MMAs
Money market accounts offer
higher interest rates than savings accounts and more flexibility than
CDs. You can access the money in a money market account when you need
it, but may not make more than six withdrawals or transfers per month.
A money market account might
be a good place to keep your safety net, the money you have set aside
for emergencies. It might also be a good place to keep the money you
are saving for medium-term goals like a car or a computer. When shopping
for an MMA, ask the following questions.
- Is the institution insured?
Credit unions should be insured by the NCUSIF, and every credit union
in Michigan is. A bank should have Federal Deposit Insurance Corp.
(FDIC) insurance.
- What is the interest rate?
- What fees apply?
Use our checklist to compare MMAs.
Money Market Account Comparison
Download
this chart in printable format (.pdf)
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Account A |
Account B |
Account C |
| Is the institution insured? |
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| What is the interest rate? |
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| Does the institution offer tiered rates? If
so, how are they applied? |
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| What is the minimum opening deposit? |
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| Is there a monthly maintenance fee? |
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| Is there a charge if my account falls below
a minimum? |
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What fees are charged for:
- Closing the account early?
- Writing more than three checks per month?
- Using an ATM?
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| Are there any other fees or charges for the
account? If so, what are they? |
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