High rates on certificates of deposit let you earn money on your savings, fast. But locking money up for a set period of time might not be the best strategy for everyone. A money market account gives you some of the earning power of a CD but with the flexibility of a traditional savings account.

Keep reading to find out if this deposit option is right for you. Or, start a live chat (bottom-right) or visit us at a branch and we’ll help answer your questions.

What is a money market account?

A money market account (shortened to MMA) pays you more interest than a traditional savings account. It also has some of the same features as a checking account. Starting an MMA is a great option if you have a long-term savings goal but still want to keep full access to your money.

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What are money market account rates right now?

Money market account rates at Arsenal fall into four different tiers. The minimum amount you need to keep on deposit to start earning interest is $2,500.

  • $2,500 – $9,999: 3.00% APY*
  • $10,000 – $24,999: 3.05% APY
  • $25,000 – $49,999: 3.10% APY
  • $50,000 – $99,999: 3.25% APY
  • $100,000 and over: 3.50% APY

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How many transactions can I make per month?

At Arsenal, transactions in-person, at a branch are unlimited for money market accounts. You can make up to six automatic withdrawals each month, including three written checks.

Please note that if you make an excessive number of transactions, Arsenal Credit Union reserves the right to close your account.

Are there any fees?

There are never any fees to pay on our MMA accounts. You can keep as much or as little money in your account as you want. Remember that if you don’t hit the threshold of $2,500, your account won’t earn interest.

Are accounts at Arsenal federally insured?

Funds on deposit at Arsenal are federally insured by the National Credit Union Administration (NCUA) up to $250,000. Through a combination of federal (NCUA) and private (ESI) insurance, your deposits are covered to at least $500,000.

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