At Wallkill Valley Federal Savings & Loan we are all about fiscal responsibility and are excited to help our community work toward achieving their financial goals. We started our discussion a few weeks back by defining the various types of deposit accounts. If you missed all the fun, you can find those definitions here. Today once again we will be discussing saving, specifically with a Money Market Account.
What is a Money Market Account?
A Money Market Account is an interest bearing account typically with a higher interest rate than a savings account that gives you limited check writing ability. Money Market Accounts are a great place to stash an emergency fund or to park your money while saving up for the purchase of a big ticket items such as a new car!
You can save your money at a decent rate but it is still there for you to use when you need it! No penalties for withdrawing your cash, as long as you stay within the restrictions of your particular financial institution.
The not so Good
If you are thinking in terms of investing, you may be able to gain better interest rates from other types of accounts. Speak to a financial advisor to find out what is best for your particular goals.
Wondering if a Money Market Account can help you reach your financial goals? Please get in touch with us. Our staff would be happy to review the accounts we have available including the features of our Statement Money Market Account. Or you can visit our website. The specific features of this type of Account are laid out here. https://www.wallkill.com/personal-banking/money-markets.aspx