Money market accounts, interest-bearing accounts offered by a bank and credit union, provide the best of both worlds.
✔ They have the high interest rates of a savings account.
✔ They have the check-writing conveniences of a checking account.
This flexibility frees you to manage your finances more effectively, making money market accounts an intelligent choice for those considering different savings options.
Discover the myriad advantages of investing in money market accounts. From competitive yields to enhanced liquidity, these funds offer a secure and flexible option for short-term passive income. This account also differs from other savings accounts in that it has the feature of writing checks.
Money market accounts have higher annual percentage yields (APY) than traditional savings accounts.
Make limited banking transactions by check, debit card, or electronic transfer like a checking account.
The FDIC (for banks) or NCUA (for credit unions) insure money market accounts for up to $250,000.
Banks and credit unions offer variable rates on money market accounts. As interest rates rise with inflation, your APY may rise, too.
The money market account is the best savings account if you need money within a year. Due to its high interest rates, money market accounts can grow money while allowing account balance access. They are best for people saving up for a purchase (car down payments, tax funds, etc.) and not for long-term investments such as retirement.
Locking up your money in a fixed-term investment can be smart. But sometimes, you need liquidity, too. With our Money Market Accounts, you don't have to choose. You can make money from your account and use it, too.
The more money you have in your money market account, the more you make.
With just a minimum deposit of $2,000, you can increase the money in your account with interest within a year.
Make cash withdrawals and write checks from your account for up to six transactions monthly.
See our Money Market Tiers of Return and maximize your earnings with every dollar invested. Our Share and Checking Account Rates provide information about our product rates. But for more up-to-date information, call our main branch number 509-328-2900.
At Canopy Credit Union, our team is focused on guiding you on your financial journey and in turn, helping create a happier and healthier Spokane community.
Through personalized guidance, we strive to empower our members to navigate their financial journeys with confidence and success. We also offer Canopy's products and services so that they can invest their money wisely and achieve financial stability. In fact, here is what one of our happy members has to say about one of our staff members.
"[Canopy is] community focused. They care about people by listening, meeting needs and going above and beyond to show you you’re loved and respected. I’m glad this is my money management team." Alycia A.
Whether buying a home, saving for retirement, or improving credit scores, our knowledgeable team is here to provide expert support every step of the way. Trust Canopy Credit Union to be your partner in money management and growth.
Are you planning to save for a vacation or looking to grow your emergency fund? Consider a money market account with us to increase your cash savings.
At Canopy Credit Union, our money market accounts offer the best of both worlds, providing high yields that could significantly boost your savings. With the flexibility of fair bank withdrawals and a minimum deposit of just $2,000, you can start earning these competitive returns on your investment.
Ready to manage your funds? Sign up for a Money Market Account with Canopy Credit Union today and start maximizing your savings potential.
Yes, money market accounts are safe and secure. A credit Union is insured by the National Credit Union Administration (NCUA), while a bank is insured by the Federal Deposit Insurance Corporation (FDIC).
Each entity insures deposit accounts up to $250,000 per institution.
The annual percentage yield of money market accounts is variable, not fixed. Variable rates can rise or lower anytime and without notice, affecting account balances.
While money market accounts have transaction limits, they may also have a monthly fee and a minimum balance requirement.
Furthermore, your annual percentage yield will depend on variable rates that can lower any time.
A money market account is a savings account that bears taxable interest. Meanwhile, a money market fund account is a low-risk mutual fund funded by banking products like term shares, certificates of deposits (CDs), and government securities. Money market funds can be taxable or tax-free and have higher returns and risks.
There are many alternative banking options to a money market account. The crucial step is to compare the APY minimum from different credit unions and banks, as this will give you a clear picture of the potential returns on your account investment.
A high-yield savings account may be better if you don't write checks. We recommend term shares if you prefer fixed rates, but you'll be penalized for early withdrawals. US Savings bonds can have a fixed or variable rate, depending on their type. However, they cannot be withdrawn in the first 12 months. Lastly, US Treasury Bills or T-bills are the safest low-reward investments lasting for a month to up to a year.
See our Term Share account page for more information.
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