Our Money Market Plus account provides you with a higher interest rate, but still allows you easy access to your money.
Money Market Plus Account
Details
- Earn 1.00% APY on balances up to $50,000 and 0.50% APY on balances over $50,000
- Interest compounded daily and paid monthly
- Enjoy flexibility with enhanced access to funds including direct check writing
- Unlimited in-person withdrawals
- 6 free transfers or withdrawals per month*
- Avoid $15 monthly service fee by maintaining a $2,500 minimum daily balance
- Free online banking
- Free mobile banking
- Free eStatement ($4 for paper statements)
- Online bill pay available
- $2,500 minimum deposit in new money (funds not already on deposit at Newton Federal Bank)
- Only one account per Social Security number
*No more than 6 transfers and withdrawals, per statement cycle, to another account of the depositor at the same institution or to a third party by means of a preauthorized, automatic, telephone, order of instruction, check, draft, or similar order. There will be a $5 excessive withdrawal fee for any additional debit transactions. If transfer or withdrawal limit is exceeded, customer will receive notification. After 3 notifications, the money market plus account will be closed and converted into a checking account. Rates may change after account opening. APY accurate as of 07/20/2020. Fees may reduce earnings.
Balances up to $50,000 receive APY of 1.00%; and balances over $50,000 earn .50% interest rate on the portion of balance over $50,000, resulting in a range from 1.00% to .70% APY depending on the account's balance (assuming an average balance of $125,000)
Dormant Account Information - Savings accounts are dormant if for two years you have had no communication with us about your account. There is a charge of $5.00 per month once the account is dormant.
New Money Required - Funds not already on deposit at Newton Federal Bank.