Bank Accounts
A money market account is a type of savings account that allows you to accumulate and hold your money while earning interest on your funds. Money market accounts are insured by the FDIC to the maximum extent permitted by law. At Scottrade Bank, you can open a money market account with a low minimum deposit, and interest is accrued daily and paid monthly on balances of $100 or more. To view the interest earned on your account, click the Banking tab and view the Interest YTD field on the Bank Account List.
Compare to Other Accounts
Like other savings accounts, money market accounts differ from checking accounts in that a limit is placed on the number of withdrawals you can make within a given statement cycle. Cash withdrawals can be made using your Scottrade Bank ATM/debit card wherever Mastercard ATM cards are accepted. Unlike a savings account, however, checks are issued for money market accounts and this type of account is eligible to use Scottrade's online Bill Pay service.
Money Market Deposits & Withdrawals
Your money market account will be limited to six withdrawals per statement cycle, including bill payment transactions and check withdrawals. This limit does not include ATM withdrawals. For more information on the withdrawal or deposit of funds to your Scottrade Bank Money Market Account, visit the Knowledge Center.
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