Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
To learn more about GLCU Free Checking plus Money Market tiers visit www.glcu.org/newrates.
When it comes to choosing between a Certificate of Deposit (CD) and a Money Market Account, it's all about understanding your financial needs.
CD's, which are referred to as "certificates" at credit unions, typically offer higher interest rates than Money Market Accounts. However, they require you to leave your money untouched for a specified period. If you anticipate needing to access your funds sooner, then a Money Market Account could be a better choice.
When you compare a money market account vs. a high yield savings account, both offer higher interest rates than regular savings accounts. The primary difference lies in access to your money.
A High-Yield Savings Account may require you to maintain a high minimum balance, and there could be restrictions on the number of transactions per month. Money Market Accounts, on the other hand, typically allow for more transactions and may provide check-writing privileges, offering an added level of convenience and flexibility.
Our Money Market Accounts come with a range of benefits designed to help you grow your savings:
Whether you're choosing between a CD vs. Money Market or a Money Market Account vs High Yield Savings Account, we're here to help. Visit a branch or give us a call at (800) 982-7850 and discover how we can help you meet your savings goals.
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Having a money market account can be a good idea if you're looking for a safe place to store a larger amount of money and earn a more interest compared to a regular savings account. They're also useful if you want a blend of savings and checking features, such as check-writing capabilities and debit card access, with the caveat of limited transactions. However, the suitability of a money market account depends on your personal financial goals and liquidity needs.
A GLCU money market account is like a savings account in that it can be a place where you store money that you can access as needed, but unlike a regular savings account, a money marketing account pays dividends to the holder, up to 0.500% with an additional 1.00% APY on qualified money market accounts. A GLCU money market account also requires a minimum balance to qualify.** Learn more about GLCU money market accounts.
The amount of money you need to keep in your money market account depends on the terms and conditions of the account and your savings goals. Your GLCU Money Market account requires a minimum balance of $2,500 and has no maximum.
There is generally no set limit on how long money can stay in a money market account. You can keep funds in a money market account indefinitely, as long as the account remains in good standing according to the terms and conditions of your financial institution. However, it's essential to ensure that the account's returns align with your long-term financial goals.
Money market accounts are as safe as other deposit accounts. A money market account is insured by the FDIC or NCUA up to $250,000.
One disadvantage of a money market account is that it may have limited withdrawal capabilities, often restricting users to a certain number of transactions per month due to federal regulations. Additionally, although they offer higher interest rates or dividends than traditional savings accounts, they generally provide lower returns compared to other investment options such as stocks or mutual funds.
Yes, money does grow in a money market account. These accounts pay interest on or dividends your balance, typically at a higher rate than traditional savings accounts. However, the growth is generally lower than what might be expected from riskier investments like stocks or bonds.
A money market fund is mutual fund variety that channels investments into high-quality, short-term debt instruments like Treasury bills and commercial paper is known as a money market fund. While they aim to maintain a stable value, there's a possibility of losing money. On the other hand, a money market account is a type of savings account offered by banks and credit unions that typically pays higher interest than a regular savings account and often comes with check-writing and debit card privileges. Money market accounts are insured by the FDIC or NCUA, making them a safer choice.
* APY = Annual Percentage Yield. All dividend rates and APY may change at any time, as determined by GLCU Board of Directors. The APYs shown above assume that all principal and dividends remain on deposit for the entire term. Fees could reduce earnings on the above accounts.
1 A Minimum of $2,500.00 is required to open the account. You must maintain a minimum average daily balance of $2,500.00 to earn the above stated dividends.