If you’re ready to level up from a traditional saving account, there are many options. First, take a moment to pat yourself on the back for the hard work you’ve already put into saving and an extra pat for taking the time to assess if your current account is still meeting your needs. Every account has different features and benefits, so it’s important to understand your account and reevaluate as needed. If you’ve already put in the time and dedication, and you’ve got your rainy-day fund well under way, but you’re not ready to look into a more permanent option such as a Certificate of Deposit or IRA, it may be time to consider a Money Market Account.
Tiered Interest
Money Market Accounts allow you to take advantage of a tiered interest rate. This means the higher your average balance, the greater interest you earn. Another benefit to an Evolve Money Market account is a low opening balance of $2,500. Often, to receive tiered or higher interest rates, the opening requirements can be intimidating. With our Money Market account, you’re able to increase your interest earned as you increase your balance, without needing as much money to fund the account initially.
Access to Funds
As stated earlier, the Money Market Account is ideal for its flexibility. While you should maintain a minimum daily balance of $2,500 to avoid a service charge, as you continue to save, you’re able to utilize your money as needed. With 6 pre-authorized debits per month, your rainy-day fund is ready for use. Many people are drawn to the competitive rates of a Certificate of Deposit but for them it’s not plausible to keep the money completely untouched for six or twelve months. With the Money Market Account, you’re able to take advantage of competitive rates and make debits without penalization.
Interested in learning more about Money Market Accounts?
Finding the Right Account is an Evolve Specialty
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