What is a money market account?

A money market account is a type of deposit account that provides benefits found in both traditional savings and checking accounts. Money market accounts typically earn a higher interest rate than savings accounts and allow transactions similar to a checking account. Money market account balances are covered by FDIC insurance up to $250,000, and covered in excess by the DIF.

What’s the difference between a money market account vs savings?

The primary difference between a money market account and a traditional savings account is how you are able to access your money. A money market account allows checking account type transactions such as use of debit cards and ATM withdrawals. Another key difference is that a money market account typically offers a higher interest rate than a traditional savings account because they generally require a higher minimum balance than a traditional savings account.

Is there a penalty for withdrawing money from a money market account?

There is no penalty on withdrawing money from a money market account. Money market accounts allow you to make withdrawals and transfers as often as you need.

MONEY MARKET

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See what BankProv can do for you. Contact our Client Service Team at 877-487-2977, complete the form or visit a branch nearest you to open an account or learn more about our Money Market Accounts.

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Explore BankProv’s Money Market Accounts

	Minimum Opening Balance	Interest Rate	Annual Percentage Yield (APY)	Minimum Balance for APY*	Min. Balance to Avoid Maintenance Fee
Money Market Account	$10.00	0.050% 0.050% 0.050% 0.050% 0.050% 0.100% 0.150%	0.05% 0.05% 0.05% 0.05% 0.05% 0.10% 0.15%	$10.00 - $2,499.99 $2,500.00 - $9,999.99 $10,000.00 - $24,999.99 $25,000.00 - $49,000.00 $50,000.00 - $74,999.99 $75,000.00 - $99,999.99 $100,000.00 & up	$1,500.00
Private Client Money Market Account	$10.00	2.614% 3.494% 3.832%	2.65% 3.55% 3.90%	$10.00 - $999,999.99 $1,000,000.00 - $9,999,999.99 $10,000,000.00 & up	$250,000.00
Prestige Personal Money Market Account	$10.00	3.784% 4.266%	3.85% 4.35%	$0.00 - $999,999.99 $1,000,000.00 & up	$250,000.00
Business Money Market Account	$10.00	0.050% 0.050% 0.050% 0.050% 0.050% 0.050% 0.100%	0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.10%	$10.00 - $2,499.99 $2,500.00 - $9,999.99 $10,000.00 - $24,999.99 $25,000.00 - $49,000.00 $50,000.00 - $74,999.99 $75,000.00 - $99,999.99 $100,000.00 & up	$1,500.00
Private Business Money Market Account	$10.00	2.614% 3.494% 3.832%	2.65% 3.55% 3.90%	$10.00 - $999,999.99 1,000,000.00 - $9,999,999.99 $10,000,000.00 & up	$250,000.00
Prestige Business Money Market Account	$10.00	3.784% 4.266%	3.85% 4.35%	$0.00 - $999,999.99 $1,000,000.00 & up	$250,000.00

*Annual Percentage Yields (APY) are effective as of 6/25/2024 and are subject to change at any time. The APY we pay is based on the tier in which your end-of-day balance falls. Fees may reduce earnings.

Why a Money Market Account?

Our Money Market Accounts are suitable for individuals and businesses looking for a safe place to keep their money while earning a higher return than a typical savings account. They provide a balance between earning interest and maintaining access to funds.

Money Market Account Benefits

Competitive Rates

A competitive tiered interest rate that increases with your balance.*

Flexibility

Enjoy easy access to your funds with check-writing and transfer capabilities.

Fully Insured

Accounts are insured through the FDIC up to $250,000 per depositor, and covered in excess by the DIF.

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Convenience

Manage your accounts effortlessly with our online and mobile banking services.

Personal Money Market Accounts

Take control of your financial future with our personal Money Market accounts. Designed to offer higher interest rates than traditional savings accounts, our Money Market accounts provide the perfect blend of accessibility and growth potential. Enjoy the security of DIF and FDIC insurance, the flexibility of check-writing privileges, and the convenience of easy transfers. Your money works harder for you, ensuring you reach your financial goals faster.

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Business Money Market Accounts

Empower your business with our high-yield Money Market accounts. Our business Money Market accounts are tailored to meet the unique needs of businesses, offering competitive interest rates and the liquidity necessary for managing cash flow effectively. Benefit from higher earning potential on your idle funds while maintaining the flexibility to access your money when you need it. Secure, convenient, and designed for growth—our Money Market accounts are the smart choice for savvy business owners.

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Deposits Insured in Full

We’re a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The FDIC insures each depositor to at least $250,000, and DIF insures the rest. The combination of FDIC and DIF insurance provides full deposit insurance on all of your deposit accounts.

No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF. Learn more about deposit insurance policy at bankprov.com/DIF.

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Your banking needs are unique. We'll work with you to find the right solution.

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Money Market Account FAQs

No, there is no penalty for withdrawing funds from a money market account or any limitations on the number of transactions with BankProv. These accounts offer flexibility, allowing you to make withdrawals and transfers whenever needed, just like other high-interest accounts.

The main difference between a money market account and a traditional savings account is how you access your funds. Money market accounts offer features similar to checking accounts, such as check writing and ATM withdrawals. Additionally, money market account rates are typically higher than those of traditional savings accounts, although they often require a higher minimum balance.

A money market account is a type of deposit account that combines features of both savings and checking accounts. These accounts usually offer higher interest rates compared to savings accounts and allow for transactions like a checking account. Balances in money market bank accounts are insured by the FDIC up to $250,000, with additional coverage available through the DIF.

Yes, businesses can open a money market account. These accounts provide businesses with a way to earn higher interest on their funds while maintaining the flexibility to make withdrawals and transfers as needed.

Yes, you can add to a money market account whenever you like. There are typically no restrictions on deposits, making it easy to grow your savings. Regular contributions can be especially beneficial, given that high-yield money market accounts often offer better interest rates than standard checking or savings accounts.

Yes, money market accounts generally require a minimum balance, which is higher than that for checking or savings accounts. This higher minimum balance allows the account to offer more competitive money market interest rates. The minimum balance varies by institution. Falling below this minimum could result in a monthly maintenance fee.