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The Money Market Account is an account that requires a minimum of $2 million in order to earn a dividend. Dividends will progressively increase depending on the amount deposited. There are no limits on deposits; however, withdrawals are limited to three per month. Excess withdrawals will be subject to penalty. Money Market Account rates and calculations are as follows:
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Dividend rate: the dividend rate is a tiered structure. The dividend rate earned each day will be the balance weighted average of that day’s tiered rates. The account will have the following tiers: <$2.5 million, $2.5 million +, $5 million +, $10 million +, and $30 million +. Rates will be published by approximately 3:00 pm CT each business day. The dividend rate for a non-business day is the same as the previous business day.
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Dividend payment: dividends are paid and posted on the last business day of the month.
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Dividend calculation: dividends are calculated on an actual (365-day) basis.
The Money Market Account offers higher yields on liquid funds. Deposits have no minimum duration. As an added benefit, the Money Market Account offers tiered rates; giving members the capability to invest and earn more.
For more information regarding the Money Market Account, please contact the Investment Department. |