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NerdWallet’s Top Picks for Credit Union Money Market Accounts

Feb. 25, 2013
Personal Finance
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A money market account lies somewhere between a checking account and savings account. Like a savings account, a money market account is a deposit account that allows limited withdrawals and earns interest at a higher rate than most savings accounts. Like a checking account, a money market account allows some check writing abilities, though generally not as much as a regular checking account. Money market accounts typically are best for people who have large savings and can maintain a high minimum balance to avoid fees. It could be the best option if you have a large, set amount in your savings account and would like semi-regular access to your funds, as well as good interest.

Better selection at credit unions

If you are interested in a money market account, credit unions are great places to start looking. Credit unions tend to be more up-front about fees and can usually offer a better interest rates than banks. We’ve found credit unions from coast to coast that offer limited-to-no fee money market accounts with great interest rates. Make a risk-free investment at one of our top picks for credit union money market accounts.

Franklin Mint Federal Credit Union – Broomall, PA

Franklin Mint Federal Credit Union’s Money Market Account more than meets you halfway. There are no minimum balance requirements or monthly service fees, and tiered interest rates increase with your balance. You’ll find better interest than a savings account, and your money can be accessed at any time. Internet banking is free, though you are only allowed 6 electronic transactions per month. Franklin Mint Federal Credit Union has branches in more than 30 locations in the Delaware Valley, Pennsylvania. Membership is open to those who work or live in the Borough of West Chester, the City of Chester, and selected areas in Norristown, Southeastern Delaware County and Northern New Castle County, Pennsylvania.

Florida Credit Union – Gainesville, FL

Florida Credit Union offers the Smart Money Account for people who want to see their money multiply. You get free checks, unlimited free ATM transactions when your balance is over $2,500, and no per-check charges. You’ll also earn a competitive interest rate when your balance reaches $2,500, and the rate increases as you deposit more. You are allowed 6 transactions per month, 3 of which can be by check. Florida Credit Union has branches in Ocala, Gainesville, Starke and Lake City, Florida. Membership eligibility information is available here.

RTN Federal Credit Union – Waltham, MA

RTN Federal Credit Union has a money market account for people who not only want to save, but also want to see their money grow. Their Money Market Account offers competitive interest on a minimum balance of $2,500, unlimited in-person withdrawals and no monthly fees.  You can make 6 electronic transactions per month. RTN Federal Credit Union has branches in Waltham, Amesbury, Brookline, Danvers, Dorchester, Lawrence, Marlborough and Tewksbury, Massachusetts. Membership eligibility information can be found here.

Mazuma Credit Union – Kansas City, MO

At Mazuma Credit Union, money market equals Money Maximizer! Their Money Maximizer account has everything you could want in a money market account: no fees, tiered interest on all balances over $1,000 and unlimited in-branch transactions. Transactions done outside a branch are limited to 6 per month. Mazuma Credit Union has branches in Kansas City, Gladstone, Lees Summit and Raymore, Missouri. Membership is open to federal employees and residents of Jackson, Cass and Clay counties, Missouri.

Achieva Credit Union – Dunedin, FL

If you’re looking for flexibility in your money market account, Achieva Credit Union is the place to go. Their money market accounts offer better rates than their savings accounts, and you don’t have to lock up your money for a predetermined amount of time, like with a CD. As a bonus, there is no withdrawal penalty on the accounts. The Regular Money Market account earns interest on balances of $2,000 or more, while Premier Money Market earns interest on balances of $25,000 or more. Achieva Credit Union has branches in Dunedin, Clearwater, Largo, New Port Richey, Palm Harbor, Pinellas Park, Sarasota, St. Petersburg, Tampa and Venice, Florida. Membership is available to those who live or work in Charlotte, Collier, Hernando, Hillsborough, Lee, Manatee, Pasco, Pinellas and Sarasota counties, Florida.

USC Credit Union – Los Angeles, CA

USC Credit Union has a Money Market account that is hassle-free. The account has no fees and earns interest on any balance, but if you have more than $2,500 in your account, you’ll get better rates. The account offers access to 28,000 fee-free ATMs, free bill pay and free eStatements. USC Credit Union has 3 branches on the USC campus. Membership eligibility information can be found here.

Riverset Credit Union – Pittsburgh, PA

With their Money Market account, Riverset Credit Union gives you the interest you deserve. With a $2,500 initial deposit, you get check writing abilities and 6 withdrawals per month. You must maintain the $2,500 balance to receive the great interest rate, but the more you deposit, the better the interest rate you get. Riverset Credit Union has 2 branches in Pittsburgh, Pennsylvania, and membership is open to those who live, work, worship or attend school in Allegheny, Beaver and Butler counties, Pennsylvania.

Ventura County Credit Union – Ventura, CA

Ventura County Credit Union gives you a real bang for your buck with two money market accounts. Money Market Access offers 6 transactions per statement period and competitive interest for balances of $2,500 or more. Better yet, even if your balance drops below $2,500, you’ll still earn interest down to a $500 balance. If you have a bit more money in your account, Money Market Maximizer gives you one of the best interest rates around on balances over $100,000. Ventura County Credit Union has branches in Ventura, Oxnard, Camarillo, Thousand Oaks and Simi Valley, California. Membership is open to residents of Ventura and Santa Barbara County, California.

Purdue Federal Credit Union – West Lafayette, IN

With Purdue Federal Credit Union’s Money Markets account, you get a safe and easy way to save your money. You can open the account with a $2,500 deposit, and you get competitive interest rates. You get 6 withdrawals per month, 3 of which can be by check. Purdue Federal Credit Union also offers the IRA Money Markets account, which you can open for $25, and it also offers competitive interest rates. Purdue Federal Credit Union has branches in Lafayette, West Lafayette, La Porte and Westville, Indiana. Membership is open to students, faculty, staff and communities where Purdue University and its regional campuses operate.

Eastman Credit Union – Kingsport, TN

Eastman Credit Union wants you to make the most out of your money. Their IMMA Advantage money market account has no minimum balance requirement or monthly fees. There are no minimum amount requirements for withdrawals or deposits, and your first order of checks come free. Not to mention, you get a great interest rate and 6 withdrawals per month. Eastman Credit Union has branches in Johnson City, Kingsport, Jonesborough, Gray, Blountville and Bristol, Tennessee. Membership details can be found here.