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January 12, 2023
Save More to Earn More With Money Market Accounts
You’ve got a lot of options when it comes to savings accounts. If you’re looking to earn one of our most competitive rates while maintaining quick access to your money when you need it, check out our Money Market Account — now with a new rate structure.
Basics of Money Market Accounts
Money Market Accounts are versatile savings accounts that earn interest and dividends and provide checking-like perks, including access to checks. Many people use Money Market Accounts to build up an emergency cash reserve, save up for a large purchase or just to hold their liquid savings assets at better rates compared to a Basic Savings Account. With a Money Market Account, you can:
Earn more as you save more with our tiered rate structure.
As you save higher balances, you’ll get a higher rate of return. As of January 2023, our rate tiers have changed to allow quicker access to better rates. (Check out current savings rates.)
Access your funds at any time.
With a Money Market Account, your money is always within your reach, so they’re a great place to save extra cash. You can make withdrawals or deposits at any time, transfer money into or out of the account, and use checks to access your money. Plus, manage your account easily from anywhere with Grow online and mobile banking.1
FAQs About Money Market Accounts
Is my money safe in a Money Market Account?
Yes, your money is quite safe. Our accounts are federally insured by the NCUA up to $250, 000.
Do Money Market Accounts have a minimum balance requirement?
Some financial institutions do have minimum balance requirements, but at Grow, there is no minimum deposit required to open or maintain a Money Market Account. Anyone can start earning dividends on any balance, and you’ll earn more as you save more.
Should I open a Money Market Account or Certificate Account?
Both of these savings options have their advantages. Certificate Accounts usually have the best available rates. The main decision comes down to whether you need ready access to the funds. If so, stick with a Money Market Account. You’ll earn better rates compared to a Basic Savings Account, and you’ll be able to get your hands on your money whenever you need it. If you’re willing to set a chunk of money aside for a specific term while earning the best available rate, you may want to consider a Certificate Account.2 You can lock in today’s competitive rates for a set term from six to 60 months and watch as your money grows. Certificate Accounts do come with early withdrawal penalties, so they aren’t designed to provide quick access to the funds. Learn more about Certificate Accounts.
Ready to start earning more?
Better rates, easy access to your funds and no minimum balance required. What’s stopping you from earning more? Open your Money Market Account today!
Grow Savings Accounts are subject to ChexSystems® approval.
1Additional data charges may apply. Please see your wireless carrier for more information.
2A penalty will be imposed for early withdrawals.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733