Money Market Accounts

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Money Market Accounts are a special type of savings account which offer…

  • A dividend rate comparable to a Share Certificate (CD).
  • The funds accessibility of a regular savings account.
  • Limited check writing privileges.
  • The safety, soundness and stability of a federally insured deposit in an institution that you already know and trust.

You might consider a Money Market Account if…

  • You do not want to tie your money up in a Share Certificate but you still want to earn a better rate than Regular Share Savings.  There is no term on Money Market Accounts.  You may make withdrawals and  deposits as you like.
  • You have a significant amount of money that you expect to need all or part of in the next 12 months.
  • If you want to wait and see if rates go up or down you might use a Money Market Account as a holding tank for your money.  You’ll earn a competitive rate until you decide where to put the money for the long term.
  • You need an 'Emergency Fund' that earns a higher dividend than Regular Share Savings and has enough deterrent to keep you saving until a real emergency comes along.

Money Market Account Restrictions
Money Markets are a type of savings account. As such they fall under the same federal laws which govern savings accounts.

  • The number of withdrawals and transfers is limited to six per month.  This includes transactions made in person, over the telephone, through NetBranch, Telephone Teller, a written check, electronic withdrawal, or overdraft transfer.
  • The minimum withdrawal amount is $100.
  • The minimum balance to earn dividends on a Money Market Account is $1,000.  The balance must remain at or above $1,000.  Higher balances will earn a higher dividend rate.  Check our website, www.piedmontcu.org/rates, for the most up-to-date deposit and loan account rates!
  • If a Money Market Account becomes overdrawn by check or electronic withdrawal a non-sufficient funds fee is charged.

Be careful not to confuse our Money Market Accounts with the Money Market Mutual Funds offered by many stock brokers.  Our Money Market Accounts are fully insured by the National Credit Union Administration, NCUA, just the same as all our deposit accounts.  Presently the maximum insurable amount of all account balances owned by a single person is at least $250,000.

Opening a Money Market Account is easy!  Simply contact any of our Member Service Representatives.  You will need at least $1,000 to start your new account.  Checks are very inexpensive and may be ordered at any time.