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What is a money market call account?

Standard

What is a money market call account?

The Standard Bank Money Market Call Investment Account allows for easy access to your funds if you have a Standard Bank current account. You will receive higher interest rates, the higher your balance is. The interest rates are variable, tiered by balance, paid monthly and calculated daily.

What is the interest rate on a money market call account at Standard Bank?

Nominal interest rate over 12 months.

Balance bands Nominal interest rates
R 20 000 to R 99 999 4,05%
R 100 000 to R 999 999 4,15%
R 1 000 000 to R 19 999 999 4,15%
R 20 000 000 and above 4,15%

Can you withdraw money market at Standard Bank?

You can access your money at a branch teller or by transferring it to a transactional account held with us. If you wish to access your money from a branch teller or do not hold a transactional account with us, we will issue you with a bank cheque.

What is the difference between savings account and money market account?

Money market accounts usually allow you to write checks and use ATM and debit cards for withdrawals, just like checking accounts. With a savings account, you typically have ATM access but can’t write checks. You may need to take money out via electronic transfer or by calling the bank.

How much interest do you earn on a money market account?

You will often find money market accounts that earn according to a balance tier. This simply means that your exact interest rate depends on your account balance, with higher balances usually earning at a higher rate. Average money market rates fall between 0.08% APY and 0.11% APY, again depending on your balance.

What is the difference between call account and current account?

What Is the Difference Between a Call Deposit and a Current Account? A call deposit allows you to earn interest on your money while still having access to it. Call deposits can come with a fixed term. Current accounts do not earn interest and money can be moved in and out, such as for payments, on a regular basis.

How much interest will I earn on a money market account?

Here are the best money market account rates: Vio Bank, APY: 1.03%, Minimum balance to open: $100. Ally Bank, APY: 0.75%, Minimum balance to open account: $0. Sallie Mae Bank, APY: 0.75%, Minimum balance to open: $0. BrioDirect, APY: 0.70%, Minimum balance to open: $100.

How much interest do you get in a money market account?

Is there a minimum balance for a money market account?

The money market account offers a competitive APY, requires just a $100 minimum deposit to open the account and doesn’t charge a monthly service fee.

Can you lose money in a money market account?

Money market funds are not insured by the FDIC or the NCUA, which means you could possibly lose money investing in a money market fund.

What are the disadvantages of a money market account?

Disadvantages of a Money Market Account

  • Minimums and Fees. Money market accounts often need a minimum balance to avoid a monthly service charge, which can be $12 per month or more.
  • Low Interest Rate. Compared to other investments, money market accounts pay a low interest rate.
  • Inflation Risk.
  • Capital Risk.