Jan 06, 2023 / Money Market

Why Every Member Should Have a Money Market Account

For some Utah First members (maybe you?), there’s a certain mystery to a money market account—a lesser known side of savings that lies just beyond the bounds of ordinary banking. Because it’s not your traditional savings and checking setup, a money market account must be for the savings savvy or at least those with some extra cash kicking around, right?

In reality, every member should have a money market account. It’s as easy as a savings account and just as accessible. Plus, you’ll earn more for your deposits. If the merits of a money market account have always escaped you, here are a few cold hard financial facts to help remove the mystery of the misunderstood money market account.

Simple Savings

With a Utah First money market account, you can deposit and withdraw money, just like a savings account. In fact, there are no limits on deposits and no penalties for withdrawals. There’s also no minimum balance required. It’s the same as a savings account, you just earn more for your money.

Safe Investing

A Utah First money market account is a completely secure way to save. Unlike other investments, including real estate and the stock market, there’s no risk for putting your money in a money market account. Your funds are federally insured, so there’s no downside and no catch to earning a little extra. It’s every bit as safe as your Utah First savings account.

Stronger Earnings

A money market account is a step up for your savings. Right now, you can earn as much as much as 3.25% in a Utah First money market account. With ease of access and amazing rates, a Utah First money market account is one of the best ways to save in Utah. Plus, you can calculate exactly how much you’ll earn, so you can bank on added savings with every monthly dividend.

There are so many reasons to save with a Utah First money market account and no more excuses. With no minimum balance, no restrictions on withdrawals, and no risk, it really is the sweet spot for savings. Every member should have a money market account, and that includes you! Open your account today.