What is a Money Market account?

A Money Market account (MMA) is an interest-bearing account that pays a higher interest rate then a savings account. It’s a great option for people who maintain a larger balance and want to earn more interest than they can with a savings account, and who need to maintain some liquidity so they can access their funds.

Like a savings account, the minimum balance required to open and maintain a regular MMA is typically low. There are no restrictions on how often you can deposit to the account, but there are limits on withdrawals. Federal regulation limits the number of transfers or withdrawals from a Money Market account to six per month. Taking money out through a teller doesn’t count towards this six-per-month limit.

Members looking for a low-risk, interest-bearing account for even larger sums of money may want to consider an Investor’s Money Market account. You have the same flexible access to your money as with a regular MMA.

The interest you earn on an Investor’s Money Market is based on the amount of funds in the account. The account offers four tiers with minimum deposits at $10,000, $25,000, $50,000 and $100,000. The more you save, the greater the interest you earn on your funds.

MMAs and Investor MMAs have small monthly fees associated with them which can be reduced or avoided by maintaining a higher monthly balance or earning a higher Member Merits category, and your funds are federally insured.

At Oregon State Credit Union, you can designate your MMA or Investor’s MMA to provide overdraft protection for your checking account. You can deposit funds at a branch, ATM or by direct deposit, and you can view your account or transfer funds at a branch or ATM, through online banking or by calling the Phone Access Teller (PAT) at 800-732-0173.

Savings, CD, MMA comparison chart

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