A money market account is a deposit account with a bank that lets you earn a interest rate on your balance — typically higher than the average savings rate.
Many Money market accounts differ from high-yield savings accounts, because they usually give you access to your money with checks or a debit card, so you can make deposits or withdrawals using an ATM. Withdrawals and transfers are typically limited, though, which is similar to a savings account.
Unlike most checking accounts, a money market account usually earns interest at a higher rate. An average money market account can yield a greater interest rate than an average checking account, making it an attractive option for those who want to make their money grow.
How to Open a Money Market Account
You can open a Quontic Money Market Account1 online in just a few minutes. Just follow these steps:
- Visit our Money Market Account page. (There you can see the current interest rate.)
- Review the page and click on “Get Started” to access the online account opening platform
- Fill in details about yourself (name, email, etc.) to verify your identity.
- Deposit a minimum of $100 from an existing Quontic Checking or Savings account, or via transfer from another bank account.
That’s it! Once your account is active, you’ll receive your Quontic Bank Mastercard® debit card within 10 days. You can use the card for point-of-sale transactions or ATMs; you’re just limited to six withdrawals or transfers every statement cycle.
Why Open a Money Market Account Now
Typically, the main benefit of a money market account is the interest you can earn — and the benefits of interest may increase exponentially over time.
The earlier you open and fund an account, the more you can benefit from compound interest, which means you earn interest today on the interest you earned yesterday that was added to your balance! Although the interest will be compounded daily, it will be credited to the account at the end of the statement cycle. That helps your money grow on its own, no matter what amount you start with or how much you contribute each month.
If your account interest rates are increased — usually because of the Federal Reserve raising its base rate — your balance will grow even faster.
Whether you’ve got $100 or $100,000 to put aside today, putting it into a money market account now may have a positive impact on how much you’ve got saved for the future. The earlier you can put it into an account to start earning interest, the bigger your balance maybe each time interest rates go up.
1Money Market Account is a tiered variable account wherein 2.00% annual percentage yield applies to all balance tiers, which are identified as $0.01–$4.999.99, $5,000.00–$149,999.99 and balances over $149,999.99. Ask for details. Additional terms, conditions, fees & exclusions may apply. Rates may change without notice. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. Minimum opening deposit: $100. Information is as of September 16, 2022.