Where to Open a Money Market Account in PA
Pennsylvania business professionals might consider a money market account because it provides a higher interest rate than traditional reserves, is conducive to long- and short-term financial goals, and allows organizations to manage cash more effectively. Where can you open a money market account in PA?
Businesses can establish money market accounts through reputable banks and credit unions. Each institution offers different savings options with various minimum balance requirements and annual percentage yields (APYs).
Where Can I Open a Money Market Account in PA?
These four places to open a money market account in PA are the top financial institutions in the state and are worthy of consideration.
First Commonwealth Bank
First Commonwealth Bank has a Hometown and Relationship Money Market account. You must deposit at least $1,000 to open either savings fund. Likewise, each has a $3 monthly maintenance charge waived when you maintain the minimum balance. The bank allows only six transfers or checks on this account per month.
You can utilize digital banking tools from your laptop, tablet or smartphone to deposit money using the Mobile Deposit feature. First Commonwealth Bank also has 55,000 fee-free ATMs, so you can access your funds without being charged.
PSECU
PSECU requires a $2,500 minimum deposit to establish a business money market account. It uses a tiered-rate system to determine how much interest you earn in dividends. For instance, a balance of $500 and $4,999.99 has a 2.50% APY and 2.47% dividend rate. Meanwhile, $50,000 to $99,999.99 has a 2.75% APY and 2.72% dividend rate.
Account holders can earn interest four times faster than the national average. This credit union also eliminates long-term commitments and allows you to add or move money easily. Additionally, you can enroll in the no-fee Overdraft Protection Transfer Service to protect your savings.
Citizens Bank
Citizens Bank offers a Personal Money Market, Citizens Quest Money Market and Citizens Private Client Money Market account. All include a $0 monthly charge — you must have at least $2,500 to waive the $10 fee with a Personal Money Market fund — and no minimum deposit upon opening. However, the Citizens Quest accounts have a $25,000 baseline to qualify for interest rates.
The Citizens Quest Money Market and Private Client accounts also allow up to 2.75% APY and 3.00% APY with preferred rates, respectively. Access your savings at over 1,000 branches and 3,000 ATMs, or use the Citizens Bank mobile app.
TruMark Financial
TruMark Financial delivers personal and business money market accounts to help you maximize your investments. Your business can earn tiered-rate dividends based on your current balance. For instance, a balance of $2,500 to $24,999.99 has a 0.75% APY and 0.74% dividend rate.
Maintain at least a $2,500 balance to avoid the $10 monthly maintenance fee. You also benefit from six monthly withdrawals or transfers and free checks with limited check-writing privileges. TruMark Financial provides daily compounding of interest and posts results monthly.
What to Look for in a Money Market Account
A money market account pays higher interest rates than a savings account, allowing your finances to grow faster. However, you need a larger balance to achieve this, which is why transactions are limited.
Weigh key features to determine whether a money market account aligns with your financial goals and necessities, such as:
- APY: The annual rate of return on your investment
- Compounding frequency: Daily, monthly or quarterly interest rate compounding
- Minimum balances: How much money you must deposit to open an account
- Additional charges: Monthly service charges, excessive withdrawals, ATM fees, and costs for wire transfers and returned checks
- Transaction limits and accessibility: How often you can withdraw money from your account and the different ways to access funds
Ensure the financial institution is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This guarantees your coverage of up to $250,000 per depositor, institution and ownership category.
Additionally, decide whether branch or digital access best meets your business needs. Secure digital banking platforms enable you to view and manage your funds online. Meanwhile, a brick-and-mortar branch allows you to build relationships, receive personalized guidance and resolve problems quickly.
Regulatory and Insurance Resources for PA Businesses
Pennsylvania businesses must clearly understand the regulatory requirements and deposit insurance with money market accounts. The FDIC and NCUA provide resources regarding nationwide coverage and state-level protections.
The Pennsylvania Department of Banking and Securities also regulates banks and credit unions throughout the commonwealth, ensuring their security and validity.
Adhere to state compliance laws, including filing annual reports and the appropriate taxes, obeying state employment regulations, and acquiring any required licenses and permits. Stay abreast of regulatory changes and maintain your business records as accurately as possible. Consulting with legal and financial professionals is the best way to abide by the rules.
How to Open a Money Market Account in PA
Opening a money market account in PA is similar to opening any other bank account. The financial institution will need your personal information, such as identification, a social security number, your age and residency. Depending on the bank or credit union, you may need to deposit substantial funds to establish this account.
Some places allow you to open a money market account online or ask that you visit a local branch. Once you have opened and transferred money to your account, the institution will provide instructions on how you can access your funds. Remember to always read the fine print and review the terms and conditions beforehand.
Choosing the Best Fit for Your Business
If you are wondering where to open a money market account in PA for your personal and business investments, the commonwealth’s best financial institutions offer excellent APYs, banking features and security. Carefully research and compare options before getting started.
