Why a Money Market Draft Account?
If you are looking for a safe place to deposit a large chunk of money that you may, or may not, need in the immediate future, a Money Market Draft Account could be just want you are looking for. This account is an ideal savings account for emergencies. It allows fewer withdrawals, but you’ll earn a higher interest rate than a basic savings account. Funds can be drawn from this account type by making cash withdrawals, transfers, or writing checks.
Frequently Asked Questions
It is worth considering if:
- You want to deposit a large amount of money and earn interest, with the peace of mind that it is insured.
- You need access to your funds in case of emergency (as opposed to investment funds that are not easily accessible).
- You want the option of earning higher dividend rates than a standard checking or saving account.
- Does your credit union or bank’s money market account have a high interest rate?
- Is the minimum balance reasonable?
- Does the account offer check-writing or transfers?
- Can you easily access the funds?
- Are there monthly fees?
The minimum balance required to open a Money Market Draft Account is $500. Additionally, you must maintain a daily minimum account balance of $500 or more to earn interest.
Viriva Money Market Draft Account Features
- Low minimum balance of $500 to earn dividends
- Immediate access to your money by writing a check,
cash withdrawal, or account transfer
- Your money is federally insured by NCUA up to $250,000
- Access funds six times per month penalty free
- Earn a higher dividend rate than our standard
Savings or Checking accounts
- Request to receive 50 FREE starter checks