Five Benefits to Money Market Accounts
Finding the best way to grow your money is more important than ever. A money market account might be the perfect compromise between growth and security. It is similar to a savings account but has additional features -- including the ability to write checks. Here are five benefits to consider when determining if a money market account is right for you:
- Growth - Money markets are considered a low-risk option to grow your money. They generally yield higher interest rates than savings accounts, which helps your money grow faster
- Flexibility - Money is not tied up for years like it can be with CDs; funds are accessible each month. There is no monthly fee with a regular money market if you maintain the minimum balance and limit withdrawals to only six times per month. However, there is a $10 fee charged for each withdrawal in excess of six per month.
- Convenience - The account management for a money market is as simple as the other accounts you have with SFB. Mobile or online banking and remote deposits are available, and you can sign up to receive monthly eStatements.
- Speed - If you open a money market account with SFB and you already have other accounts with us, you will be able to transfer funds easily between the money market and checking and savings accounts. Even if you are transferring money from another institution, you can stop into our offices or use the mobile app for speedy transfers.
- Safety - The funds in your SFB money market account are FDIC insured. Our lenders can help you understand how your accounts are insured or calculate your insurance coverage with the EDIE tool here: FDIC: Electronic Deposit Insurance Estimator (EDIE)
To open a money market account, visit one of our offices today or make an appointment online at www.sfbank.com.