What is the difference between a Money Market account and Savings account?
A Money Market account is similar to a Checking account, giving you the ability to write checks and/or have a debit card for transactions. AbbyBank pays interest on a tiered interest rate schedule allowing you to earn more interest on higher balances. A Savings account does not have check writing and debit card transaction access. While both types of accounts earn interest, Money Market accounts allow you to earn a higher rate when your account balance reaches a certain level.
How does a Money Market account work?
It is a cross between a Savings account and a Checking account. A Money Market works similar to a Checking account by offering check writing and debit card capabilities but allows you to earn more interest like a Savings account or a Certificate of Deposit (CD) on higher balances. A Money Market account is FDIC insured and carries a lower financial risk than the stock market. With our online banking and mobile banking app you can view, deposit to, or pay bills from your Money Market account at any time.2 Reviewing your specific needs, will determine if a Money Market account is the right option for you. Reach out to one of our Personal Bankers for questions and assistance in starting your new bank account.
How do I open a money market account?
Contact your friendly AbbyBank Personal Banker to discuss your Money Market account options. The bank will need to verify your identity. We will ask for your name, address, phone number, and Social Security number, as well as your birthdate, driver’s license or picture ID and employer. We verify this information though credit reporting agencies. Your credit score may be a factor in determining how you would handle a checking account. A personal banker can explain the process and assist you in determining if a money market account, including the need to order checks and a debit card, is right for you. We can also help you download AbbyBank’s mobile banking app, so that you can keep track of your deposit account funds on the go!
Are money market accounts insured?
Yes, Money Market accounts qualify for FDIC insurance up to $250,0000. We also offer high-dollar FDIC coverage beyond applicable limits when using our Insured Cash Sweeps (ICS) service. Ask one of our knowledgeable Personal Bankers to learn more.