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Money Market Accounts Explained: How They Work and Why You Might Need One

Accounts, Banking

When it comes to saving money, you have plenty of options—traditional savings accounts, certificates of deposit (CDs), and money market accounts (MMAs). But what exactly is a money market account, and how does it work? Let’s break it down.

What Is a Money Market Account?

A money market account (MMA) is a versatile bank account that blends the best of a savings and checking account. With a Money Market account, you get:

  • Higher interest rates than traditional savings accounts, helping your balance grow more efficiently
  • A limited number of check-writing options for added flexibility when needed
  • Convenient debit card access for everyday use

How It Works

When you deposit into an MMA, your financial institution invests your money in low-risk, short-term securities. You earn competitive, variable interest, compounded monthly.

Key Features

Minimum balance & fees:

  • $2,500 minimum opening deposit
  • $15 monthly fee, waived with a $2,500 minimum balance

Withdrawal limits:

  • Up to 6 free withdrawals per month, $20 fee for additional transactions

FDIC insurance: Your funds are insured up to legal limits.
(Click HERE for more details)

Benefits of Texas First’s Personal MMA

  • High-yield savings with competitive interest rates
  • Liquidity & accessibility: Write checks, access debit card or online/mobile banking
    anytime
  • Safety & reliability: Enjoy FDIC protection paired with structured, limited withdrawals

Is This Right for You?

A Personal Money Market account at Texas First is ideal if you:

  • Want to grow your savings with above-average interest
  • Prefer easy access through checks, debit card, or mobile banking
  • Can maintain a minimum balance of $2,500 to avoid fees

Why Choose Texas First Bank?

  • Open in Minutes: Start saving quickly and conveniently with Texas First’s seamless online setup
  • Track your account: Free online & mobile banking let you monitor balances, deposit funds, and manage transactions on the go
  • Growing with you: Higher balances mean higher interest rates, encouraging consistent savings habits

Ready to Get Started?

Open your MMA today:

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