Saving money doesn’t simply mean opening a savings account, and boom, you’re all set. Nowadays, people are a lot more cognizant of the type of account they open to deposit their money.
At Cornerstone Bank, we understand that you may not have considered a money market account, but the money market account benefits could change your mind!
What is a money market account?
A money market account is a type of demand deposit, meaning you can withdraw money without prior notice. When it comes to saving, this could really make a world of difference.
Up Next: Understand the difference between demand deposits and time deposits. →
You have easier access to withdrawals than traditional savings accounts.
Many people love money market accounts because they come with debit cards and checks similar to a checking account. As a result, they have more access to their money without worrying about transferring funds to a different account. This is a great option if you need more flexibility with savings and aren’t sure whether or not you’ll need the money later on.
You still earn interest on your money.
While you probably won’t earn as much interest as a traditional savings account or a certificate of deposit (CD), many money market accounts can help grow your finances. However, it’s best that you speak with your bank to understand those interest rates. You don’t want to assume you’re getting more than you expect, especially if you have big plans for the money later on!
You can save more money from the start.
Since money market accounts typically come with higher minimum deposits than traditional savings accounts, you will already have a decent padding to get started. For some people, this may be a deterrent, but for others, it’s an easy way to jumpstart your savings. From there, you can slowly add more money whenever it is feasible.
Gain all the money market account benefits at Cornerstone Bank.
More than anything, our bankers are here to help you with any of your financial needs. Since 2001, we have been a primary resource for our customers across the Kansas City metro and the country. We take pride in watching our customers thrive, no matter who you are.
We always put our customers first, and that means giving them the best banking has to offer. We don’t believe in simple banking; rather, we go above and beyond to help our customers make their money work for them.
For more information, visit our Overland Park office or give us a call at 913-239-8100 to let us know how we can help. Also try out our new online Deposit Tool to discover which type of bank deposit best suits your needs.