What Is This Money Market Thing People Talk About?

With so many different bank accounts available, it’s hard to know which one is best for your particular needs. Here, we’re going to discuss money market accounts and whether they might be a good fit for you.

Let’s start at the beginning. A money market is essentially a savings account with a couple extra perks. It will typically pay a higher interest rate than the average savings account, and you have the ability to write checks from it. So, not only is your money earning more interest, but it’s more easily accessible as well. A money market will generally require a higher minimum balance than your average savings account, so if you don’t have at least a couple grand to put away, this might not be the best savings plan for you.

When you compare a money market to a Certificate of Deposit (CD), you can expect to earn less interest than a CD, but again, your money market will offer you more liquidity.

Typically, money market accounts work best for customers that carry larger balances that need to remain liquid. Each customer is different, and everyone has their own needs, so meeting with your banker to understand your need for liquidity vs. your desire for higher returns is important in order to make the right decision for your money.

Bank Five Nine offers a variety of savings and money market options to help your money grow.

If you’d like to check out our product offerings, please explore our site, or contact a banker today!

More Posts

Beware of QR Code Fraud: What You Need to Know

In today’s fast-paced digital world, QR codes have become a convenient tool for accessing information quickly. From menus at your favorite restaurant to payments and promotional offers, QR codes are everywhere. However, this convenience also comes with a downside: the rise of QR code fraud. At Bank Five Nine, we are committed to making lives better by keeping our customers informed and protected. Here’s what you need to know about QR code scams and how to stay safe.

You Might Also Like:

Budget-Friendly Things to Do at the Wisconsin State Fair

How to: Build a Beautiful, Budget-Friendly Cheese Board

Creating a beautiful cheese board doesn’t have to cost a fortune! In...

Discover the Power of Bank Five Nine’s Digital Banking Tools

Let us know what you're looking for!

You are leaving bankfivenine.com

Bank Five Nine is not responsible for the content. Do you wish to continue?