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What is a Money Market Account

Get the ideal blend of growth and accessibility.

You have finally saved some money and are wondering what the best option is to keep and grow your money until you need it for the inevitable home improvement, car repair or big vacation. You don’t have the stomach for the volatile stock market, but you want a bit more bang for the buck than a standard checking or savings account might offer and more accessibility than a certificate of deposit (CD). Perhaps it’s time to consider a money market account

Money market account basics

So what exactly is a money market account? It’s a savings account that typically offers a higher interest rate than a regular savings account but in exchange for this better rate, there are minimum balance requirements. There is also a limit on the number of electronic withdrawals each month due to federal regulations. A money market account generally also offers more accessibility than a CD/certificate but with slightly lower rates. Like a more traditional savings account, money market accounts offer no risk of losing your money, as compared to an investment in stocks and bonds, and you don’t have to find a stockbroker to get started. Plus, you can quickly open a money market account online through Credit Union ONE. (Note that a money market account is different from a money market fund, which is an offering from some financial firms and not FDIC insured.)

Comparing a money market account to other savings options

If federal interest rates are trending lower, you’re not going to reap a windfall from any of the most common savings vehicles – checking accounts, savings accounts, certificates of deposit (CDs) and money market accounts. However, all four savings options can play a key role in your financial strategy.
  • Money market accounts are a great option if you want to earn a higher interest rate but still want access to your money in case of an emergency, such as a plumbing disaster or auto repair bill. In fact, experts say money market accounts are an excellent place to stash money for life's curveballs.
  • Checking and savings accounts are more traditional options, but don’t typically offer high interest rates.
  • CDs are another smart savings option, but you can only access your money only when the CD matures. Depending on the length of the CD, that might not work for your lifestyle.
Considering a money market account?

At Credit Union ONE, we make opening a money market account easy. Check out the specifics of our money market account including initial deposit requirements, minimum balance, and convenient account access. Prefer to talk with a savings specialist to discuss your unique savings needs? Contact us today.
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How do I view transaction information?

You can find this information by logging in to Online Banking, Mobile Banking, or using 24-Hour Telephone Banking.

How do I set up direct deposit? 

The direct deposit letter can be printed and sent to you to give to employer. Call the Member Contact Center at 800-451-4292 or visit a branch.  Auto pay is also set up through the Member Contact Center or by visiting a branch. You can use Online Banking to set up scheduled payments or recurring external transfers.

How do I open an account online?

Credit Union ONE now offers online account opening and funding. You can open an account online and fund it with a bank checking or savings account or a credit or debit card.

What information do I need to provide my employer to set up direct deposit?

Please give your employer your 10-digit account number (not your member number) along with the routing number of 272479841. If your employer requires a letter, please contact us at 800-451-4292 or stop by a branch.

What is the minimum amount to open an account?

There is no minimum to open a Cash Back Checking account. You'll need $25 to open a Basic Checking account. There is no minimum for savings accounts.

How do I dispute an ACH/automatic payment?

Members can submit a dispute request for an ACH/ Auto Pay that they did not authorize by contacting Credit Union ONE at 800-451-4292 or visiting any Credit Union ONE branch. If doing this in person, you need to report the activity with the proper form attached with the transaction information. This form is then sent to Accounting Department for processing.

Who do I send a request to for a Verification of Deposit?

Verification of Deposits are processed by the Admin Services department. Members and merchants can fax the VOD form directly to the Admin Services Department, or mail to Credit Union ONE, 400 E. Nine Mile Rd., Ferndale, MI 48220.

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