Learning Hub
Learning Hub
Money Market Savings Account
Money market accounts offer a higher yield than regular savings accounts. They are a flexible solution for those wanting to maintain a larger balance but who still want continuous access to their money. Choose from our Prime or Premiere account options.
Features
Choose from two account options: Prime (starting balance of $2,000) and Premiere (starting balance of $25,000)
- High yields
- No service fees
- Up to six preauthorized transfers a month (three by check with a $100 minimum)
- No penalty fees if the balance drops below the minimum
- Federally insured up to $250,000
Money Market Rates
| Products | APY* |
|---|---|
| Prime ($2,000 - $9,999.99) |
1.21% |
| Prime ($10,000 - $24,999.99) |
1.21% |
| Prime ($25,000 & Up) |
1.21% |
| Premiere ($25,000 - $49,999.99) |
1.26% |
| Premiere ($50,000 - $99,999.99) |
1.51% |
| Premiere ($100,000 - $249,999) |
2.02% |
| Premiere ($250,000 & Up) |
3.56% |
Rates effective February 1, 2024
*Annual Percentage Yield (APY). Rates subject to change. Dividends calculated daily and credited monthly. Prime account will not earn dividends if the balance falls below $2,000. Premiere Account will not earn dividends if the balance falls below $25,000.
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Money Market Account FAQs
Find answers to commonly asked questions about SDFCU Money Market Accounts.
- What is a High Yield Money Market Account?
-
A Money Market Account is an interest-earning savings account that offers individuals some of the same features found in both, Checking and Savings Accounts. Typically, a Money Market Account earns higher yields than a regular Savings or Checking Account option.
- Are Money Market Accounts insured by the Federal Government?
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Yes, like our traditional Savings accounts, SDFCU’s Money Market Accounts are insured by the National Credit Union Administration (NCUA) up to $250,000 per individual depositor.
- What is the difference between a Money Market Account and a Savings Account?
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The main difference between a traditional Savings Account and a Money Market Account is the convenient manner you can access your money. Our Money Market Accounts feature check writing as well as ATM and debit card withdrawals. Also, Money Market Accounts offer a higher yield than most regular Savings Accounts.
- Is there a difference between a Money Market Fund and a Money Market Account?
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Yes, a Money Market Account allows you to deposit money and earn interest. A Money Market Fund is considered a type of mutual fund that invests in Money Market instruments. Money Market Mutual Funds are typically offered through investment or brokerage firms.
- Does SDFCU offer more than one type of Money Market Account?
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Yes, you can choose from two Money Market Account options: Prime Accounts require a starting balance of $2,000 and Premiere Accounts require a starting balance of $25,000. Premiere Accounts are our higher interest-earning tiers. View our rates.
- How do I open a Money Market Account?
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You can join SDFCU and open a Money Market Account through our online application or at a branch location. Get started online now.
If you are already a member and want to open a Money Market Account, the best way is to Log In to Online Banking, select the “Account Services’ tab and open the account from there.
For additional assistance or if you want to set-up a virtual or in-branch appointment, contact us.