Best Money Market Accounts and Rates – April 2020

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A money market account is a type of deposit account that pays interest on deposits and allows withdrawals with some restrictions.

MMAs are offered primarily by banks and credit unions of all sizes, and can be used for short-term or long-term savings.

Some examples of common uses are:

  • Emergency savings
  • Money you’re putting away for a large purchase, such as a car or house down payment
  • Money that’s not currently invested, but will soon be put into stocks, bonds or some other form of investment

MMAs share many features with standard savings and checking accounts. The main differences are that MMAs generally pay higher interest rates, require higher initial deposits and minimum balances, and limit the number of certain types of withdrawals and transfers.

Certificates of deposit, or CDs, also usually pay higher rates than standard savings or checking accounts. However, unlike MMAs, CDs

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Personal Checking Accounts | CIBC US

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1 Qualified Debit Card Purchases are PIN or signature-based point-of-sale (POS) transactions that post to your iCan Checking account during the Statement Cycle. ATM withdrawals, POS cash-back transactions, and POS cash advance transactions are not Qualified Debit Card Purchases. If any portion of a transaction is a POS cash-back or POS cash advance transaction, the entire transaction is not a Qualified Debit Card Purchase.

2 You must be enrolled in CIBC NetBanking and have a supported Mobile Banking device to use Mobile Banking and the Mobile Banking remote deposit feature. For further information, refer to Mobile Banking terms and conditions. Message and data rates may apply. Contact your wireless carrier for details.

3 Fees at non-proprietary ATMs (ATMs not owned by the Bank) charged to your account are refunded up to the stated limits after the fee is charged.

4 Transactions include ATM or pre-authorized withdrawals, People Pay payments,

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Best Money Market Accounts for March 2020

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Despite the many advantages of an MMA, there are a few areas where it can come up short for some. Let’s look at the other side of the coin.

Withdrawal and transfer restrictions — The Federal Reserve places limits on withdrawal and transfer activities for both savings accounts and MMAs. The Fed generally considers these account types to be vehicles for savings, after all, and actively tries to discourage too much fund-draining from them.

It does this through its Regulation D, a rule that prohibits account holders from making more than six withdrawals and/or outgoing transfers per month. Any MMA holder that exceeds that limit is subject to a penalty fee from their bank or other financial institution.

That sounds restrictive and it can be, but it only covers certain types of withdrawals/transfers. These include:

  • Electronic transfers
  • Wire transfers
  • Automated Clearing House (ACH) transfers
  • Transfers by debit card
  • Transfers by
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CIBC Business Bank Accounts

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Available to qualified business clients only.

1 Available to qualified business clients only. Additional fees apply.

Products and their features may change at any time. Get complete information about Business Account Service Fees (PDF, 995 KB) Opens a new window in your browser..

2 Monthly fee applies even if there is no account activity. Other fees may apply to the operation of your account. To learn more, refer to pages 6 to 12 in Business Account Service Fees (PDF, 995 KB) Opens a new window in your browser..

3 Transactions include any debits and credits to your account (excluding CIBC interest credits and fee debits). Debits include, without limitation, withdrawals, cheques, pre-authorized payments, bill payments, Interac Direct Payments, Interac e-Transfer payments, direct deposits and transfers to other accounts. Credits include, without limitation, deposits, pre-authorized payments, bill payments, Interac Direct Payments, Interac e-Transfer payments, and direct deposits and transfers

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Best Money Market Accounts and Rates – March 2020

hafiz cakep

A money market account is a type of deposit account that pays interest on deposits and allows withdrawals with some restrictions.

MMAs are offered primarily by banks and credit unions of all sizes, and can be used for short-term or long-term savings.

Some examples of common uses are:

  • Emergency savings
  • Money you’re putting away for a large purchase, such as a car or house down payment
  • Money that’s not currently invested, but will soon be put into stocks, bonds or some other form of investment

MMAs share many features with standard savings and checking accounts. The main differences are that MMAs generally pay higher interest rates, require higher initial deposits and minimum balances, and limit the number of certain types of withdrawals and transfers.

Certificates of deposit, or CDs, also usually pay higher rates than standard savings or checking accounts. However, unlike MMAs, CDs

Read More

Online Money Market Savings Accounts & Rates

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The Banking Benefits – Deposit Introductory program offers a high yield fixed Introductory Rate during the first 12 statement cycles after opening a new Consumer Money Market Savings account with State Farm Bank. A new Consumer Money Market Savings account means you cannot have an existing Money Market Savings with the same ownership currently open or which closed within the last 12 months. Your Benefit account balance must remain below $5,000,000 to earn the Introductory Rate. If the account balance is $5,000,000 or above, you will earn the Standard Rate on your entire balance. The new Money Market Savings must be a Personal or Trust account. IRA Money Market, Estate, Uniform Transfer to Minors, and Business accounts are NOT eligible.

Read more about Banking Benefits – Deposit Introductory disclosures

The Banking Benefits – Deposit Relationship program requires a Consumer Checking or Interest Checking AND a Consumer Money Market Savings with
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