#Money market account for free#

You never want monthly fees to inhibit your savings, so figure out whether you can maintain the balance required to waive the monthly fee. There’s often a monthly fee on money market accounts, usually waived with a high balance requirement. Not every bank and credit union offers these features with their money market accounts, which means they’re basically no different from a regular savings account.Īnother thing to look out for are fees.

In this case, always make sure you check to see whether your desired money market account actually gives you a debit card or check writing privileges. You may want to choose a money market account over a savings account when you need better access to your funds. Just be sure to cross-check the best money market account rates with the best savings account rates, as you might find a better deal among savings accounts. You want your money to grow as rapidly as possible for maximum savings - the highest rate will do that for you. The best starting point for choosing a money market account is to look for the highest rate.

#Money market account for free#

You can check your FICO® Score for free on our free mobile app, UFirst.How to choose the best money market account Reversely, if a borrower finds themselves with a credit score in the mid-600s or low 500s to low 600s, they may expect a lender to give an interest rate three to five times higher (between 10–24%) than those with good or excellent credit. Typically, to get an interest rate between 0–2% on new car loans, the lender will require a credit score of 700 or higher. This credit score also determines the borrower’s interest rate on the loan. When getting approved for an auto loan, most financial institutions will look at the borrower’s industry-specific auto FICO® Score3, along with their base FICO® Score from the three consumer credit reporting bureaus: Equifax, Experian and TransUnion. On average, the borrower needs a score in the low 700s for a new car loan and mid-600s for a used car loan.Ī borrower's credit history tells the lender whether or not they are high or low risk. The credit score required to qualify for an auto loan is relative to the lender. If at any time a Prime Money Market account does not meet the requiredĬriteria it will be converted to a High Yield Money Market account and it will remain as a High Yield Money Money Market account holders will have 2 calendar months to establish their checking account and set up the For newĪccounts opened as of, Prime Money Market account holders are required to have a UFirst checkingĪccount that maintains an aggregate direct deposit of at least $1,000 per month. Initial $20,000 deposit must not have been previously held at UFirst. Prime Money Market floor rate is 0.30% APR and applies only toīalances $20,000 or higher. Market Rate adjusts with the Wall Street Journal (WSJ) Prime Rate and may take effect when the WSJ rateĬhanges or at the first of the following month. APY is a variable rate tied to Prime rate minus 3.25%. You can learn more about other Money Market savings If you don’t have $20,000 to start a new account, you can still benefit from a traditional Qualifying for a UFirst Credit Union Prime Money Market Account requires membership application and a $20,000ĭeposit of new money.

High yield earnings to increase dividendsĪccount Calculate your Savings Rates Qualifying for a Prime Money Market Account.

Rate moves with WSJ prime rate so there is no need to constantly manage your deposit.

High payout rate of WSJ prime minus 3.25 points.

No fees for maintenance, transfers or withdrawals.

Flexible savings so you can move money in or out at any time.

Your investment is protected by the NCUA.

Benefits of a Prime Money Market AccountĪ UFirst Credit Union Prime Money Market account includes strong benefits that can help you build wealth safely This means you can earn more money on the money you save. Money Market account offers an interest rate that fluctuates with the WSJ prime rate and pays considerably Unlike a traditional Money Market account, however, a Prime Save while retaining constant access to your cash. Like a standard Money Market account, Prime Money Markets enable you to earn higher dividends on the money you Open Account Calculate your Savings Rates