18_Why-Your-Financial-Plan-Money-Market

Why Your Financial Plan Should Include a Money Market Account

So, you’ve come into a little extra cash, maybe through inheritance, a signing bonus, or just plain luck. Or you’re just hoping to bolster your savings. Your first reaction is to drop your money into your savings account, right? But have you considered a money market account to really get the most out of your money?

Like a savings account, a money market account is a great option for getting your cash to work for you. But there are a few good reasons to consider a money market account first.

1. Money market accounts typically offer higher interest rates than traditional savings accounts.

2. Got a sudden auto or home repair? You can withdraw money from your money market account to cover an emergency expense. And the APY on a money market account can keep your money growing long enough to cover the cost.

3. While returns and interest might not be as high as IRAs or investment accounts, your money is still federally insured. So, it’s a no-risk savings plan.

Like all things financial, there are a few caveats to money market accounts. First, withdrawals are limited to a few per month, so it’s best to have a specific spending plan for your account. Second, money market accounts can require a minimum balance to earn interest. So, have a plan in place to maximize your interest earnings.

Money market accounts are great places to store savings, but still retain flexibility. If you’re looking for a new way to get your money working for you without locking it up for the long term, consider a money market account. Money market accounts are great ways to save for semi-major expenses like taxes or tuition. And because they accrue interest faster than a conventional savings account, they’re a convenient way to earn extra interest before paying more frequent expenses too.

At Utah First, we’re in the business of helping you make your money grow. We can get you set you up with .75% APY with a $2,000 deposit. Check out our new money market account and rates today.

Put My Money to Work

News & Events
Oct 09, 2019 / Money Tips

They say it takes 21 days to break a bad habit. And poor spending habits are among the most common bad habits of them all. Have you ever thought you were in a good financial position, only to reach the end of the month and you’re short on money? When you go back and...

Sep 18, 2019 / Money Tips

So, you’ve come into a little extra cash, maybe through inheritance, a signing bonus, or just plain luck. Or you’re just hoping to bolster your savings. Your first reaction is to drop your money into your savings account, right? But have you considered a money market account to really...

Sep 11, 2019 / Local Utah

  Big banks love to charge big fees—$5 here, $3 there, a $10 transfer fee here. Over the course of a month, these fees add up, sometimes making the difference between a fun weekend road trip or dinner date and eating at home watching reruns. One advantage local credit unions have...

Corporate
200 E South Temple
Salt Lake City, Utah 84111
800-234-0729
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.