Tiered Money Market Accounts

Maximized Returns The tiered structure is inherently designed to boost your earnings. As your balance swells, you transition into higher tiers, each offering a more attractive interest rate than the last. This can be particularly beneficial for those who are in a position to make significant deposits.

Flexibility & Accessibility Unlike some high-yield savings options that may restrict your access to funds, the tiered MMA offers a degree of liquidity. The ability to write checks means that in emergencies or significant financial events, you can directly utilize funds without the need for multiple transfers or withdrawals.

Safety Money market accounts, like other products from The Bank and credit unions, are typically insured by the federal government up to certain limits. This provides an added layer of security for your deposits, ensuring your money is safeguarded against unforeseen institutional crises.

Encourages Saving The tiered approach acts as a motivational tool. When account holders know that just a small increase in their balance can propel them into a higher earning tier, they’re often more inclined to deposit additional funds.

Limited Transactions It’s essential to understand that while MMAs offer check-writing capabilities, they are limited. Federal regulations often restrict certain types of withdrawals, including checks, to six per month. It's crucial to be aware of these limitations to avoid potential fees or account restrictions.

Minimum Balance Requirements Some MMAs might have minimum balance requirements to either open the account, avoid fees, or earn the advertised APY. Ensure you’re familiar with these stipulations.