Using a money market account with a community bank in Smyrna, GA can be a great way to earn interest on your savings. It’s a cross between a savings account and a checking account, giving you the best of both worlds. Learn more about money market accounts below.
A money market account is a type of savings account with check-writing capabilities. It typically offers a higher rate of interest than other savings accounts. Many small- and medium-sized business owners in Smyrna open one of these accounts at a community bank.
Unlike some other savings accounts, a money market account lets you write and cash checks, and make other transactions, such as transfers, without a penalty. That’s what makes these accounts similar to checking accounts in their functionality. However, there might be a minimum balance requirement.
These accounts also provide you with a safe place to keep savings. That’s because the Federal Deposit Insurance Corporation (FDIC) insures $250,000 per depositor for each account ownership category (per insured bank).
Keeping savings in a money market account at a community bank can improve the economy in Smyrna and its surrounding areas. These banks invest in community projects and support various local organizations. Community banks can also provide personal services that you don’t always get from a national bank.
If you want to earn interest on your funds while having open access to them for use in transactions and check-writing, a money market account might be a good option for you to explore.