Mar 03, 2023 / Money Market

How Does a Money Market Account Work?

A money market just might offer the best savings bang for your buck, so why doesn’t everyone have one? It’s one of the mysteries of saving money, and it might be because the money market account itself is a little mysterious and misunderstood. Here’s a step-by-step guide to opening and saving with a money market account to help you better understand this underrated savings option.

How to Open a Money Market

Opening a new account might seem like a hassle, but in reality, it’s super simple and straightforward. You just click a button on our webpage, follow a few quick instructions, and your new account will be set up in no time. If you’d rather open your account in person, just visit one of our convenient branch locations and speak with one of our friendly financial experts.

How to Make Deposits

With a Utah First money market account, there’s no minimum balance requirement to worry about, but the more you save, the more you’ll earn. Right now, you can earn up to 3.25% APY on your savings and you can make deposits just like any other Utah First account. Just transfer money via Digital Banking or use direct deposit or remote deposit to add funds to your account. It’s like a savings account for all practical intents and purposes—you’ll just earn more for your money.

How to Make Withdrawals

Some money market accounts limit the number of withdrawals you can make in a month. At Utah First, you have unlimited access to your money market money. That means no restrictions or penalties for withdrawing money. If you’ve been using your money market to save up for something special, you can withdraw your funds all at once and start saving for something new all over again. You’ll earn extra interest without sacrificing access to your money. It’s a win-win!

Watch Your Savings Grow

A Utah First money market account is the sweet spot of savings. It’s just as easy to open and manage as a normal savings account, and you’ll get the same peace of mind and financial protection with federally insured funds. Plus, you’ll earn higher interest. It really is one of the very best ways to save your money. To open a money market account and watch your savings grow, apply online or visit a branch location today.