What is a Money Market Account?

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What is a Money Market?

A money market account is another way to save money that earns interest until you withdraw it. Sometimes considered a different type of savings account, money market accounts are popular because they usually offer a higher interest rate than a traditional savings account.

They’re often used to tuck away funds for large expenses such as: 

Because of the possible higher interest rate, these large sums of money typically yield a greater return until those funds are withdrawn.

Is a Money Market Account Right for You?

If you’re looking for a place to stash some cash, earn interest, but still have it accessible; think of a money market account as a possible option.  A money market account is a hybrid between a savings and checking account:

With a money market account, your money is FDIC insured, which offers more security and less risk than other investment alternatives – giving you peace of mind.

Money market accounts aren’t for everyone. Due to the withdrawal limits each month, if you need to write more checks or are inclined to make frequent withdrawals; you may be better off opening an interest-bearing checking account.  Be aware of minimum balance requirements and any fees that may be assessed if your balance falls below this threshold; if you can’t meet the minimum balance requirement, a savings account is probably a better option.

Shop Around for a Money Market Account

Not all accounts are created equal.  Money market accounts can vary from bank to bank, so before opening an account, you should shop around and carefully compare your options.

Things to consider:

And if you are a fan of better customer service and want an institution that is deeply involved in your neighborhood; consider opening your account with a community bank.  You’ll find similar services to a big bank but with a smaller, hometown feel.  Don’t be surprised if you walk into a local bank and hear an employee greet a customer by name.  Community bankers offer a personalized banking experience, which, aside from “knowing your name,” means they work with you to help identify the best products and services options for you, rather than simply selling you to meet their sales quotas. Because of that personal touch, the level of customer support offered by community banks is unparalleled.

HomeStreet Bank Money Market Accounts

At HomeStreet Bank, we offer many options to help you reach your financial goals. Take advantage of higher interest rates for higher balances with our money market account.

Key Benefits of a HomeStreet Money Market Account:

Visit one of our local branches and let us help you find the account that fits your needs.

Learn More
HomeStreet Bank Money Market Account

Disclosures:

*Limit of 6 withdrawals per month, including preauthorized transfers (overdraft protection, telephone transfers, online or mobile app transfers, or transfers by check, debit card, or other similar orders payable to third-parties); this limit does not apply to withdrawals or transfers that are made in person, by mail, at an ATM, or by telephone (when the withdrawal is disbursed via check mailed to you).

Interested in a HomeStreet Bank money market account?

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