|Savings Account||Money Market|
|Amount Required to Open||$25||$25
|Minimum Daily Balance||$100 or $5 Service Charge||$1,500 or $10 Service Charge|
|Interest||Paid Monthly||Tiered Interest Rates|
|In Person Transfers & Withdrawals||Unlimited||Unlimited|
Who Needs a Savings Account?
Savings Account & Money Market Account Benefits for Younger Customers
What is a Money Market Account?
Money Market Accounts offer more liquidity than other high-interest accounts and provide low risk and FDIC coverage. Interest in a Money Market Account is compounded daily, resulting in a higher return. At Peoples Bank, our Money Market Account features tiered-interest rates. When you invest more money in your account, you receive a higher rate of interest.
How is a Money Market Account different from a 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 Money Market Accounts 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 your Money Market Account without a penalty and will incur fees for early withdrawals from a CD.
How do I know if a Money Market Account is right for me?
If you have enough to meet the opening deposit of $25 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 a Money Market Account, you’ll earn higher interest rates than a Savings Account while still benefiting from unlimited in person transfers and withdrawals.
What is the best way to use a Money Market 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, a Money Market Account is a great way to store and grow your money.
Why choose a Savings Account or Money Market Account from Peoples Bank?
As your community bank, Peoples Bank offers products and services specially tailored to you. 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 ten convenient locations in Northwest Iowa, Southwest Minnesota, and Southeast South Dakota.
Check out articles from our blog to learn more about growing your savings!