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A money market account (MMA) is a versatile savings account option. It offers the great rates of a savings account with the accessibility of a checking account, so you can benefit from getting higher returns on your deposits and still have the flexibility of accessing your funds when you need them.
A money market account offers the great rates of a savings account with the accessibility of a checking account — get higher returns on your deposits, and keep the flexibility to access to your funds when you need them.
Advantages
- No minimum balance — use your funds as needed without the fear of fees
- Free overdraft protection — peace of mind for occasional oversights or unexpected expenses
- No transaction restrictions — easily deposit or withdraw funds
- Tiered rates — higher dividends based on the average daily balance
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Enjoy Higher Rates with Easy Access to Your Money
Money market accounts take the best qualities of savings and checking accounts and combine them to help you save! Enjoy higher dividend rates while maintaining access to your funds whenever you need them.
Money market accounts are savings accounts that share some features with a checking account. Learn more about how money market accounts workon our blog.
Read Our Blog Post on Money Market Accounts
Money Market Account Rates
Money Market Account
- A high-yield account with a tiered dividend rate. Once a particular balance range is met, the dividend rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
- No minimum balance is required, however a minimum of $1,000 is needed to earn interest.
- Dividends are compounded daily and credited monthly.
- Interest rate varies based upon account balance.
- Rates are variable and may change after the account is opened.
Uniform Transfers to Minors
- A custodial account, established under the Florida Uniform Transfers to Minors Account, UTMA can be used as a savings, checking, certificate or money market account and allows you to permanently transfer funds to a minor.
- Funds withdrawn can only be used for the designated minor.
- Dividends are compounded monthly and credited monthly.
Money Market Accounts FAQ
Money market accounts offered at Suncoast are simply savings accounts that share some features with a standard checking account. Learn more about how money market accounts work.
No. This is because our money market accounts do not have a minimum balance requirement. If the balance drops below $1,000, then the dividend rate will be adjusted to the appropriate tier. It's also worth noting that if the account balance drops below $1,000, then you will not earn any interest and your annual percentage yield may drop.
A money market account with Suncoast can be linked to your debit card as an additional source, and you can even withdraw funds at an ATM, but it cannot be used as a point of sale. This access is reserved for checking accounts.
No, members can access their savings as often as they see fit with no penalty. There is no maximum number of withdrawals, and there are no maximum transfers.
Only non-IRA Regular Savings and Special Savings accounts can be used for a share pledge loan.
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