Best Money Market Account In San Antonio
If you’re looking to open a money market account in San Antonio, River City FCU offers one tailored to your needs. Money Market Accounts (MMAs) are, in their essence, a type of savings account, as they’re both interest-bearing accounts offered by traditional financial institutions, such as banks and federal credit unions.
However, certain features associated with money market accounts distinguish them from typical savings accounts—most notably, they pay higher interest rates and often come with check-writing and debit card privileges.
In other words, MMAs are designed to provide a safe place for people and businesses to park their money while also earning a slightly higher interest rate. Though they might sound similar to Certificates of Deposit, MMAs are actually financial products that bridge the gap between checking accounts and savings accounts.
With everything said, MMAs do come with certain drawbacks. They often have a minimum opening deposit and minimum balance requirements, as well as limited withdrawals you can make within a specific timeframe.
Is My Money Safe in a Money Market Account?
Yes, your money is safe in a money market account. When you deposit the money into an MMA, the bank will use that money to fund its own business—mostly stable, short-term, low-risk securities—and, in turn, pay you interest on your deposit.
Most financial institutions, such as River City FCU, advertise their interest rates in terms of Annual Percentage Yield (APY), which actually means that you’re earning interest on your initial deposit and on the interest that accumulates over time. These rates are typically called dividend rates, and they’re calculated based on the average daily balance over a specified period.
On top of that, MMAs provide federal insurance protection. In other words, they’re insured by the Federal Deposit Insurance Corporation (known as FDIC insurance) and the National Credit Union Administration (NCUA) for up to $250,000 per depositor per bank—with joint accounts insured for $500,000.
How to Find the Best High-interest Money Market Account?
Finding the best MMA implies research and consideration of various factors in terms of both finance and convenience. The very first step when researching an MMA option is to determine your financial objectives. This could be anything from short-term savings, emergency funds, or a place to park a cash surplus.
The APY is one of the most important factors to consider; River City Federal Credit Union offers different APY rates ranging from 1.40% to 2.00%* depending on the amount of money you have deposited in your account.
It’s also important to take minimum balance requirements into account, as well as monthly service fees and wire transfer fees associated with your MMA. River FCU has a $2,000.00 minimum account balance, for which it provides a 1.98% dividend rate and 2.00% APY*.
Lastly, consider user-friendly, ease-of-life features, such as check-writing and ATM access, online banking, as well as integration with mobile banking apps and pay services, such as Apple Pay.
How to Open a Money Market Account in San Antonio
Opening an MMA is pretty straightforward; just pay River City FCU a visit at a local branch office or apply for an MMA online. However, you’ll need to provide us with the necessary documents, such as personal identification, proof of address, Social Security Number, and, in some cases, employment and income information.
After you’ve filled out an application, you’ll need to fund the account; make sure that the initial deposit meets the minimum deposit requirement. Additionally, River City FCU might perform a credit check during your application.
Open an account here.
What is the Best Money Market Account in San Antonio?
Big financial goals can take some time to reach. You can shorten that timeline with an MMA that accrues at a higher rate and maintains check-writing privileges for your convenience.
If you’re interested in learning more about opening an MMA in San Antonio with River City FCU, get in touch with us or visit a branch. We offer a plethora of different personal and business financial products, including Money Market Accounts, checking and savings, as well as vehicle and student loans.
*APY = annual percentage yield. rates are subject to change at any time and are not guaranteed
