|
|
Money Market Accounts
Contents:
See also:
Money Market Account Description
First Financial's Guarantee Plus Money Market is an account where you deposit funds
and earn a dividend rate that is equal to or
higher than that paid on our regular Share Savings account. At the same time, you are not locked
into a fixed term or fixed rate as you would be if you had purchased a share certificate.
This account is ideal for members who are willing to give up the security of a fixed interest
rate in order to have accessibility, without penalty, to their funds.
A minimum balance of $5,000 must be maintained in the Money Market account. If the balance
falls below $5,000, the account will earn our regular Share Savings
dividend rate. Dividends are calculated and
compounded on a daily balance and are paid monthly.
Features
Easy access to funds without an early withdrawal penalty. Earn a higher dividend rate than our regular Share Savings account. The minimum initial deposit is $5,000. 3 free withdrawals are allowed per month, each a minimum of $500. There is a $5.00 charge
for each additional withdrawal in any month. Withdrawals are allowed by check, through audio response or through OnLine Teller. ATM access is
not available for this account.
Restrictions
- Money market accounts cannot be used to secure a hypothecated loan (share loan).
- Money market accounts may not be used as overdraft protection for any other accounts.
Money Market Application Form * (Requires Adobe Acrobat)
Differences Between Money Market, Money Manager and Share Certificates:
| Money Market |
Money Manager |
Certificate |
| High Variable rate |
Higher Variable rate |
Highest Fixed rate |
| $5,000 minimum deposit |
$20,000 minimum deposit |
$500 or $2,000 minimum deposit |
| No term |
No term |
Fixed term: 6,12, 18, 24 or 36 months |
3 withdrawals allowed per month
$500 minimum |
1 withdrawal allowed per month
$500 minimum |
No withdrawals allowed without closing the account |
| $5.00 fee for each withdrawal over 3 per month |
$10.00 fee for each withdrawal over 1 per month |
90 or 180 days interest as the early withdrawal penalty |
| Cannot be used for a hypothecated loan |
Can be used for a hypothecated loan |
Can be used for a hypothecated loan |
For fees and conditions for these accounts refer to the Important Policies
and Schedule of Fees
|
