- • A money market account offers higher interest rates than regular savings while keeping funds accessible.
• OCCU’s money market accounts are NCUA-insured, protecting deposits up to $250,000.
• Tiered rates reward higher balances, but minimum balance requirements may apply.
• Ideal for savers who want security, liquidity, and better earnings on their deposits.
You’ve been building your savings steadily, but now you’re wondering if there’s a way to make that money work a little harder without risking it in the stock market. That’s where a money market account can come in: a safe, interest-bearing option that offers more flexibility than some other savings tools.
If you’re a member of a credit union like Oklahoma Central Credit Union (OCCU), understanding how money market accounts work can help you decide whether one fits into your financial plan.
What Is a Money Market Account at a Credit Union?
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A money market account (MMA) is a type of deposit account that typically offers higher interest rates than a standard savings account while still giving you access to your funds. At OCCU, your money market account combines the safety of insured deposits with the opportunity to earn more on your balance.
These accounts are ideal for savers who want to keep their funds accessible for future needs, such as home repairs, a new car, or an upcoming vacation, but also want to see that balance grow at a competitive rate.
Money Market Account vs Savings Account
When comparing a money market account vs savings account, the biggest differences come down to interest rates, access, and minimum balance requirements.
• Interest rates: Money market accounts usually offer tiered rates, meaning the more you deposit, the higher your interest rate may be. You can check OCCU’s current rates here.
• Access to funds: While savings accounts may limit certain withdrawals, money market accounts sometimes allow check-writing privileges or a debit card. At OCCU, you can easily transfer funds between your accounts, giving you flexibility when you need it.
• Minimum balances: Money market accounts often require a higher minimum balance than savings accounts. This is one reason they’re better suited for members who already have a comfortable cushion of savings.
For members deciding between the two, a savings account can be a great place to start, and OCCU offers a variety of savings options to help you get going. But if you’re ready to take the next step and earn more, a money market account could be a smart move.
How Money Market Accounts Work
At their core, money market accounts are interest-bearing deposit accounts. The interest you earn is calculated based on your daily balance and paid monthly, allowing your savings to grow steadily over time.
Here’s a quick breakdown of how money market accounts work at OCCU:
1. Deposit funds — You open the account with at least the required minimum deposit.
2. Earn interest — Your rate is determined by your balance tier.
3. Access when needed — You can transfer to other OCCU accounts or withdraw within account guidelines.
Unlike investments, your principal is not at risk, making a money market account a dependable place to keep your savings.
Is a Money Market Account Safe?
For many members, the question “is a money market account safe?” is top of mind. The short answer: yes.
At OCCU, your money market account is federally insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor, per account type. This insurance means that even in the unlikely event of a credit union failure, your deposits remain protected.
If safety is your priority, a money market account offers peace of mind that’s hard to match, especially compared to riskier investments.
Who Should Open a Money Market Account?
You might be wondering who should open a money market account and whether it’s the right fit for you. Generally, it’s a good choice if:
• You have a substantial savings balance and want to earn more interest without locking your money away.
• You value both security and liquidity.
• You can maintain the account’s minimum balance to avoid fees.
If your savings goals include a combination of growth and easy access, a money market account can complement other tools like certificate accounts or high-yield savings.
Comparing Rates and Requirements
Money market accounts at credit unions like OCCU often have higher rates than traditional savings accounts, especially for members who maintain higher balances. You can review OCCU’s current rates to see how much more you could be earning.
Here are a few points to keep in mind:
• Minimum balance: Some accounts require a certain balance to open or to maintain the best interest rate.
• Fees: Falling below the minimum balance could trigger a monthly fee. Always check the terms before opening your account.
• Tiered rates: Larger deposits may earn higher interest rates.
By understanding these details, you can ensure you’re maximizing your returns without paying unnecessary fees.
How to Decide if It’s Right for You
When deciding if a money market account is the best move, ask yourself:
• Do I have funds I won’t need for day-to-day expenses?
• Can I maintain the minimum balance comfortably?
• Do I want to earn more interest while keeping my money safe and accessible?
For many members, the answer to these questions is “yes” and a money market account becomes a key part of their savings strategy.
You can also explore other savings options to grow your money and see how they compare.
Start Earning More Today
Your savings can do more than sit in a traditional account. With a money market account at OCCU, you can enjoy the security of insured deposits, the flexibility to access your funds, and the satisfaction of earning more on your hard-earned money.
Contact us to open your account today or to learn more about your options. The sooner you start, the sooner your savings can grow.
Start earning more with your savings! Open a Money Market Account with Oklahoma Central Credit Union today!
