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For example, if you have $150,000 in checking, $100,000 in savings and $50,000 in a money market account, then that’s a total of $300,000 at a single FDIC-insured financial institution.
A money market account covered by FDIC insurance is protected up to $250,000 per depositor, per insured bank for each account ownership category, according to the FDIC.
Here's how FDIC national deposit rates on a $10,000 minimum deposit compare between September and October 2024 on traditional low-interest deposit accounts. ... Also called a money market savings ...
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
Financial institutions that offer the service can place the deposits received from their customers into interest-bearing savings accounts at other FDIC-insured banks in the Network. [ 1 ] The provider of the Insured Cash Sweep is IntraFi Network (formerly Promontory Interfinancial Network ), which is based in Arlington Virginia . [ 2 ]
The FDIC insures up to $250,000 of deposit products (like CDs, savings accounts, and money market deposit accounts) held in all retirement accounts you have at the same bank.