Deciding where to keep your savings to maximize earnings potential? Consider Money Market Accounts and Certificate Accounts. Both options earn a higher rate than a Basic Savings Account, but each has unique benefits. Here’s how to decide which fits your needs.

What is a Money Market Account?

A Money Market Account combines a higher annual percentage yield (APY) with convenient access to your money. At Grow Financial, Money Market Accounts earn dividends using a tiered rate structure, so higher balances can qualify for higher rates. There’s no minimum balance required to open or start earning dividends, and you can make deposits, withdrawals and transfers, or access funds by check.

Flexibility makes a Money Market Account a helpful option when you’re building savings you may need to access, such as an emergency fund, down payment or money for a large purchase.

Benefits of a Money Market Account

• Easy access: Your funds remain available when you need them with no penalty for withdrawals.
• Dividend earning: Your balance earns dividends, with higher rates available at higher balance tiers.
• No minimum balance: At Grow, there’s no minimum balance required to open the account or begin earning dividends.

What is a Certificate Account?

A Certificate Account is designed for money you can leave untouched for a set period of time. You choose a term, deposit your funds and earn a fixed return when you hold the certificate to maturity.

Because you’re committing your money for a specific term, Certificate Accounts generally offer higher APYs than traditional savings or Money Market Accounts. Grow offers Certificate Account terms ranging from six months to five years, with a $500 minimum opening deposit.

Benefits of a Certificate Account

• Competitive returns: Certificates often offer higher APYs in exchange for leaving funds deposited for the term.
• Flexible term choices: Select a term that matches the timeline for your financial goal, with options from six months to five years.
• Predictability and safety: A fixed rate makes it clear how your savings will grow by the end of your chosen term. Try our certificate calculator to find out exactly how much you’ll earn.

Money Market vs. Certificate: How do you choose?

Think about when you’ll need your money.

If quick access matters (such as an emergency fund), a Money Market Account offers the flexibility you need. If you have money that you’re comfortable setting aside for a specific period, a Certificate Account will enable you to take advantage of the most competitive rate.

You don’t necessarily have to choose just one. Depending on your goals, keeping accessible savings in a Money Market Account while placing longer-term savings in a Certificate Account can give you a balance of flexibility and earning potential. You can even open multiple certificates as part of an intentional certificate laddering strategy.

Ready to start saving?

Open an account

---

Posted In: General | Savings