Money Market

Frequently Asked Questions

What is Royal’s money market account?
A money market account combines features of both a savings account and a checking account. It allows Members to earn dividends on their deposits while maintaining convenient access to their funds for transfers, withdrawals, and other transactions. Royal's Money Market account offers tiered dividend rates, meaning higher balances can earn higher rates.

How is a money market account different from a savings account?
Both money market and savings accounts help Members grow their savings through dividends. A money market account typically provides additional flexibility, including transaction capabilities and optional check-writing privileges, while also offering tiered dividend rates based on account balance.

How is a money market account different from a checking account?
A checking account is designed primarily for everyday spending and transactions. A money market account is designed to help Members earn dividends on funds they want to keep accessible while potentially earning higher rates than a traditional checking account.

Can I lose money in Royal’s money market account?
No. Money market account funds at Royal are held in a deposit account and are not subject to market investment risk. Deposits are federally insured by the National Credit Union Administration (NCUA) up to $250,000.

Do I need a minimum balance for Royal’s money market account?
No. Royal's money market account does not require a minimum balance and does not charge a monthly maintenance fee.

When should I choose a money market account instead of a certificate?
A money market account may be a good choice if you want ongoing access to your funds while earning dividends. Members who are comfortable setting money aside for a fixed period may want to compare a certificate, which may offer different rate opportunities depending on the selected term.

When should I choose a Money Market account instead of a high-yield savings account?
Both money market accounts and high-yield savings accounts are designed to help your savings grow through competitive dividend or interest earnings. A money market account may be a good choice if you want to earn dividends while maintaining convenient access to your funds through optional check-writing privileges. If your primary goal is maximizing earnings and you don't need transaction features, a high-yield savings account may also be worth considering. Comparing rates, balance tiers, and account requirements can help you determine which option best fits your savings goals.