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Wednesday, April 23, 2014

Money Market Deposit Accounts

A Money Market Deposit Account (also referred to as an MMDA) is very much like a savings account; however, unlike savings accounts, some money market accounts offer check writing capabilities. While money market accounts generally require higher opening and balance requirements than savings accounts, they also generally pay a higher interest rate.

DMB Community Bank offers several money market options to help you meet your investment needs. While each account offers different opening balance requirements, all accounts have tiered interest rates, meaning the more money you invest, the higher interest rate that we pay you. Click here for our current Money Market rates.

 
Opening Balance and Average Balance to Avoid Service Charge
$1,000
$25,000
$10,000
Service Charge
$6
$10
$10
Debits per Month*
6 Pre-authorized or Automatic Transfers or Withdrawals
6 Pre-authorized or Automatic Transfers or Withdrawals
6 Pre-authorized or Automatic Transfers or Withdrawals
Checks
Yes
Yes
No
Excess Debit Fee
$3 Each
$3 Each
$3 Each
Interest Paid
Monthly
Monthly
Monthly

Money Market Checking – This account is perfect for you if your savings balance is generally over $1,000, but less than $25,000 since it pays a higher rate of interest than our Basic Savings account. To top off the benefits, you can also write up to (6) third-party checks per month from this account – perfect for those occasional payments that you’ve saved for, like taxes or insurance premiums.

Money Marketing Platinum Checking – This account is much like the Money Market Checking above, but for balances of $25,000 or more. In exchange for a larger deposit, we generally pay you a higher interest rate.

Money Market Premium – Ultimately a high-rate savings account, the Money Market Premium account is ideal for you when your savings balance is greater than $10,000 and you don’t want or need the check-writing benefits that the Money Market Checking or Money Marketing Platinum Checking accounts offer. Since you don’t want the check-writing capabilities, we generally pay you a higher rate of interest on this account than the money market checking accounts listed above.

For more information on our Money Market products and services or to request an account disclosure, please Contact Us or call a Financial Services Representative at 608-846-3711.

Looking to save or invest a little less?? Click here to see DMB’s savings account options.