A money market account is a type of savings account that typically earns more interest than a regular savings account. They allow similar accessibility to savings accounts, with the added option of writing checks. There are usually more restrictions with money market accounts, such as minimum balances to maintain, specialized checks and different limitations to accessing funds in the account. The higher interest rate usually makes these restrictions worthwhile, depending upon your purposes and plans for the money. Most money markets held with a credit union or bank are insured via NCUA or FDIC.

Redwood Credit Union offers several types of money market accounts:

Interest Rate Min. Balance Required to
Earn Interest
Accessibility
Money Market Growth Typically, the lowest earning of the MMs $100

limited transfers;
clear 6 checks/month;
ATM (possibility);
In person (teller)

Balance Money Market Typically, around the same rate as the
Advantage Plus MM
$2,500

limited transfers;
clear 6 checks/month;
ATM (possibility);
In person (teller)

Advantage Plus Money Market Typically, around the same rate as the
Balance MM
*added benefit of interest earned in
corresponding Advantage Plus Checking
$10,000

limited transfers;
clear 6 checks/month;
ATM (possibility);
In person (teller)

RCU occasionally offers promotional money market accounts with terms other than those outlined above. There are also money market options available in many investment plans that have different terms. The money market that you choose will depend on the amount of money you currently have in the account, what balance you intend to keep in the account, the interest rate range you prefer and whether you feel the need for the funds to be insured.

To find out more, visit our website, speak to one of our Member Service Representatives or make an appointment with an advisor in our Investment Services division to discuss your options.