Money Market* Accounts

A money market account is a type of savings account that allows you to write checks and accumulate and hold your money while earning interest on your funds. Money market accounts are insured by the FDIC to the maximum extent permitted by law. At Scottrade Bank, you can open a money market account with a low minimum deposit, and interest is accrued daily and paid monthly on balances of $100 or more. To view the interest earned on your account, hover on the Banking tab and click Bank Account List.

Compare to Other Accounts

Like other savings accounts, money market accounts differ from checking accounts in that a limit is placed on the number of withdrawals you can make within a given statement cycle. Cash withdrawals can be made using your Scottrade Bank® ATM/debit card wherever Mastercard ATM cards are accepted. Unlike a savings account, however, checks can be issued for money market accounts at a discounted rate, and this type of account is eligible to use Scottrade's online Bill Pay service.

Account Type/ Services Interest Eligible Check Writing Direct Deposit
ATM/Debit Card
Electronic Bill Pay
Checking   X X X X
Interest Checking X X X X X
Savings* X   X X  
Money Market*
X X X X X
CDs** X        


Money Market Deposits & Withdrawals*

Your money market account will be limited to 6 withdrawals* per statement cycle, including bill payment transactions and check withdrawals. This limit does not include ATM withdrawals. For more information on the withdrawal or deposit of funds to your Scottrade Bank Money Market Account, visit the Knowledge Center.

*

Federal law limits the number of certain withdrawals on any savings account or money market account to 6 per month. Withdrawals at ATMs are not subject to federal limits.

**

Early withdrawals are subject to penalties.  Fees could reduce earnings.