Money Market Account
A safer savings alternative
A Money Market Account is like a higher-earning savings account that pays interest on a regular basis. Because funds are safe, secure and accessible anytime, these accounts are popular when you want to build an emergency fund, save for a specific purchase or balance your portfolio without taking on investment risks.
- Unlimited in-person withdrawals and transfers
- Overdraft Transfer available
- Wire Transfer Service available
- Money Market deposits up to $250,000 insured by Federal Deposit Insurance Corporation (FDIC)
FAQs
Yes — after opening the account (minimum $100), you must maintain at least $2,500 daily to begin earning interest, with a 30-day grace period to reach that level.
Interest rates are tiered — earning higher yields on larger balances — compounded daily and credited monthly. For current tier details, please visit our rates page.
There are no limits on deposits and funds are fully accessible. However, there is an excessive transfer fee for 6 or more withdrawls.
No monthly service fee if minimum balance requirements are met. However, there is an excessive transfer fee for 6 or more withdrawls. Click here to see our fee schedule.
Related Resources
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1 Interest rate and annual percentage yield may change. At our discretion, we may change the interest rate daily. Fees may reduce earnings. Rate may change after account opening.
2 APY = Annual Percentage Yield.
All promotional offers, products and services offered by Carter Bank are subject to updates, modifications and/or termination at any time after account opening.
Carter Bank is a full-service financial institution with locations throughout Virginia and North Carolina.