No ups and downs. Just steady growth.
A Money Market account has nothing to do with financial markets that can rise and fall like a roller coaster. Instead, think of it as a savings tool with a few extra perks, the best one being that your deposits earn more than they would with a traditional savings account.
- No monthly service fee.
- No minimum amount to open.
- No minimum balance required.
- Earn interest on balances of $1,000 or more.1
- Tiered interest rates mean bigger balances can earn better returns.
- Fast access to funds through checks, debit card, eBanking, Mobile Banking and at AbbyBank branches.
- FDIC insured up to FDIC limits.
Multi-Million Dollar FDIC Insurance Coverage
Insured Cash Sweep (ICS) is a secure, and convenient way for bank customers to access multi-million-dollar FDIC insurance on large deposits, earn a return and enjoy flexibility. While you interact exclusively with AbbyBank, your funds are dispersed across a network of qualified banks to ensure maximum protection. Learn more about our ICS program.
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Common Questions
What is the difference between a Money Market account and Savings account?
A Money Market account is similar to a Checking account, giving you the ability to write checks and/or have a debit card for transactions. AbbyBank pays interest on a tiered interest rate schedule allowing you to earn more interest on higher balances. A Savings account does not have check writing and debit card transaction access. While both types of accounts earn interest, Money Market accounts allow you to earn a higher rate when your account balance reaches a certain level.
How do I open a money market account?
Contact your friendly AbbyBank Personal Banker to discuss your Money Market account options. The bank will need to verify your identity. We will ask for your name, address, phone number, and Social Security number, as well as your birthdate, driver’s license or picture ID and employer. We verify this information though credit reporting agencies.
Your credit score may be a factor in determining how you would handle a checking account. A personal banker can explain the process and assist you in determining if a money market account, including the need to order checks and a debit card, is right for you. We can also help you download AbbyBank’s mobile banking app, so that you can keep track of your deposit account funds on the go!
How does a Money Market account work?
It is a cross between a Savings account and a Checking account. A Money Market works similar to a Checking account by offering check writing and debit card capabilities but allows you to earn more interest like a Savings account or a Certificate of Deposit (CD) on higher balances. A Money Market account is FDIC insured and carries a lower financial risk than the stock market.
With our online banking and mobile banking app you can view, deposit to, or pay bills from your Money Market account at any time.2 Reviewing your specific needs, will determine if a Money Market account is the right option for you. Reach out to one of our Personal Bankers for questions and assistance in starting your new bank account.
Are money market accounts insured?
Yes, Money Market accounts qualify for FDIC insurance up to $250,0000. We also offer additional FDIC coverage for larger deposits beyond FDIC limits when using our Insured Cash Sweeps (ICS) service. Ask one of our knowledgeable Personal Bankers to learn more.
AbbyBank is a full-service financial institution with Wisconsin locations in Abbotsford, Appleton, Gresham, Medford, Shawano, Wausau, Weston and Withee.
1Interest is compounded daily and credited to your account monthly