Redwood Credit Union offers three money market options: Money Market Growth, Performance Money Market, and Premier Money Market. The best fit depends on how much money you have available to deposit and whether you can meet the relationship requirements.
Which money market could help me earn the most?
Answer: If your main goal is maximizing earnings, the Premier Money Market may be the best choice if you can meet the higher initial deposit and qualification requirements. If you want a lower opening balance and simpler requirements, the Money Market Growth account may be a better fit.
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APY: The Premier Money Market has the highest APY,1 followed by the Performance Money Market, and then the Money Market Growth.
Opening balance: The Premier Money Market requires $2,500 to open and earn dividends, while the Performance Money Market and Money Market Growth accounts both require only $100 to open.
Qualifications: The Premier and Performance accounts require more account activity and deeper relationships with RCU. Read below for more details.
How do I qualify for the Performance Money Market and Premier Money Market accounts?
Answer: The Performance and Premier Money Market accounts both require an active RCU checking account and one additional "qualifying relationship," but the Premier Money Market has additional relationship criteria. Performance and Premier Money Market accounts also have different minimum balance requirements.
The Performance Money Market requires you to have a minimum balance of $100 to open the account and earn dividends, an active RCU checking account (with at least 3 transactions per month, not including 24-Hour Telephone Teller, fee, or dividend posting transactions), and one additional qualifying relationship (see below).
The Premier Money Market requires you to have a minimum balance of $2,500 to open the account and earn dividends, an active RCU checking account (with at least 3 transactions per month, not including 24-Hour Telephone Teller, fee, or dividend posting transactions), an active RCU credit card (with at least 10 monthly transactions or $500 or more in advances), and one additional qualifying relationship (see below).
The qualifying relationship can be a monthly digital deposit of $500 or more, an active RCU loan, $5,000 or more invested with Redwood Wealth Management2 or an active property and casualty insurance policy.3 A digital deposit is a deposit made via ACH, mobile deposit, ATM, or wire to your RCU account.
Do RCU money market accounts have fees or transaction limits?
Answer: No. RCU money market accounts have no transaction, monthly, or minimum balance fees. That means more of your money is available for earning dividends if minimum balance requirements to earn the advertised dividend rate are met. And there are no penalties or restrictions on accessing your funds. You have access to your money whenever you need it.
Key features
No fees so you keep more of what you earn in interest
Unlimited access to your money money whenever you need cash
Please contact us if you need help comparing the three money market options or deciding which one fits your goals best.
Disclosures
1APY = Annual Percentage Yield
2The financial professionals at Redwood Wealth Management are registered representatives with LPL Financial (LPL), a registered investment advisor and broker-dealer (Member FINRA/SIPC), and offer securities and advisory services through LPL Financial (LPL). Insurance products are offered through LPL or its licensed affiliates. Redwood Credit Union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using the name Redwood Wealth Management and are employees of Redwood Credit Union. Redwood Credit Union has engaged LPL to offer these products and services through LPL or its affiliates, which are separate entities from, and not affiliates of, Redwood Credit Union. Securities and insurance offered through LPL or its affiliates are:
Not Insured by NCUA or Any Other Government Agency
Not Credit Union Guaranteed
Not Credit Union Deposits or Obligations
May Lose Value
Redwood Credit Union ("Financial Institution") provides referrals to registered representatives of LPL Financial LLC (“LPL”), who are employees of the Financial Institution pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
3Insurance products are not deposits of Redwood Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Redwood Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Redwood Credit Union need not be purchased from Redwood Credit Union and may be purchased from an agent or an insurance company of the member’s choice. RCU Insurance Services is a wholly owned subsidiary of Redwood Credit Union. Business conducted with RCU Insurance Services is separate and distinct from any business conducted with Redwood Credit Union. License no. 0D91054. NPN no. 7612227.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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