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Saving for Rainy Day Funds with Money Market Account

a woman outside enjoying a rain storm

When life sends you storms, it’s always nice to have an umbrella to keep you safe and dry. The same is true for your finances. While the ups and downs of life are unpredictable, we can always have a back up plan to protect us when the low times come. While setting up a savings account is a great start, there’s so much more you can do to grow your rainy day fund. With all the different ways to save, sometimes it feels overwhelming to know which one is right for you. What it all comes down to is your financial goals. Let’s take a look at Academy Bank’s money market accounts1 and how you can utilize them to weather life’s storms.

What is a Money Market Account?

Money markets1 function similarly to any other deposit account, but they tend to offer higher interest rates than savings accounts or certificates of deposit. To use one, you simply deposit your money and watch your funds earn interest. As your balance grows, so do your earnings. And because interest earnings compound over time, your savings accelerate, resulting in faster growth.

Are Money Markets good for a rainy day fund?

Money market accounts are all about the flexibility of savings accounts and the high interest of certificates of deposit. A great feature of money markets is that you won’t be penalized when you need to access your savings due to an emergency. While a money market account may seem ideal for a rainy day fund, it may not suit everyone due to certain restrictions that limit its accessibility.

Money Market Account Pros

There are multiple reasons to love money market accounts. With money markets your funds grow rapidly, and you can access your money six times a month without any fees attached! Whether you’re saving up for a big purchase or putting money away for a rainy day, you can use the money in your account how you want to. At Academy Bank, you can earn 4.15% Annual Percentage Yield (APY) for the first six months of your account (learn more), and you are eligible for our Saving Cents program,2 which can help the money in your account grow even more.

Money Market Account Cons

Money market accounts have great advantages to growing your funds, but this savings method may not be a good fit for everyone. At Academy Bank, you can open a money market account for just $25. However, there are fees if you don’t maintain a monthly balance of at least $1,000.  If you are starting with a smaller amount of money in your account but are worried about the fees taking away the interest growth, you may want to select a different savings method. Unlike CDs, money market rates can change frequently, meaning that your interest yield may differ month to month.

How can Academy Bank’s Money Market Accounts Help Me Save?

Not everyone has the same budget and finances. The method that works for one person may not be the perfect fit for another. There are many ways to save, and it all depends upon your financial goals and spending habits. Whatever your financial needs are, Academy Bank has a savings method that will help you weather for life’s big storms.

Choosing a way to stash your hard-earned money is a big decision, so feel free to contact your local branch or stop by. Our experts will be happy to walk you through your options and find a plan that fits your unique financial situation. With the perfect savings method in place, life’s rainy days won’t feel too bad. So, let’s get started on your savings journey today!


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1 Minimum $25 deposit to open the account. A monthly service charge of $10 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period. Six (6) transactions per statement allowed. Excessive withdrawal fee of $10 per item over 6 withdrawals per statement cycle. Free eStatements or $5 paper statement monthly fee. Closing your account within 90 days of opening will result in a $20 early closure fee.

2 Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.