How to grow wealth in a money market account

At UBT, we believe in the power of strategic savings, and we’re here to help you make the most of your money. We often recommend a money market account for serious savers. A money market account is a versatile tool for growing your wealth, and by understanding how a money market works and maximizing its benefits, you can use this flexible account to reach your financial goals. 

Making the most of your money

Money market accounts are deposit accounts that combine the perks of a checking account (such as check-writing privileges and debit card access) with higher interest rates and the security of FDIC insurance. To earn the best interest rates, you’ll want to make sure you are familiar with the terms of your particular account — more about that below.

Strategic tips for growing your wealth in a money market account

To make the most of your money market account, try following these guidelines:

Save for short-term goals. Whether you’re planning a vacation or building an emergency fund, money market accounts offer higher interest rates and easy access to your money. You can always adjust your goals, but having one in mind makes it easier to keep your eye on the prize.

Compare interest rates. Ensuring optimal growth starts with securing a good rate of return. Shop around for accounts with the best rate before choosing where to stash your cash. 

Maintain the minimum balance. To make the most of your money market account, be sure to keep your balance above the required minimum. This helps you qualify for the best interest rates, so you can maximize your earnings and reach your financial goals sooner.

Keep an eye on withdrawals. When you choose an account, make sure you are aware of how many transactions you’re permitted each statement cycle. Exceeding the maximum allowed can result in additional charges, which can eat into your hard-earned savings. Plus, frequent withdrawals can slow down your progress toward reaching your financial goals.  

Benefit from compounding interest. Regularly deposit funds to maximize the power of compounding interest. This way, you earn interest on both your deposits and the interest already earned.

Automate your savings. Set up recurring transfers to grow your balance steadily. Even small, regular deposits can make a big difference over time. 

Optimize your online tools. By using your bank’s online tools and app, you can track your account activity and see how your money is growing. For example, UBTgo makes it easy to transfer funds and make deposits anytime, anywhere. With just a few clicks or taps, you can move money into your account, set up automatic transfers, and monitor your progress toward your financial goals. (Note: Message and data rates may apply.)

Fun and fulfilling ways to use your wealth

While it’s crucial to have emergency savings, it can be exciting to think about the rewarding ways you can use your savings once you have your basic funds nailed down. Setting financial goals and accumulating wealth opens up a world of possibilities. The income from your money market account can make this new venture possible. Here are some inspiring ideas to consider:

Invest in a hobby. Whether it’s photography, gardening, or learning a musical instrument, investing in a hobby can bring joy and fulfillment to your life. 

Support a cause. This is an opportunity to give beyond your normal budgeted donations. Use your wealth to reinvest in your community or support a charity that you are passionate about. 

Upgrade your home. Consider using your funds for home improvements or renovations that can enhance your living space and increase your property’s value. You could use your smart account gains to make your home smarter!

Plan a dream vacation. Use your savings to explore new destinations, experience different cultures, and create unforgettable memories. 

Celebrate milestones. Whether it’s a wedding, anniversary, or graduation, having extra funds can help you celebrate life’s important moments in style.

Start a business. If you’ve been kicking around an idea for an entrepreneurial venture, your carefully crafted wealth may be just the thing to get you started. 

Why consider a money market account from UBT?

By opening a Value Edge Money Market account from UBT, you can enjoy the benefits of higher interest rates while keeping your money accessible for both planned and unexpected expenses. If you already have UBT accounts (no judgement if you don’t), this account is a perfect complement to our other hardworking accounts, and transferring funds is easy.

Even better? Right now, when you open a new Value Edge Money Market account with at least $10,000 in new money, you can earn up to 3.80% APY* for 12 months on balances of $10,000 or more (0.85% on balances under $10,000). Your money’s not locked in for a specified period of time; in fact, the account offers six free debit transactions per statement cycle ($25 fee for each additional). You can earn premium interest while enjoying the flexibility to access your funds via your Union Bank debit card, check, account-to-account transfers, or even through Zelle®.

Click here to learn more or visit your nearest branch today to get started growing your wealth.