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  1. #1
    Join Date
    Dec 2011
    Location
    Albemarle, North Carolina

    Banking questions

    I have always had just a simple checking and savings account with the SECU but recently I attended a financing class and the teacher kept saying to invest into money market deposit accounts. I have never heard of MMDA until then and have been poking around on the internet to see what I could learn about them and they seem much better than a regular savings account. So why do more people not use these accounts? What am I missing?

  2. #2
    Join Date
    Feb 2007
    Location
    Dillon, Colorado
    Usually there are higher minimum balances and limits on the number of withdrawals (checks plus ATMs) per month you can make.

    I don't have a bank account at all, and use a brokerage account instead. Worth looking into if you don't need to make a lot of face-to-face txns and want to hold stocks.
    As suburban children we floated at night in swimming pools the temperature of blood. -- Douglas Coupland

  3. #3
    IIRC you can get a MMDA for free from BoA if you keep a certain minimum balance across all your accounts. I have one but it's not all that different from regular savings - just a slightly higher interest rate.

  4. #4
    Join Date
    Nov 2007
    Location
    Meeting with Marie Laveau
    Quote Originally Posted by JNort View Post
    I have always had just a simple checking and savings account with the SECU but recently I attended a financing class and the teacher kept saying to invest into money market deposit accounts. I have never heard of MMDA until then and have been poking around on the internet to see what I could learn about them and they seem much better than a regular savings account. So why do more people not use these accounts? What am I missing?
    If you are currently using a regular saving account, you will earn more interest in a money market share account at the SECU. Be sure to leave a minimum of $25 in your savings account since that's required for membership. The money market account requires that you maintain a minimum balance of $250.https://www.ncsecu.org/DepositAccounts/MoneyMarket.html

    You may find the personnel at your local SECU branch very helpful in providing helpful information about a variety of financial services available. As a longtime customer, I have added to my business with SECU because of the excellent range and quality of services and the lower fees charged. You can always talk to a person and never have to deal with the anonymous voice menus common with larger commercial enterprises.

    If you have other questions, PM me.

    Before you ask, no, I'm not on the board of directors!

  5. #5
    Quote Originally Posted by Devil in the Blue Dress View Post
    If you are currently using a regular saving account, you will earn more interest in a money market share account at the SECU. Be sure to leave a minimum of $25 in your savings account since that's required for membership. The money market account requires that you maintain a minimum balance of $250.https://www.ncsecu.org/DepositAccounts/MoneyMarket.html

    You may find the personnel at your local SECU branch very helpful in providing helpful information about a variety of financial services available. As a longtime customer, I have added to my business with SECU because of the excellent range and quality of services and the lower fees charged. You can always talk to a person and never have to deal with the anonymous voice menus common with larger commercial enterprises.

    If you have other questions, PM me.

    Before you ask, no, I'm not on the board of directors!
    FYI, the current SECU interest rates are the same for both Money Market and Share (Savings) accounts - 1%

  6. #6
    Join Date
    Nov 2007
    Location
    Meeting with Marie Laveau
    Quote Originally Posted by Indoor66 View Post
    FYI, the current SECU interest rates are the same for both Money Market and Share (Savings) accounts - 1%
    That is true at the moment, but over time the money market rate has been higher.

  7. #7
    Quote Originally Posted by Devil in the Blue Dress View Post
    That is true at the moment, but over time the money market rate has been higher.
    No disagreement with you on that. It was 3% three years ago.

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