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Money Market Frequently Asked Questions
What is a Money Market account?
A Money Market account is a type of savings account offered by that typically earns a higher interest rate than a traditional savings account, while also providing some features of a checking account, like limited check-writing.
What does a deposit minimum mean?
A deposit minimum is the amount of your initial deposit that you must put into your account for the Money Market rate to apply to your funds.
What is APY?
APY stands for Annual Percentage Yield and is the actual amount of return you will achieve according to compounding interest on your financial instrument.
Where can I find more details about an account being FDIC insured?
More complete information can be found on the FDIC website, including FDIC’s Electronic Deposit Insurance Estimator (EDIE).