What is the difference between a Savings Account and a Money Market savings Account?
While both the Savings Account and the Money Market Savings Account are FDIC insured, there are three major differences between the two accounts. The first difference is the difference in minimum balance requirement. For a Savings Account, the minimum balance requirement is only $50 if you currently have a checking account with Gate City Bank, or $200 if you do not have a Gate City Bank checking account. For children under 18 years of age, there is no minimum balance requirement. Our Money Market Savings Account has a minimum balance requirement of only $500. The second difference is in interest earned. Money Market Savings Accounts have a higher minimum balance requirement, but will earn a higher interest rate than a Savings Account. Click here to view our current rates for Savings Accounts and Money Market Savings Accounts. The final difference is free checks are provided to access your funds on Money Market Savings Accounts. Checks are not available on Savings Accounts.
Related Questions
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