount of principal in the account for each day of the statement cycle and dividing that figure by the number of days in the statement cycle. The annual percentage yield (APY) is based on monthly compounding. The interest rate and annual percentage yield (APY) are variable and may change. The annual percentage yield (APY) assumes interest remains on deposit and is determined based on the current rate and minimum deposit required to open the account. Withdrawal of interest will reduce earnings. |
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