Are you interested in earning a higher yield on your savings? If so, then Money Market Deposit Accounts may have a place in your financial planning.
At Jefferson Bank and Trust, we’re big on customer relationships: yours! For that reason, we offer Money Market Deposit Accounts that offer higher yields than conventional savings accounts. We aim to provide competitive rates and the friendliest terms on withdrawals, deposits, and ATM access to your Money Market Deposit Accounts possible.
If you are interested in learning more about Money Market Deposit Accounts or setting up a new account, you can reach us at 314-621-0100. You may also contact us through our online form or come by one of our St. Louis bank locations today. Unlike other banks in St. Louis, a real person is always available (during business hours) to answer the phone and respond to your inquiries.
What Are Money Market Deposit Accounts?
Money Market Deposit Accounts tend to offer a higher yield than savings accounts, but they tend to be less liquid – which is a fancy way of saying that there are typically more restrictions on how often you can make withdrawals. There are also higher minimum deposit requirements on most Money Market Deposit accounts as compared to savings and checking accounts.
Similar to other deposit accounts, the FDIC insures all Money Market Deposit Accounts for up to $250,000. That means that your money is safe in your Money Market Deposit Accounts no matter what happens.
Money Market Deposit Accounts behave in a similar way to savings accounts. You can still withdraw funds any time you like (although some restrictions may apply), and the interest rates paid to depositors fluctuate with the market rather than being fixed like they are in a certificate of deposit.
Why Open Money Market Accounts?
The main reason to invest your money in Money Market Deposit Accounts rather than a typical savings accounts is if you want to earn a higher yield on your savings and don’t require that you be able to access the money in the account on a day to day basis. Checking accounts are a better choice if you anticipate needing to make regular withdrawals from the account.
In general, Money Market Deposit Accounts are a good choice if you want:
- The safety and financial security of an FDIC Insured bank deposit
- A higher interest rate than checking or savings deposit accounts
- Quick access to funds in a pinch
- The ability to write a few checks or make a few electronic payments per month
Learn More About Our Money Market Account Options
Call us today at 314-621-0100 for more information about our money market accounts. You can also get in touch by sending your questions directly through our online form. Contact us today and you’ll see why we are one of the best banks in St. Louis for personal banking service.