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Money Market

Earn more for your money

Watch your money grow with SCCU’s Money Market Savings. You earn a higher interest rate on your savings, while enjoying flexibility and convenient access to your money.
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Product Features

Terms & Fees
Minimum opening deposit $2,500
Transaction limit 6
Earns interest Yes
Minimum daily balance $2,500
Monthly low balance fee $15
Requires an adult joint account holder No
Monthly service fee None

Money Market Savings Account Interest Rates

Effective Date: October 01, 2020
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Balance Interest Rate APY^
$0 - $2,499.99 0.00% 0.00%
$2,500 - $9,999.99 0.05% 0.05%
$10,000 - $24,999.99 0.07% 0.07%
$25,000 - $49,999.99 0.10% 0.10%
$50,000 - $99,999.99 0.12% 0.12%
$100,000 - $249,999.99 0.15% 0.15%
$250,000 and over 0.20% 0.20%

Minimum average daily balance required for some accounts. Rates are accurate as of the effective date displayed, and they are subject to change. The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365-day period.

There are no transaction limitations on your Money Market Savings account at this time. As of April 24, 2020, the Federal Reserve Board temporarily suspended Reg D until further notice. Fees could reduce earnings on the account.  

Frequently Asked Questions

Credit union money market rates are often among the most favorable. At Space Coast Credit Union, our traditional Money Market Savings account is our highest-earning savings account. View our current Money Market Savings account interest rates.

Yes, but establishing membership is fast and affordable. All members maintain a Share Savings account, the primary account for membership in Space Coast Credit Union. Opening a Share Savings account is fast and easy, and the minimum deposit is just $10. Once you become a member of SCCU, you have access to all of the benefits of credit union membership, including Online Banking and Mobile Banking, free account alerts, great credit union interest rates on loans and savings, and much more.

If you live or work in the counties we serve, it's easy to start earning higher interest on your money with an SCCU Money Market Savings account. Open your account online or over the phone with Express Sales:

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Date: 305-882-5000
  •  All other areas: 800-447-7228

Before getting started, make sure you have your Social Security number and U.S. mailing address handy. You can open your new account with a $2,500 initial deposit.

The minimum deposit is $2,500. This is also the minimum average daily balance that's required to earn an annual percentage yield (APY).

A money market account is very safe. Money market account deposits and earnings are insured by the National Credit Union Administration (NCUA) at credit unions and by the Federal Deposit Insurance Corporation (FDIC) at banks and other financial institutions. The NCUA provides members of Space Coast Credit Union and other federally insured credit unions with a total of $250,000 in coverage for single ownership accounts. The funds in a money market account are also typically invested in lower-risk investments.

To choose the financial institution that's right for you, consider your goals. Are you looking solely for the best money market rates? Or are you hoping to find one place that can meet all of your banking and investing needs? The right fit may be one that can do both. At Space Coast Credit Union, our members enjoy low credit union rates on everything from mortgages to auto loans and competitive earnings on deposit accounts. Because we're member-owned, our focus is on returning profits to our members in the form of enhanced services, lower fees, and better rates that can help them achieve their financial goals.

A traditional Money Market savings account from SCCU combines the convenience and accessibility of a checking account with the interest-earning power of a savings account. You can easily access the funds in your SCCU Money Market account via your free Visa debit card at any of our convenient locations, and may make up to six transactions in any calendar month.

You can manage your account with our free Online Banking and Mobile Banking, and your SCCU Money Market account can also be used for overdraft protection.

A money market account is a type of savings account. Money market rates are typically higher than other types of savings accounts while offering access to funds more easily than many investment accounts. Deposits to credit union money market accounts, such as the Money Market accounts we offer at SCCU, are insured by the National Credit Union Administration (NCUA), a U.S government agency.

A money market account (MMA) may also be referred to as a money market deposit account (MMDA) or money market savings account. Please note that money market deposit accounts are not the same as money market funds or money market mutual funds.

A money market account can be a good choice for keeping six to 12 months of living expenses at hand. Since money market accounts combine some of the best features of a checking account and a savings account, you can earn interest on your money while keeping it accessible for unexpected events or emergencies.

Each has it pros and cons and each may have its place in your overall savings strategy. Here is how they compare:

  • A certificate of deposit (CD) has higher interest rates than regular savings accounts. Because a CD is opened with a fixed annual percentage yield for the entire term of the deposit—which range from six to 60 months at Space Coast Credit Union—it may be a good choice if you want a guaranteed rate of return and don't anticipate needing fast access to your money. The funds in a CD are not available via ATMs, transfers or checks and there are penalties for withdrawing money before the CD's term expires.
  • A savings account offers lower interest rates than CDs or money market accounts, but the funds in a savings account are the most accessible of the three types of accounts.
  • A money market account offers both high yields and safety. The account has higher interest rates than savings or interest checking accounts and offers easier access to funds than a CD. Minimum deposits to open a money market account are typically higher than those of savings accounts and check-writing privileges are limited compared to regular checking accounts.