Which money market account is best for me?
| Description |
Rate change frequency |
Minimum balance to open and avoid
fee |
Minimum balance fee |
| Money Market |
Monthly |
$2,500 |
$15 |
| Premier Money Market |
Monthly |
$10,000 |
$25 |
| Premier Deluxe Money Market |
Monthly |
$25,000 |
$25 |
| Premier Elite Money Market |
Monthly |
$50,000 |
$25 |
| Investor’s Advantage |
Weekly |
$100,000 |
$25 |
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What is the difference between a money market account and a savings account?
The money market account earns a higher interest rate and it has check writing privileges.
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What is the difference between a savings certificate account and a money market
account?
Both have a higher interest rate but in a certificate
your money is locked up for a set term while with a money market account your money is liquid.
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What is the difference between a money market
account and a checking account?
The money market account earns a higher interest rate but
you are only allowed to write up to 3 checks a month.
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Is there a monthly service fee on the
money market account?
No.
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What is the minimum balance
required to open a money market?
The minimum balance for a money market account is
$2,500. If your balance falls below the minimum, you will be assessed a $15.00 service fee at the end of the month.
The minimum
balance for a Premier Money Market is $10,000, Premier Deluxe
is $25,000, Premier Elite is $50,000 and Investor Advantage is
$100,000. If your balance falls below the minimum, you will be
assessed a $25.00 service fee at the end of the month.
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Will I receive an ATM card?
No, but you can transfer funds from your money market
account to your savings or checking account that has ATM access and withdraw from there.
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When is interest on the money market
account paid?
The interest earned for the previous month is deposited
in your account on the last day of the next month.
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Are my money market account deposits
insured?
Yes, they are insured for up to $100,000 by the NCUA.
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How is the rate determined?
Honda FCU sets rates on money market accounts to correspond to current
market conditions. These rates are reviewed on a monthly basis for Money Market and Premier Money Market and weekly for Investor's Advantage and are subject to change.
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Is there a fee to close the account?
No.
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How long must I wait to reopen
the account?
6 months.
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Is there a fee for the checks?
The checks are complimentary. You can also choose not to order checks.
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How many withdrawals can I make a month?
You can make 6 withdrawals or transfers a month, 3 of which can be checks.
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What happens if I need to write more checks than
3 a month?
If more than 3 checks try to clear your account a month,
those checks will not be honored and the account will be subject to closure by the credit union.
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Can I use my money market account
as overdraft coverage for my Honda FCU checking account?
Yes, you can as long as the number of transfers/withdrawals
required does not exceed 6 each month.
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