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What’s a money market and who should open one?

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We all have savings goals – purchasing a new puppy, finding a dream home, taking a tropical vacation. But, how do you make those goals achievable?

Consider opening a money market account to help boost your savings.

But first, what is a money market account and how does it work?

If you’ve run across the term at your bank, you’ve probably wondered what it means. Put simply, a money market (MMA) is very similar to a savings account, but it’s more desirable as interest rates and terms are typically far superior. MMAs are also FDIC insured up to federal limits and have a limited number of withdrawals or outgoing payments during each statement cycle.

Who should open a money market?

A money market account is worth considering if you’re looking for a low-risk way to grow your savings.

It’s also a great fit if:

  • You want an account more liquid than a saver but earns higher interest than a checking.
  • You aren’t willing to part with your money for the period of time a CD would require.
  • You want some check writing ability.
  • You want quick access to funds in case of an unforeseen expense.

While MMAs are typically associated with big balances, at F&M Bank, you don’t need a huge deposit to get our attention. You can bank like a millionaire (without being one) by taking advantage of our competitive rates!

If you think a money market account is a good fit for your finances, be sure to contact us and book an appointment with one of our branch representatives! We’d love to help you set up an account so you can start earning today!