Maximize your savings with a Money Market Account.
If you want to get the most out of your savings, consider a Money Market Account. With a higher interest rate than a typical savings account, the more you save, the more you earn. It's an easy way to grow your savings and have access to cash for unexpected expenses.
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The more you save, the more you can earn.
Interest is compounded and paid monthly on collected balances.
Flexible access to your funds.
Up to six free withdrawals are permitted each statement month. Each additional withdrawal is just $5.
It's easy to start saving.
The minimum opening deposit is just $500.
Save on monthly fees.
The monthly maintenance fee is waived for the first 61 days after account opening and thereafter if the daily account balance of $2,500 is maintained. Otherwise, the monthly fee is only $12.
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Money Market Accounts: Frequently Asked Questions (FAQ)
A Broadway Bank Money Market Account (MMA) is a type of savings account that typically offers higher interest rates than regular savings accounts. MMAs often come with some check-writing privileges and debit card access, providing a blend of savings and checking account features.
An MMA works by allowing you to deposit and withdraw funds while earning interest on the balance. The interest rates are usually higher than those of traditional savings accounts.
The primary benefits of MMAs include:
- Higher Interest Rates: Typically offer higher interest rates compared to regular savings accounts.
- Liquidity: Easy access to funds through checks, debit cards and electronic transfers.
- Safety: Funds are insured by the FDIC up to the legal limit.
- Flexibility: Some check-writing capabilities and debit card access.
Yes, certain types of withdrawals or transfers from MMAs are limited to six per month. Each additional withdrawal or transfer is $5. These include electronic transfers, checks and debit card transactions.
Interest on MMAs is usually compounded and paid monthly. The interest rate can be variable, meaning it may change based on the bank’s discretion and market conditions.
An MMA is a deposit account insured by the FDIC. A Money Market Fund is a type of mutual fund that invests in short-term, low-risk securities and is not insured by the FDIC.
Yes, MMAs are considered safe because they are insured up to the legal limit by the FDIC. This means that even if the financial institution fails, your funds are protected up to the insured amount
Opening an MMA typically involves the following steps:
- Application: Complete an application at one of our financial centers or by having a banker contact you.
- Identification: Provide necessary identification documents (e.g., driver’s license, Social Security number).
- Initial Deposit: Fund the account with the required minimum deposit.
Fees can vary by institution but may include:
- Monthly Maintenance Fees: Broadway Bank charges a $12 monthly fee if your balance falls below $2,500.
- Excessive Withdrawal Fees: Broadway Bank Charges $5 for exceeding the monthly withdrawal limit.
- ATM Fees: Fees for using out-of-network ATMs.
While MMAs offer some check-writing and debit card access, they are not ideal for frequent transactions due to the withdrawal limits and potential fees. They are better suited for savings with occasional access needs.
MMA interest rates are generally higher than those of regular savings accounts, but lower than those of Certificates of Deposit (CDs). However, they offer more liquidity than CDs, which require you to lock in your money for a fixed term.
Yes, Broadway Bank allows you to link your MMA to checking or savings accounts for easy transfers and overdraft protection.
Yes, you can open multiple MMAs at Broadway Bank, but be mindful of the total insurance coverage limits.
See the Truth in Saving disclosure for details on all consumer deposit accounts. Please inquire at any Broadway Bank location or call (800) 531-7650 for a separate Truth in Saving Act disclosure. Account limited to 6 free withdrawals a month, then $5 per withdrawal thereafter.
