Can I access my money market account?
Access: Most accounts allow you to write checks or withdraw cash, and some offer a debit card you can use to make purchases. This easy access, combined with a competitive interest rate, is what has traditionally made MMAs unique.
Does SunTrust offer money market accounts?
Suntrust Money Market Account Rates This account at SunTrust Bank is a good way to get used to saving money. There is no interest for the account but there are no monthly fees whatsoever. And you do not need to make any deposits, as long as you get rid of your paper statements that cost $3 per month.
What is the money market rate at SunTrust?
The Annual Percentage Yield (APY) is currently 0.01% for Tiers 1-2; 0.03% for Tier 3; and 0.05% for Tiers 4-9. The Annual Percentage Yields are accurate as of 5/7/2018.
Is a money market account the same as a savings account?
Access differences: The primary difference between a money market account and a regular savings account is how you access your funds. Money market accounts usually allow you to write checks and use ATM and debit cards for withdrawals, just like checking accounts.
How much can I withdraw from a money market account?
six withdrawals
Because money market accounts fall under Federal Reserve Regulation D, banks may limit the number of withdrawals you can make in any one statement cycle — typically up to six withdrawals per month. Exceeding the limit is likely to incur a per-withdrawal fee.
Is money market the same as cash?
Why Is It Called the Money Market? The money market refers to the market for highly liquid, very safe, short-term debt securities. Because of these attributes, they are often seen as cash equivalents that can be interchangeable for money at short notice.
How do I close my SunTrust money market account?
There are a few ways to close your Suntrust account. You can call their customer service number at 1-800-SUNTRUST. Or you can visit a branch in person. If you call them, you will need to answer security questions to prove your identity.
What can I use a money market account for?
A money market account is essentially a hybrid between a checking and savings account. It lets you write a limited number of checks each month and sometimes make debit purchases. And your money will earn a higher interest rate in a money market than it will in a checking or savings account.
How do I close my Suntrust money market account?
How often can you access your money in a money market savings account?
With a money market account, you’re typically limited to six withdrawals and transfers per statement, though some transactions, like in-person withdrawals, don’t count toward this limit.
Should I put my money in a money market account?
If earning the best rate possible on savings while keeping your money liquid is a priority, a money market account could be a good fit for your needs. Safety. Money market accounts can offer safety and security if funds are held at an FDIC-insured bank or credit union.