Earn a high Money Market rate.
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- Convenient access to your funds^
- Make additional deposits anytime^
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Now also offering IRA Beacon Money Market Account. Grow your earnings with competitive rates while saving for the future.
Frequently Asked Questions
What is a money market account?
A money market account is a type of deposit account that provides benefits found in both traditional savings and checking accounts. Money market accounts typically earn a higher interest rate than savings accounts and allow transactions similar to a checking account. Money market account balances are covered by FDIC insurance up to $250,000.
What is a good money market interest rate?
Interest rates differ between financial institutions. Please visit the FDIC website for the latest national average on money market interest rates to get an idea as you look at the money market account offerings nearest you!
What’s a money market account vs savings?
The primary difference between a money market account and a traditional savings account is how you are able to access your money. A money market account allows checking account type transactions such as use of debit cards and ATM withdrawals. A money market account typically offers a higher interest rate than a traditional savings account because they generally require a higher minimum balance than a traditional savings account.
Is there a penalty for withdrawing money from a money market account?
There is no penalty on withdrawing money from a money market account. Money market accounts allow you to make withdrawals and transfers as often as you need.