For short-term needs or “rainy-day” funds, a Money Market Deposit account is an excellent choice for savings. If you are saving for 3-6 months of living expenses, for an emergency, or for a planned expense, then a Money Market Account is a great option that pays you interest and allows you penalty-free access to your money.
Education First Credit Union offers a “tiered-rate schedule” for money market deposit accounts that pays a higher interest rate based on higher account balances. There is no minimum deposit amount to open a money market account.
- Money market deposit accounts are liquid – meaning that you have easy access to your funds.
- Check writing privileges.
- Monthly paid interest.