Frequently Asked Questions
What is a money market account?
A money market account is a type of savings account that typically earns higher dividends than a traditional savings account while still giving you access to your funds. Unlike a CD, your money isn’t locked away for a fixed term, you can withdraw or deposit funds as needed.
How is a money market account different from a savings account?
Money market accounts generally offer higher interest rates than standard savings accounts, especially for larger balances. At AGCU, our money market accounts use tiered rates, meaning the more you save, the more you earn. Both account types are NCUA-insured and keep your funds secure.
What is the minimum balance for a ministry money market account?
AGCU’s standard Money Market Account requires a minimum balance of $2,500 to earn dividends. Our Premier Money Market Account requires a minimum balance of $50,000 and offers higher tiered rates for larger balances.
Are there fees on ministry money market accounts?
There is a $10 monthly fee if your balance falls below $2,500 on a standard Money Market Account, or below $50,000 on a Premier Money Market Account. You also get 6 free withdrawals per calendar month.
Can I withdraw money from my money market account at any time?
Yes! Unlike CDs, money market accounts have no time limits or terms. You can withdraw and deposit funds whenever your ministry needs them. AGCU allows 6 withdrawals per calendar month with no fees.
Is a money market account FDIC or NCUA insured?
AGCU is a credit union, so your money market account is federally insured by the NCUA (National Credit Union Administration) up to $250,000. For larger balances, our Extended Insurance Account offers coverage up to $15 million.
What's the difference between a Money Market Account and a Premier Money Market Account?
Both accounts earn higher dividends than a standard savings account. The Premier Money Market Account is designed for ministries with larger reserves, it requires a $50,000 minimum but offers higher tiered dividend rates that increase as your balance grows.
Who should use a money market account?
Money market accounts are ideal for churches and ministries with larger cash reserves, building funds, or operating reserves that need to remain accessible. If your ministry has more than $2,500 in savings and wants to earn higher returns without locking funds in a CD, a money market account is a great option.
How do I open a ministry money market account with AGCU?
Contact AGCU at 866-508-2428 or reach out online to get started. You’ll need your organization’s EIN, formation documents, and a board resolution authorizing the account. Our team will walk you through the process.