What is a money market account?

Like a savings account, a money market account is designed for you to save money, and you can make up to 6 withdrawals per month. Money market accounts are insured by the National Credit Union Administration just like our other savings accounts.

The biggest benefit to a money market account over a savings account, however, is that the interest rates are usually far superior. And at Patelco, we’ve got one of the highest rates around.*

At many banks, only accounts with very high balances can enjoy higher savings rates. But at Patelco, we care about every member’s financial well-being, which is why we want to reward every saver. That’s why the first $2,000 deposited in our Money Market Select account earns a very high rate of interest. This an especially good account for building up your emergency savings.

Check out the chart below to see how much you could earn.

See your savings grow

You earn…

On your balance of:

3.00% APY

$0.00 – $2,000.00

2.00% APY

$2,000.01 – $5,000.00

1.00% APY

$5,000.01 – $10,000.00

0.50% APY

$10,000.01 – $50,000.00

0.25% APY

$50,000.01 – $100,000.00

0.20% APY

$100,000.01 – $9,999,999.99

 

For example:

A $5,000 deposit earns a blended APY of 2.40% 

A $10,000 deposit earns a blended APY of 1.70%

A $25,000 deposit earns a blended APY of 0.98% 

Calculate your blended APY on any deposit amount below.

Money Market Calculator

Enter your deposit amount to see how much your savings can earn each year.

($0 - $99,999,999)
Deposit Distribution APY
$0.00 3.00%
$0.00 2.00%
$0.00 1.00%
$0.00 0.50%
$0.00 0.25%
$0.00 0.20%

Enter your deposit amount and see how much you could earn when you move your money to Patelco's Money Market Select Account3.

  • 3.00% APY on balances up to $2,000.00
  • Liquid savings
  • No fees, no minimum balance
  • Dividends paid monthly
  • Free checks
  • Up to 6 withdrawals or transfers per month2
  • Earn up to 3.00% APY
  • No fees, no minimum balance
  • Deposits and withdrawals subject to IRA limitations4

Simple, secure benefits

ATMs

30,000+ Free ATMs Nationwide

30,000+ Free ATMs Nationwide

Find the ATM location nearest you

Find an ATM
Online banking

Online & Mobile Banking

Online & Mobile Banking

Manage your money securely from virtually anywhere.

Discover Mobile Banking
No minimum balance

No Minimum Balance or Fees

No Minimum Balance or Fees

An easy way to make your hard earned money work harder

Direct Deposit

Unlimited Deposits

Unlimited Deposits

More flexibility to grow your savings

Overdraft Protection

Can be used as overdraft protection

Can be used as overdraft protection

No-cost peace of mind for your accounts

No penalty

No Overdraft Transfer Fee

No Overdraft Transfer Fee

With your Money Market account as overdraft protection, there's no transfer fee to replace overdrawn funds.

* Source=Bankrate.com

  1. APY=Annual Percentage Yield. Rates are valid as of 3/20/2019 and are subject to change after account opening without notice. Interest is paid at tier rates on balances within each tier. Total interest paid is the sum from each tier. Blended APY shown assumes the amount entered is held in the account for one year. Withdrawing funds before one year will result in a different realized rate. Blended APY by tier: $0.00 - $2,000.00 is 3.00% APY; $2,000.01 - $5,000.00 is 3.00% - 2.40% APY; $5,000.01 - $10,000.00 is 2.40% - 1.70% APY; $10,000.01 - $50,000.00 is 1.70% - 0.74% APY; $50,000.01 - $100,000.00 is 0.74% - 0.50% APY; $100,000.01 - $9,999,999.99 is 0.50% - 0.20% APY. No minimum deposit required to open an account. Limit one Money Market Select Account and one Money Market Select IRA Account per account number.
  2. The maximum number of checks that may clear is three (3) in any calendar month period. Certain withdrawal limits apply to Money Market Accounts and contributions to and withdrawals from the Money Market Select IRA Account are subject to IRS limitations, be sure to view the Member Handbook and the Money Market Select Handbook Addendum for details.
  3. This calculator is for illustrative purposes only and does not reflect the actual results of any specific deposit amount.
  4. Consult a tax advisor about IRA tax advantages.

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