Unlike a traditional savings account, a money market savings account offers banking customers the opportunity to earn more money from an advantageous interest rate. With that in mind many people are now opting to open a money market account, putting themselves in a position to let their money work for them.
That being said, not all banks compound interest in the same manner, a fact that can significantly impact the amount of money earned from that money market account. At UFB Direct, a division of BofI Federal Bank, an FDIC insured financial institution established in 2000, that interest rate is compounded daily, meaning more money earned.
With as little as $5,000 a money market savings account can be opened through UFB Direct and on balances that carry a daily average of $5,000 an interest rate of 1.15% APY will be applied. In addition to the high money market interest rate that accompanies this account UFB Direct charges no monthly maintenance fee for those accounts with a minimum $5,000 average daily balance.
To make their money market savings account even more attractive UFB Direct has included a number of perks that include limited check-writing privileges built in; mobile deposits that let you deposit checks fast from anywhere; free online banking with Bill Pay (limited), free mobile banking, email and text messaging alerts; free online images of checks and statements; free online transfers between your UFB Direct accounts (limited); and many other conveniences.
Open a money market savings account with UFB Direct today and see how easy it can be to let your money work for you.