Grow with a Money Market Account

Money Market Accounts are an effective way to get higher rates on your savings. The higher rates will compound your savings, helping you reach your financial goals faster.

With a Money Market, you can enjoy greater potential for high yields. Financial institutions can earn interest at greater rates for account holders than they typically can with traditional savings accounts. That’s because they can invest in government securities, commercial paper, and certificates of deposit. This differs from a Money Market Mutual Fund, which invests in cash and cash equivalent securities and cannot be done through a credit union. These are only offered by investment fund companies that carries no guarantee of principal.

At GHS, we offer a Money Market Savings account with an APY of 0.05%. So this simply means you can invest your savings into this style of account, and earn a dividend on the money. The longer the term for the account, the more the money grows! And a simple way to take your investment earning even higher is to leave that dividend earning in the money market savings account and just reinvest it to grow even further.

What’s the difference between a Savings and Money Market account?

Simply stated, the rates are higher. Your potential to earn more is greater than leaving your savings in a regular share account because of those dividends you can earn. Another difference is that a Money Market Savings account requires a minimum daily balance of $2,500. It’s okay to have multiple savings accounts! Keep your emergency fund in your share account if you’re concerned about the balance fluctuating over time, and grow your primary savings in your money market account.

GHS also offers a Money Market Plus account, which does feature a higher dividend pay-out percentage, however the minimum daily balance is higher. The choice of account really depends on how much you’re looking to deposit and also how long you intend to invest it.

For more information on rates and minimum balances, check out our money market page here.

Do I still have access to use my money?

Yes, a money market account is totally liquid! You’re able to even write checks directly from your money market account. Here at GHS, we understand that sometimes life just gets in the way and things pop up. That’s why your funds in your money market account are always available for you to use.

To learn more about our money market accounts or to open one today, check out the link above, or stop by one of our open branches.