Ergo Bank
Updated 1:49 PM CDT, Mon June 30, 2025
Published Under: Banking Money Market
If you’re looking for a safe and flexible way to grow your savings while maintaining easy access to your funds, a money market account (MMA) could be the perfect solution. Money market accounts combine the benefits of traditional savings accounts and higher-yield investments, making them an excellent choice for individuals who want both security and better returns.
But how does a money market account work, and why should you consider one over other savings options? Let’s break it down.
What Is a Money Market Account?
A money market account (MMA) is a type of deposit account offered by banks and credit unions that earns a higher interest rate than a standard savings account while providing convenient access to your money. Unlike a money market fund (which is an investment product), money market accounts are FDIC-insured, making them a safe place to store your savings.
Key Benefits of a Money Market Account
- Higher Interest Rates – MMAs typically offer better rates than traditional savings accounts, helping your money grow faster.
- FDIC-Insured – Your deposits are protected up to $250,000 per depositor, per account type.
- Perfect for Emergency Savings – Keep your cash readily available while earning more interest than a checking account.
How Does a Money Market Account Work?
A money market account functions similarly to a savings account, with a few key differences:
- Deposit Your Money – Just like a savings account, you can deposit funds at any time.
- Earn Higher Interest – MMAs typically offer tiered interest rates, meaning higher balances often earn better returns.
Money Market Account vs. Other Savings Options
| Feature | Money Market Account (MMA) | Savings Account | Certificate of Deposit (CD) |
|---|---|---|---|
| Interest Rate | Higher than a savings account | Standard interest rate | Fixed rate for term duration |
| FDIC Insurance | Yes | Yes | Yes |
| Withdrawal Limits | Limited transactions per month | No limits | Penalty for early withdrawal |
| Best For | Emergency savings, higher returns | Everyday savings | Long-term savings goals |
Why Should You Open a Money Market Account?
A money market account is a great option if you:
- Want to earn higher interest on your savings while keeping your funds accessible.
- Need a safe, FDIC-insured account to store your emergency fund.
- Are looking for a better alternative to a regular savings account without committing to a long-term CD.
Why Open a Money Market Account with Ergo Bank?
At Ergo Bank, our Go Money Market account offers higher interest rates, convenient access, and premium banking features—all in one account.
- Earn More with Tiered Interest Rates – Your balance determines your interest rate, so the more you save, the more you earn.
- $1,000 Minimum Opening Balance – Start growing your savings.
- Checking Account Included – Easily transfer funds between accounts for seamless money management.
- Convenient Access to Ergo ITMs – Withdraw, deposit, or transfer funds anytime with Interactive Teller Machines.
- Combined Statements for Simplicity – View all your accounts in one place for easy tracking and management.
Start Growing Your Savings Today!
A money market account is a smart, flexible way to earn more on your savings while keeping your funds accessible. Whether you’re saving for a rainy day, a big purchase, or future financial goals, an MMA can help you reach your goals faster.
Ready to take the next step? Open a money market account with Ergo Bank today and start earning more on your savings! Stop by one of our branches or ITMs for help.