All You Need to Know About Enhanced Savings Accounts (aka Money Market Accounts)

Enhanced savings accounts (aka money market accounts) offer many convenient features of checking accounts, with an attractive rate of return to help your money grow. Here’s all you need to know about money market accounts.

High dividend rates

Money market accounts offer a higher dividend rate than a typical savings account. At Texas DPS Credit Union, our money market accounts earn as high as .75% APY* as of June 1, 2023. A money market account can be the perfect way to give your short-term savings their best chance at growth.

Increased flexibility 

Money market accounts offer more flexibility than savings accounts. The funds may be accessible via paper check and/or debit card. Most banks and credit unions also allow transfers from money market accounts to checking accounts.

It’s important to note that most financial institutions place limits on the number of money market transactions you can make during a month. If you open a money market account at Texas DPS Credit Union, you’ll be allowed up to 6 convenient** transactions each statement cycle.

Security

The funds in your money market account at Texas DPS Credit Union are insured by the National Credit Union Administration (NCUA) up to $250,000, and privately by ESI up to $250,000. You can keep a large sum of money in your account with less risk.

Minimum balance requirements

Most financial institutions require a minimum initial deposit for money market accounts and a minimum balance to be kept in the account at all times. Here at Texas DPS Credit Union, you can open an account with a minimum deposit of $2,500.

Ideal uses for money market accounts

Money market accounts can be ideal for expected occasional expenses, or for the unexpected emergency that can send a lesser-prepared individual into debt.

Here are some of the most popular uses for money market account funds:  

• Emergency household repairs
• Unexpected medical fees
• Purchasing a new car
• Tax payments or insurance premiums
• Annual vacation

Are you ready to start saving big? Open an Enhanced Savings Account today!

* APY = Annual Percentage Yield, is valid as of June 1, 2023, and is subject to change without notice. See our current rates.
** “Convenient pre-authorized withdrawals are allowed monthly through checks, online banking and more. Unlimited withdrawals can be made in person or by mail.