A money market account, or MMA, is very similar to a savings account, but with some big differences. Let’s take a look at some attributes of MMAs, and how those differ from savings accounts. We’ll also look at the differences between MMAs and another popular savings product, CDs.

Savings MMA CD
Transaction Limits? Unlimited. Except for electronic withdrawals and transfers, which there is a maximum of 6 allowed per month Unlimited. Except for electronic withdrawals and transfers, which there is a maximum of 6 allowed per month Any withdrawals before term is up are subject to early-withdrawal penalties
Minimum Deposit? $25 $0 to open
$5,000 to earn interest
$500
Interest Rates Low Higher Highest
Set Term for Maturity? No No Yes

Who should open an MMA?
Anyone who is considering opening a savings account would also do well to consider an MMA. Here are a few situations where an MMA makes particular sense:
You want a higher interest rate than you can get with a savings account, but you don’t want to use an online bank.
You aren’t willing to part with your money for as long as a CD requires.

A money market or high-yield savings account also could be a good place to store your emergency fund. It’s smart to keep this money separate from your daily-use checking account, and a higher yield might help your funds grow a bit faster.

Call us at 801-399-9728 or visit any branch to open an MMA today!