MADISON, Wis. (12/3/12)--NerdWallet has highlighted 11 credit unions that it says have good and sometimes unique money market accounts.
NerdWallet.com is a personal finance and credit card comparison website launched in March 2010. It delivers recommendations on credit cards, personal finance options, discounts and gas prices. It also reports on credit card industry news and politics while providing financial advice and travel tips. The site's features include tools for comparing credit cards, online stores, gas prices, interest rates and credit unions.
"Just like a savings account, a money market account is a deposit account that pays interest on your balance and limits you to a set number of withdrawals per month," NerdWallet said. "What's different? Money market accounts typically offer higher yields than savings accounts, and many of them give you the ability to write a limited number of checks as well. They'll also require you to maintain a high minimum balance to avoid a monthly fee.
"You'll be happy with a money market account if you already have a high savings balance and want a risk-free, interest-bearing account that allows you to access your money occasionally," NerdWallet added. "If that sounds like you, you know where to go: your local credit union."
NerdWallet singled out these credit unions for having worthy money market accounts:
- Partners FCU, Burbank, Calif.;
- Diamond CU, Pottstown, Pa.;
- Trona Valley Community FCU, Green River, Wyo.;
- Dover (Del.) FCU;
- Space City CU, Houston;
- Landmark CU, Danville, Ill.;
- Ashland (Ky.) CU;
- Penobscot County FCU, Old Town, Maine;
- Chessie FCU, Cumberland, Md.;
- Big Dutch Fleet CU, Holland, Mich.; and
- Linn-Co FCU, Lebanon, Ore.
Several of the credit unions--Trona Valley Community FCU, Landmark CU, Penobscot County CU and Chessie FCU--offer tiered interest rates or tiered accounts.
Also, several of the credit unions offer money market checking accounts.
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