When you’re on a mission to save money, anything that helps you accumulate more funds faster is a big help. That includes money market accounts.

Money market accounts are a popular type of deposit savings account, because they earn dividends at a high rate and are conveniently easy to access. If you’ve been looking for a way to give your savings journey an extra boost, this could be your ideal solution. 

What are Credit Union Money Market Accounts?

Money market accounts are similar to other types of savings accounts. Yet while your standard checking and savings accounts are great for holding your money, they aren’t the best way for actively growing those funds you’ve stowed away. 

Additionally, normal savings accounts aren’t the most accessible option because you often need to transfer money to a checking account before you can make a withdrawal. Conversely, money market accounts often come with a debit card and a checkbook so you can easily access your funds.

Money market accounts provide a great mix of useful features, such as: 

• Low-risk security 
• Ease of access 
• Superior interest rates 

Benefits of Credit Union Money Market Accounts 

Is it worth it to switch your savings over to a money market account at a credit union? The answer is a resounding “yes,” if you value the more community-oriented setup of credit unions and want to enjoy benefits offered by money market accounts, like: 

• Competitive interest rates and potential for higher yields
• Liquidity and access to funds
• Safety and security of deposits

When you join a credit union, you may be able to access tiered interest rates and additional perks. Because these organizations are not-for-profit and member-owned, partnering with one for your financial needs rewards you with more personalized service and better payoffs. 

Factors to Consider When Choosing a Credit Union Money Market Account 

The not-for-profit status of credit unions allows for reduced fees and higher savings rates. However, not all credit unions are created equal. Keep these factors in mind to choose the right credit union for your brand new money market account. 

Comparing Credit Unions 

Because these organizations vary greatly, the best fit for you will depend on your unique needs. Before committing to a credit union, consider: 

• Your personal financial goals 
• Each credit union’s financial stability and reputation
• Convenience and accessibility of branches and ATMs should you need to conduct business in person rather than online

Different credit unions offer varying additional services and products, so be sure to look into these extra perks to decide which options will benefit your lifestyle most. Holding multiple types of accounts at the same credit union can be convenient and beneficial.

Comparing Credit Union Money Market Accounts 

There are countless benefits of working with a credit union. If you’re specifically looking for one that can provide you with a stellar money market account, you’ll want to start comparing different money market account features by: 

• Evaluating interest rates and APYs among credit unions
• Assessing credit union rates and fees, minimum balance requirements, and penalties
• Considering customer service and support offerings
• Reading reviews and comparing the overall reputation of credit unions

Opening a Credit Union Money Market Account 

Opening an account at a credit union is as simple as joining one where you meet membership eligibility requirements. While credit union membership was once more limited, just about anyone can now join one based on where you live, work, worship, or attend school. Once you’ve taken the first step of researching and selecting the best credit union for your preferences, you can start the application process. This will involve providing documentation of your identity, such as a driver’s license or passport and your social security card.

Finally, the most important step is to actually fund your money market account and make sure that you are always in accordance with minimum balance requirements. 

Managing a Credit Union Money Market Account

To effectively manage your account, you must make sure to: 

• Understand account fees and potential restrictions
• Monitor interest rates and account performance
• Know how to make deposits and withdrawals

Utilizing online banking and mobile apps can make managing your account more convenient. 

Opening a money market account is a simple way to earn higher interest rates on your savings without sacrificing ease of access to your funds. And working with a credit union to facilitate this account can make the process more enjoyable and lucrative in the long run. 

Explore your credit union options with expert assistance from CUSelect and discover everything you need to know to set up a money market account with confidence.