A Money Market Account is a deposit account designed for savers who want to earn interest while keeping access to their funds. It is often used by people who have moved beyond starter savings and want a balance of earning potential and flexibility. It is ideal for customers who want higher earnings than a traditional savings account, check-writing convenience, and flexible transactions while keeping money accessible.
How Capital Bank’s Money Market Account Works
A Money Market Account requires a $1,000 minimum opening deposit. The account uses tiered interest rates based on daily ledger balance, and no interest is paid on balances under $1,000. A $10 service charge applies if the balance falls below $1,000 any day of the cycle.
The account includes six checks per month. It also allows unlimited withdrawals for in-person transactions, ATM transactions, and automatic payments on a Capital Bank loan.
Money Market vs. Savings Account: Main Differences
| Feature | Personal Savings | Capital Bank Money Market |
| Opening balance | Lower minimum opening deposit | $1,000 minimum opening deposit |
| Interest structure | Variable interest account; earns interest on qualifying balances | Tiered interest rates based on daily ledger balance |
| Access | Savings access, subject to account rules | Six checks per month; unlimited in-person, ATM, and Capital Bank loan automatic-payment withdrawals |
| Best for | Starter savings, emergency funds, smaller balances | Larger accessible reserves that can maintain the required balance |
| Service charge consideration | Avoided when required minimum balance is maintained | $10 service charge if balance falls below $1,000 any day of the cycle |
When a Money Market Account Makes Sense
- You have built up savings.
- You want to earn interest without locking funds into a CD.
- You want occasional check-writing access.
- You need a place for a tax reserve, home project fund, emergency cushion, or larger short-term savings goal.
- You can comfortably maintain the minimum balance required to avoid service charges.
When a Personal Savings Account May Be Better
- You are just starting to save.
- You want a lower minimum opening deposit.
- You do not need check-writing access.
- You want a simple account for emergency savings or automatic transfers.
- You may not consistently maintain the higher minimum balance required by a Money Market Account.
Money Market Account vs. Money Market Fund
The names sound similar, but they are different products. A Money Market Account at a bank is a deposit account. A money market mutual fund is an investment product generally offered through a brokerage or investment company. If you are unsure which product you are reviewing, ask whether it is a bank deposit account and whether it is covered by deposit insurance.
FAQ
Is a Money Market Account the same as a money market fund?
No. A Money Market Account at a bank is a deposit account. A money market mutual fund is an investment product generally offered through a brokerage or investment company.
What is the minimum opening deposit for Capital Bank’s Money Market Account?
A Money Market Account requires a $1,000 minimum opening deposit.
Which withdrawals are unlimited on Capital Bank’s Money Market Account?
In-person transactions, ATM transactions, and automatic payments are unlimited.
