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Want Your Savings To Work Harder? Check Out A Money Market Account.

January 16, 2019 You’re a savvy saver. You plan your monthly budget. You find the best deals. You even have a little something stashed away in an emergency fund. And now that you’ve got that emergency fund, wouldn’t it be nice if there was a way to get a little something extra for it? Turns out, there is! You can enjoy a higher savings interest rate with one simple money move: transferring your savings to a  . What Is a Money Market Account? A money market account is a savings account that usually has a higher interest rate compared to a standard savings account. Long story short: higher interest rate = more money in your pocket. And that’s always a good thing! Money Market Account vs. Savings To get that higher interest rate, most money market accounts require a higher minimum deposit than a regular savings account. That minimum can range depending on where you invest. That’s why a money market account is ideal for when you’ve already built a cushion of savings that you want to set aside for a rainy day. Your money is completely accessible if you run into an emergency – because, hey, that’s what a rainy-day account is all about! – and you’ll be growing it a little faster in the meantime. How to Set Up Your Money Market Account
  1. Once you’ve hit that savings sweet spot, you can open a money market account. For example, a $2,500 minimum balance is enough to open our Money Market Plus Account. And if you really have this savings thing down and you have more money to invest, you can make your hard work pay off with even higher rates – like on our Ultimate Money Market or Money Market Maximizer. (Earning potential to the max, just like it sounds!)
  2. Continue to save, and as you deposit more money into your money market account, you’ll be able to get even higher interest rates. The more you save, the more you earn.
  3. Then, the only thing left to do is sit back and watch your money grow. And, if something comes up and you need some extra cash, it’s all yours – and you can even write a limited number of checks each month. There’s no minimum balance requirement and no withdrawal fees.
Time for a full-blown savings strategy sesh? , and we can talk through everything from to . You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA