If you’re comfortable keeping a higher balance and want to earn a higher rate of interest, one of our Money Market options may be a good fit.*
- $200 required to open
- $200 minimum daily balance required
- Tiered Interest Rates
- Free Online & Mobile Banking
- Free E-Statements
- Free Telephone Banking
- Free Check Safekeeping
- Unlimited in person transfers and withdrawals
- Maintain the minimum $200 daily ledger balance required, and we’ll waive the monthly $2.50 plus tax service charge!
What is a money market account?
A money market account is an interest-bearing account that typically requires a higher opening deposit and minimum balance than a traditional savings account. MMAs offer more liquidity than other high-interest accounts and provide low risk and FDIC coverage. MMA interest is compounded daily, resulting in a higher return. At Peoples Bank, our Money Market Accounts feature tiered-interest rates. When you invest more money in your account, you receive a higher rate of interest.
How is it different from a normal savings account or a CD?
Money Market Accounts earn a higher rate of interest than normal savings accounts, and the interest is compounded daily. Both MMAs and savings accounts are FDIC-insured, low-risk accounts. Certificates of Deposit (CDs) offer a high interest rate but lock your funds in for a specified amount of time. You can withdraw money from you MMA without a penalty and will incur fees for early withdrawals from a CD.
How do I know if this account is right for me?
If you have enough savings to meet the opening deposit of $200 and want to maintain access to your funds while earning interest, a Money Market Account at Peoples Bank may be the right account for you. With an MMA you’ll earn higher interest rates than a traditional saving account while still benefiting from unlimited in person transfers and withdrawals.
What is the best way to use this account?
Money Market Accounts are best used for emergency funds or as a holding account for recurring tax or tuitions payments. For funds you need to access occasionally, an MMA is a great way to store and grow your money.
Why chose a Money Market Account from Peoples Bank?
As your community bank, Peoples Bank offers products and services specially tailored to our community. We’re dedicated to listening to our customers and giving back to our communities. Our friendly employees make every effort to be a resource where customers can learn about financial products and services. We always take time to find the best banking solutions for you. Stop by or call us today! Peoples Bank offers nine convenient locations in Northwest Iowa and Southwest Minnesota.