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The MTCU Money Market Account:
A money market account is typically used when an individual or joint account persons want to save money without tying up all of their funds. If this is the case for you, then an MTCU Money Market Account may be the answer. Our money market accounts allow you to save money, and earn higher dividends than our other savings accounts, but, we place restrictions on the amount of withdrawals on your money market account during a set time period. For instance, the MTCU Money Market Account will allow you to earn the dividends stated below, but we require that you make no more than six transfers or withdrawals from this account per month.
The MTCU Money Market Account is not a checking account, therefore the check restrictions you may see at other financial institutions do not apply on this account.
Our money market accounts come in three levels of saving:
|
Amount of deposit
|
Annual Percentage Rate (APR)
|
Annual Percentage Yield (APY)
|
|
$2,500.00-$24,999.00
|
2.00% APR
|
2.01% APY
|
|
$25,000.00-$49,999.99
|
2.25% APR
|
2.27% APY
|
|
$50,000.00
|
2.50% APR
|
2.52% APY
|
How we compound and credit your account:
Dividends are compounded monthly and credited monthly to your Money Market Account. Here's an example of compounding and crediting: the beginning date of the first dividend period of the calendar year is January 1 and the ending is January 31. On the dividend declaration (for this example is February 1st) date we will credit your account the dividend you funds earned during the period. If you close your account before dividends are credited, you will not receive accrued dividends to any account.
Ready to start a Money Market Account? Contact our financial service representatives at 757-671-8800.
