The advantages associated with a money market savings account over a traditional savings account are obvious but what differentiates some money market savings accounts from others can sometimes be a little more difficult to determine. Every money market savings account will deliver a more favorable interest rate than a traditional savings account but how that rate is compounded will determine how much money you can earn from your money market savings account.
Unlike many banking institutions UFB Direct compounds interest daily, ensuring that you grow your money faster. With a minimum deposit of $5,000 you can open a money market account with UFB Direct and by maintaining a minimum $5,000 average daily balance up to $250,000 you can earn returns from a high money market interest rate of 1.15% APY.
UFB Direct, a division of BofI Federal Bank, an FDIC insured financial institution established in 2000, makes it easy for customers to see how this rate can generate impressive returns by providing access to a money market interest calculator which enables customers to input basic information about their account and see what kind of returns they will get.
In addition to providing a high money market interest rate that consistently beats the national average UFB Direct has designed their money market savings account to deliver a number of other perks to better serve the needs of their customers. These perks include free online banking with Bill Pay (limited), free mobile banking, email and text messaging alerts; free check writing (limited); free MyDeposit enabling customers to deposit checks instantly from the comfort of their home or office; easy online transfers between their UFB Direct accounts; and many more benefits.
Open a money market account with UFB Direct today and see let your money work for you while you enjoy the benefits of banking made easy.