LOGIN

Tiered Money Market Accounts

Your Bank for Maximizing Your Money

A tiered money market account (MMA) is an ideal financial tool for individuals seeking growth and accessibility. It harnesses the earning potential of a tiered savings account while preserving some conveniences of an interest-bearing checking account.

+ Earn higher interest rates as the account balance reaches higher tiers
+ Interest is compounded monthly
+ $2,500 required opening deposit
+ Service charge is $10/month unless you maintain a minimum of $2,500
+ Six withdrawal transactions allowed a month

older couple at desk working on finances

Why Opt for a Tiered Money Market Account?

Benefits

The tiered MMA offers a lucrative avenue for savers who don't want to compromise on convenience.

Maximized Returns The tiered rate account structure is inherently designed to boost your earnings. As your balance swells, you transition into higher tiers, each offering a more attractive tiered 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 needing 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. Knowing that a increase in the balance can propel the account into a higher earning tier, account holders are often more inclined to deposit additional funds.

Things to Consider

While the benefits are abundant, it's crucial to consider a few aspects.

Limited Transactions While MMAs offer check-writing capabilities, they are limited. Being aware of these limitations is crucial 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.

Reach Out

As with any financial decision, it's advisable to consider your individual needs, preferences, and financial goals when evaluating if a tiered MMA is right for you. Give us a call at Ascent Bank for help with making informed decisions.

Contact Us
annette at desk