Money market accounts are a type of deposit account held at banks and credit unions. They’re a savings option that offers a higher yield than traditional savings accounts but generally require a larger minimum account balance. A money market account provides the flexibility of earning monthly dividends, usually without fixed terms or monthly fees.
Most credit unions allow you to make up to six withdrawals per month. Some also allow you to write checks with check-writing privileges on your money market account.
Based on a 0.20% annual percentage yield (APY), $10,000 in a money market account will earn $20 over one year. Money market rates are subject to change over time and may increase or decrease. The more you save in your money market account, the more you will earn.
You can open a money market account by contacting Baton Rouge Telco Federal Credit Union, either through online banking, in person, or by phone. You'll need to meet the minimum deposit requirement of $2,500 for this account.
A money market account typically makes sense if you’re looking for a safe place to store your savings while earning a higher interest rate than a regular deposit account. It’s also a good option if you need occasional access to your funds with minimal fees and no fixed terms.
Money market accounts offer the opportunity to make significant money from dividend payments. The dividends you earn in your money market account are considered taxable income and must be reported on your tax return.
Yes, you must join our credit union to open a Money Market Account. We require all new members to open a regular savings account with a $5 minimum balance.
You can join if you live, work, or attend school in one of these parishes: Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Pointe Coupee, Saint Helena, Tangipahoa, West Baton Rouge, or West Feliciana. Becoming a member opens the door to exclusive benefits and superior service.
Before you begin the balance transfer process, let's get a BR Telco Visa credit card opened for you. We offer two great credit cards to fit your lifestyle. Our credit cards feature no annual fees, no balance transfer fees, and practically unbeatable rates. You can begin your online application here.
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