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All You Need to Know About Money Market Accounts

At Acclaim FCU, we offer our members a wide variety of financial products and services to help you manage, save and grow your money. Whether you’re new to the world of banking and in the process of opening your first accounts, or you’re a seasoned saver looking for a new place to grow your money, a money market account can be the right choice for you. These popular accounts blend the best of savings and checking accounts, offering convenient features along with an attractive rate of return to help your money grow.

Here’s all you need to know about money market accounts.

High dividend rates

Money markets offer a rate of return that surpasses your typical savings account. A money market account can be the perfect way to give your short-term savings their best chance at growth. 

Increased flexibility 

Money market accounts are not intended to cover everyday expenses. However, they do offer increased flexibility over savings accounts. Depending on your financial institution, the funds in your money market account may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from money market accounts to checking accounts. 

It’s important to note that most financial institutions do place limits on the number of money market transactions you can make during a given month. In the past, these limits, known as Regulation D limits, were set by the federal government and capped at 6 convenient** transactions per month. This federal restriction has been permanently suspended as of October 2022, but most banks and credit unions continue to place their own limits on permitted monthly transactions. If you open a money market account at Acclaim FCU, you’ll be allowed up to six convenient withdrawals each statement cycle. 


The funds in your money market account at Acclaim FCU are insured by the NCUA up to $250,000 and privately by Excessive Shares Insurance (ESI)  up to and additional $250,000. Couples with joint accounts can each be covered up to that amount for double the secured savings. This means you can keep a large sum of money in your account with low risk of loss. A money market account at Acclaim FCU offers a great opportunity to start saving with confidence!

Minimum balance requirements

Most financial institutions require a minimum initial deposit to open money market accounts and a minimum balance to be kept in the account at all times. Some big banks may only allow money market accounts to be opened with a deposit of $3,000 or more. At Acclaim FCU, you can open an account with as little as $2,500. Also, we won’t charge a penalty or maintenance fee for a money market account, as long as there is a minimum balance of $2,500 in the account at all times.                               

Uses for money market accounts 

Money market accounts fill that sweet spot for funds that members want to keep accessible while having the best chance at growth. They can be ideal for expected occasional expenses or for the unexpected emergency that can easily send a lesser-prepared individual into debt. 

Here are some of the most popular uses for funds kept in money market accounts: 

  • Tuition payments
  • Emergency household repairs
  • Unexpected medical fees 
  • Purchasing a new car
  • Tax and/or insurance premium payments
  • Annual vacation

Opening and managing a money market account

If you’re ready to open a money market account, call, click or stop by Acclaim FCU. Setting up your account is easy, and once it’s open and funded, you can manage it the same way you would any other account. 

Check your statements regularly for signs of fraud, and consider online and/or mobile banking for easy transfers. If your account provides you with a debit card and PIN, be sure to keep your card in a safe place and to choose a strong, unique code for your PIN and never share it with others. Finally, be wary of any regulations and limits that may come with your account and be sure to keep to them at all times. 

Are you ready to start saving big? Open a money market account at Acclaim FCU today!

* APY = Annual Percentage Yield. Information valid as of 5/26/23 and is subject to change without notice. Contact us for current rates.

** “Convenient” transactions are transfers/withdrawals made by a preauthorized, automatic, telephonic agreement, order or instruction, or by check, debit card, or similar order made payable to third parties

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