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Savings Accounts

Money Markets

Earn Dividends and Write Checks Using the Same Account

Sometimes the idea of investing is scary. You may not be willing to part with a large sum of cash by putting it in an account long-term. Fortunately, money markets make investing a little easier.

Money market accounts are the perfect combination of savings and checking accounts. However, unlike a traditional savings account, you can also write checks with your money market. The higher your account balance is, the higher dividends you’ll earn. You invest in a money market account to earn the higher dividends than you would with a savings account.

Open a Money Market Account with Altura

Still have questions about money markets? Altura Credit Union would love to answer them! Call us at (888) 883-7228 or visit your local Altura branch today.

About Money Markets

Prestige Money Market

A Prestige Money Market account gives you the ability to earn higher dividends while keeping your funds liquid. This account also allows check-writing privileges.

Features include:

  • Dividends paid monthly, calculated daily. Rate may change after the account is opened.
  • Rates are higher than current Smart Money Market rates.
  • Tiered rates – the higher your balance, the higher your rate.
  • An Altura checking account is required.
  • Higher dividends are earned each month so long as the Altura checking account has a minimum of ten debit card transactions per month. Otherwise, the rate paid reverts to the current Smart Money Market rate for that month.
  • To earn the lowest Prestige Money Market rate, maintain a minimum balance of $2,500. Otherwise, the rate earned is equal to the current Smart Money Market rate.
  • Monthly fee when your balance falls below $2,500.
  • Minimum opening deposit is $2,500
  • Ability to write up to three checks per month.
Rates Effective Date: December 5, 2019
Balance0.50%0.50%
$0.00-$9,999.990.50%0.50%
$10,000.00-$49,999.990.80%0.80%
$50,000.00+1.24%1.24%

During any given month that your checking account has ten or more debit card transactions, your balances will earn the dividend rate stated on the current rate sheet. If you have less than ten debit card transactions during the month, your balances will earn the Smart Money Market rate for that month as stated on the current rate sheet. Dividends and fee postings are not considered checking account transactions. Primary Prestige Money market member must be either a primary or a joint on any checking account whether it is under the same account number or under a different Altura account number. Qualifying debit card transactions include signature- and PIN-based point of sale.

APY= Annual Percentage Yield. Rates are subject to change without notice.

Fees may reduce earnings. See the Schedule of Fees for details. A one-time membership fee applies for non-members.

Prestige Money Market

A Prestige Money Market account gives you the ability to earn higher dividends while keeping your funds liquid. This account also allows check-writing privileges.

Features include:

  • Dividends paid monthly, calculated daily. Rate may change after the account is opened.
  • Rates are higher than current Smart Money Market rates.
  • Tiered rates – the higher your balance, the higher your rate.
  • An Altura checking account is required.
  • Higher dividends are earned each month so long as the Altura checking account has a minimum of ten debit card transactions per month. Otherwise, the rate paid reverts to the current Smart Money Market rate for that month.
  • To earn the lowest Prestige Money Market rate, maintain a minimum balance of $2,500. Otherwise, the rate earned is equal to the current Smart Money Market rate.
  • Monthly fee when your balance falls below $2,500.
  • Minimum opening deposit is $2,500
  • Ability to write up to three checks per month.
Rates Effective Date: December 5, 2019
Balance0.50%0.50%
$0.00-$9,999.990.50%0.50%
$10,000.00-$49,999.990.80%0.80%
$50,000.00+1.24%1.24%

During any given month that your checking account has ten or more debit card transactions, your balances will earn the dividend rate stated on the current rate sheet. If you have less than ten debit card transactions during the month, your balances will earn the Smart Money Market rate for that month as stated on the current rate sheet. Dividends and fee postings are not considered checking account transactions. Primary Prestige Money market member must be either a primary or a joint on any checking account whether it is under the same account number or under a different Altura account number. Qualifying debit card transactions include signature- and PIN-based point of sale.

APY= Annual Percentage Yield. Rates are subject to change without notice.

Fees may reduce earnings. See the Schedule of Fees for details. A one-time membership fee applies for non-members.

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FAQs

How Safe are Money Markets?

There are risks with all investments. However, money market accounts as a fairly safe option for investing that carries a low risk for the investor. The Federal Deposit Insurance Corporation (FDIC) insures your investment in a money market account up to $250,000 for each depositor.

Is a Money Mark Account or CD Better?

The best investment for your money is largely personal preference. If you’re looking for an investment that gives you more immediate access to your funds, a money market is the best option for you. As long as you don’t go over your transaction limit, you can withdraw from or deposit money into your account with ease.

You won’t have this same luxury with a CD. Once your money is in a CD, it’s there until the term is up. If you’re willing to part with your money long-term (two years or more), you’ll make a sizable return on a CD investment. But if you don’t want to invest for that long, a money market will usually offer you a better interest rate than a CD with a shorter term.

Can You Lose the Money You Invest in a Money Market Account?

It is possible for you to lose your initial investment in a money market. However, money markets are generally considered a safer form of investing, so you shouldn’t worry about that too much.

Disclaimer Information

^ To qualify for a Prestige Money Market the primary member must also maintain an active checking account under any account number to earn the stated Prestige Money Market rates. An active checking account is defined as a checking account that has...

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^ To qualify for a Prestige Money Market the primary member must also maintain an active checking account under any account number to earn the stated Prestige Money Market rates. An active checking account is defined as a checking account that has a minimum of ten (10) debit card transactions per month. For any month in which the transaction activity threshold is not met, the rate for that month will default to the current Smart Money Market rate on balances for the previous month.

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