Money Market Accounts
Savings that multitask!
Understanding Money Market Accounts
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.
Benefits of money market accounts
Discover the 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 – perfect for helping your money grow.
Higher interest rates than other savings accounts
Money market accounts have higher annual percentage yields (APY) than traditional savings accounts.
Make transactions
Make banking transactions by check or electronic transfer like a checking account.
Protected by NCUA
The NCUA (for credit unions) insures money market accounts for up to $250,000.
When rates rise, so does your APY
Financial institutions offer variable rates on money market accounts. As interest rates rise with inflation, your APY may rise, too.
are money market accounts for me?
A Money Market Account is a smart choice if you plan to use your funds within the next year. With higher interest rates than a typical savings account, your money can grow while remaining accessible.
These accounts work well for short-term goals like:
- Saving for a car down payment
- Setting aside tax funds
- Planning for an upcoming purchase
Money Market Accounts aren’t intended for long-term investments like retirement — they’re all about flexible, accessible growth for the goals that matter now.
canopy union money market accounts
Fixed-term savings accounts can be a great tool, but sometimes you need a little more flexibility. With a Canopy Money Market Account, you can grow your balance while keeping your money accessible. Because here, you grow — and your savings goals do too.
Tiers of return
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.
- Unlock tiered rates of return: The more money you have in your money market account, the more you make.
- Start earning interest with a minimum $2,000 deposit: With just a minimum deposit of $2,000, you can increase the money in your account with interest within a year.
- Enjoy flexibility with up to six withdrawals monthly: Make cash withdrawals and write checks from your account for up to six transactions monthly.
- Why choose canopy credit union
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. Sign up for a Money Market Account with Canopy Credit Union today and start maximizing your savings potential.
frequently asked questions
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 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.
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.