2024 suncoast credit union money market rate The Money Market rate at Suncoast Credit Union is variable and can change over time. The rate is often influenced by the federal funds rate, which is set by the Federal Reserve. The federal funds rate is the interest rate at which banks lend reserve balances to other banks on an overnight basis. When the federal funds rate increases, Money Market rates at credit unions and banks also tend to rise. Conversely, when the federal funds rate decreases, Money Market rates tend to fall. As of March 2023, the Money Market rate at Suncoast Credit Union is 0.10% Annual Percentage Yield (APY) for balances under $100,000 and 0.15% APY for balances of $100,000 or more. It's important to note that these rates are subject to change without notice. To open a Money Market account at Suncoast Credit Union, you must be a member of the credit union. Membership is open to anyone who lives or works in certain counties in Florida, as well as select areas in Georgia, South Carolina, and Alabama. You can also become a member if you are a family member of a current Suncoast Credit Union member.
In summary, the Money Market account at Suncoast Credit Union offers a competitive interest rate, check-writing privileges, and NCUA insurance. However, it does have a minimum balance requirement and limitations on withdrawals. It's important to consider these factors when deciding if a Money Market account at Suncoast Credit Union is right for you. A Money Market Account (MMA) is a type of savings account that offers higher interest rates than a traditional savings account, but with some restrictions on withdrawals. Suncoast Credit Union, a state-chartered credit union based in Florida, USA, offers a Money Market account with competitive interest rates. The Money Market rate at Suncoast Credit Union is variable and can change over time. The rate is often influenced by the federal funds rate, which is set by the Federal Reserve. The federal funds rate is the interest rate at which banks lend reserve balances to other banks on an overnight basis. When the federal funds rate increases, Money Market rates at credit unions and banks also tend to rise. Conversely, when the federal funds rate decreases, Money Market rates tend to fall. As of March 2023, the Money Market rate at Suncoast Credit Union is 0.10% Annual Percentage Yield (APY) for balances under $100,000 and 0.15% APY for balances of $100,000 or more. It's important to note that these rates are subject to change without notice. To open a Money Market account at Suncoast Credit Union, you must be a member of the credit union. Membership is open to anyone who lives or works in certain counties in Florida, as well as select areas in Georgia, South Carolina, and Alabama. You can also become a member if you are a family member of a current Suncoast Credit Union member. The Money Market account at Suncoast Credit Union has a minimum balance requirement of $1,000. If your balance falls below $1,000, you will be charged a $10 monthly maintenance fee. However, the account does not have a monthly limit on the number of withdrawals, unlike some other Money Market accounts. One of the benefits of a Money Market account at Suncoast Credit Union is that it offers check-writing privileges. This means that you can write checks directly from your Money Market account, which can be useful for making large purchases or paying bills. However, there are some limitations on check-writing. You are limited to six withdrawals per month, and only three of those can be checks. If you exceed these limits, you may be charged a fee. Another benefit of a Money Market account at Suncoast Credit Union is that it is insured by the National Credit Union Administration (NCUA) up to $250,000 per account holder. This means that your money is safe, even if the credit union were to fail. In summary, the Money Market account at Suncoast Credit Union offers a competitive interest rate, check-writing privileges, and NCUA insurance. However, it does have a minimum balance requirement and limitations on withdrawals. It's important to consider these factors when deciding if a Money Market account at Suncoast Credit Union is right for you.
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