Flexible Savings with Higher Earning Potential
What is a Money Market Account?
A Money Market Account from West Plains Bank and Trust Company is an interest‑bearing savings account that offers higher earning potential along with flexible access to your funds, including features like limited check writing or debit card access.
Why Choose a Money Market Account?
A money market account gives you the ability to earn more than a traditional savings account while maintaining convenient access to your money.
Key Benefits
- Earn competitive interest on higher balances
- Flexible access to funds for transfers and withdrawals
- Optional features similar to checking accounts (debit card or checks)
- FDIC-insured protection for peace of mind
How a Money Market Account Works
Money market accounts combine the best features of savings and checking accounts.
- Earn interest based on your account balance
- Higher balances may earn higher returns
- Access funds when needed with limited transactions
This makes it a strong option for customers who want both growth and accessibility.
Account Features and Requirements
Getting Started
- $100 minimum opening deposit
- Designed for customers maintaining higher balances
Fees and Balance Requirements
- $10 monthly fee if balance falls below $2,500
- 30-day grace period after opening before fees apply
Transaction Limits
- Six withdrawals or transfers per month
- Additional withdrawals subject to a $5 fee
When to Choose a Money Market Account
This account may be a good fit if you:
- Maintain a higher savings balance
- Want to earn more interest than a standard savings account
- Need occasional access to funds for expenses or transfers
- Prefer flexibility without locking funds into a CD
Compare Savings vs Money Market
Choose a Savings Account if you want:
- Lower balance requirements
- Simple, steady savings growth
- Fewer fees for smaller balances
Choose a Money Market Account if you want:
- Higher interest potential with larger balances
- More flexible access to funds
- Features similar to a checking account
Safe and Secure Savings
Your money is protected with FDIC insurance, ensuring your deposits are secure while they grow.
How to Open a Money Market Account
Opening an account is simple:
- Apply online or visit a branch
- Provide basic personal information
- Fund your account with an opening deposit
Start earning more on your savings today.
Frequently Asked Questions
What is the difference between a savings account and a money market account?
A money market account typically offers higher interest rates and more flexibility, while a savings account is simpler with lower balance requirements.
How much do I need to open a money market account?
A $100 minimum deposit is required to open an account.
Is there a minimum balance requirement?
Yes. A balance of $2,500 is required to avoid a $10 monthly fee.
How many withdrawals can I make?
You can make six withdrawals per month, with a fee for additional transactions.
Is my money safe?
Yes. Your account is FDIC insured within applicable limits.