Why It’s a Good Idea To Open A Savings Account For Your Child
Starting a savings account at an early age can help your child learn more about money management, saving for the future, and other areas of personal finance.
Money
Market
Account
High Yield Savings With Flexibility
Money market accounts are a great high yield savings option to earn a little extra interest on that money you’re saving for something down the road, like a family vacation, wedding, or down payment. One advantage of a money market account is after you make your initial deposit you still have access to the funds, unlike a CD.
Rates As High As
1.00% APY^
More Flexibility
Than A CD
Unlimited Monthly Deposits
& Withdrawals
Interest Is Accrued Daily And Is Paid Out Monthly
Compare Money Markets
Best Rates on Balances Up to $2,500
Best Rates On Balances Over $2,500
No Cap On Interest-Earning Balance
Account Access In Online Banking
No Fees To Close Account
Surge Money Market Account
Advantages
- Earn a higher rate of interest with a lower balance than a Momentum Money Market or a certificate of deposit
- Start earning interest with a balance as little as $1
- No minimum balance fee
- Ideal for young families and people looking to establish a savings habit without a large sum of money
Surge Money Market Rates
| Amount | Interest Rate | APY* |
|---|---|---|
| $1.00 - $2,500.00 | 0.995% | 1.00% |
| $2,500.01 - $5,000.00 | 0.250% | 0.25% |
| $5,000.01 - $10,000.00 | 0.150% | 0.15% |
| $10,000.01 - $50,000.00 | 0.100% | 0.10% |
| $50,000.01 + | 0.050% | 0.05% |
| Rates accurate as of Oct 01, 2022 | ||
| *APY = Annual Percentage Yield. | ||
*Annual Percentage Yield (APY) of 12/1/20. No minimum balance required to open Surge Money Market. Interest will be paid monthly on balances within each tier and in a blended fashion. The Surge Money Market is a variable rate share product with no set term. Limit one Surge Money Market Account per membership. Rates subject to change.
Momentum Money Market Account
Advantages
- As your balance increases to a new tier so does your interest rate
- A good option for members with a little extra money to deposit
- No minimum balance fee
- Ideal for long term savers who are considering a CD, but might need access to those funds before the CD matures
Momentum Money Market Rates
| Amount | Interest Rate | APY* |
|---|---|---|
| $2,500.00 - $49,999.99 | 0.100% | 0.10% |
| $50,000.00 - $99,999.99 | 0.100% | 0.10% |
| $100,000.00 - $249,999.99 | 0.200% | 0.20% |
| $250,000.00 - $499,999.99 | 0.250% | 0.25% |
| $500,000.00 - $1,000,000.00 | 0.300% | 0.30% |
| Rates accurate as of Oct 01, 2022 | ||
| *APY = Annual Percentage Yield. | ||
*Annual Percentage Yield. Rates are variable and subject to change without notice after account is opened. By federal regulation, some restrictions may apply.
Money Market FAQs
Rates are subject to change at any time. Please refer to the rates tables on this page for the most up to date interest rates.
The Surge account is considered a reverse money market. The interest rate is higher on lower balances and decreases as your balance increases. It’s ideal for people who don’t have a large sum of money to establish savings habits.
There are no minimum balance fees on the Surge account.
The Momentum Money Market account is a tiered interest money market account with higher interest rates than a TIMM, but with the same flexibility of a TIMM account.
There are no minimum balance fees on the Momentum account, but you won’t earn interest on balances below $2,500.
- The Momentum Money Market account is geared towards higher interest rates on balances over $50,000, while the Surge pays a higher rate of interest on lower balances, as low as one dollar!
- A member can have two Momentum accounts, but only one Surge account.
Other High Yield Savings Options
Certificate of Deposit (CD)
A certificate of deposit (CD) is an easy way to earn a return on your deposited funds with a wide range of terms to choose from.
Benefits Checking
With our free Benefits Checking account you earn 3.00% APY* on your average daily balance, and receive ATM fee reimbursements.
Honor Investment Services
If you’re planning for retirement, for college, or a large future event, our team at Honor Investment Services can help set you up for success!
Tips To Save Money
We know it’s not always easy to build up your savings account, so we have included some helpful tips and tricks from our blog to help you reach your savings goals.
3 Ways To Stick With Your New Year’s Resolution of Saving Money
Learn how to set a realistic savings goal, how to prioritize saving money, and how to choose the right account to build your savings throughout the year.
Get Your End-of-Year Financial Health Checkup
From an overall budget review to managing debt, our partners at GreenPath Financial Wellness will review your financial fitness and provide steps for improvement.
Tips For Smart Black Friday Shopping
Whether you’re planning to shop in store or online, these Black Friday shopping tips will help make sure that you get the most out of your holiday budget.
^Annual Percentage Yield (APY) accurate as of 3/1/21. Your interest rate and APY will be based on the balance in your account. Rate is variable and may change after account is opened. Fees can reduce earnings. Insured By NCUA.
