Academy Bank 
1201 Walnut St Kansas City MO 64106
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Bank Routing Number
107001481
Bank by Mail/General Mail
PO Box 26458
Kansas City, MO 64196
Deposit Only Mailbox
PO Box 26744
Kansas City, MO 64196
Phone Number
1-877-712-2265
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Money Market FAQs
What is a Money Market Account?
A Money Market Account is a type of federally insured bank account that pays higher interest rates than regular savings accounts and allows you to access your money easily. Money markets have some limits on withdrawals and usually require a higher minimum balance than a savings account.
How does a Money Market Account work?
1. Deposit: Open a money market account at a trusted financial institution like a bank, submitting at least the minimum opening deposit.
2. Interest: The bank pays you interest on your money. Financial institutions set interest rates based on factors like current marketing conditions, the Federal Reserve's policies, and competition with other financial institutions. Generally, the higher the balance you maintain in your account, the higher the interest rate you will earn.
3. Access: Withdraw your money when you need it typically through checks, debit cards, or transfers.
4. Limits: There may be rules on how often you can withdraw money and how much you need to keep deposited in the account to avoid fees.
Which is better for saving: Money Market Accounts or CDs?
Choosing the best method to save depends on your savings goals. Money market accounts and CDs are two very different vehicles for saving. CDs earn a set amount of interest over a set period of time and cannot be touched unless you close the account early, which usually results in fees. Meanwhile, money market accounts are a type of savings account with higher interest rates compared to traditional savings accounts, and their rates can fluctuate based on the market.
How are Money Market Accounts different than Savings Accounts?
Money market accounts usually have higher interest than normal savings accounts. They are more risky because the rates are based on market conditions, meaning they can fluctuate. Plus, you need a higher amount of liquid cash to open the account, and you must maintain a higher balance in the account to avoid fees.
Should I get a Money Market Account?
It depends on your financial goals and needs. Money market accounts can be a good option if you are looking for a savings account with potentially higher interest rates, while still maintaining liquidity. They often come with check-writing privileges and ATM access, making them convenient for accessing your funds. Be sure to compare interest rates, fees, and features of different accounts to decide if a money market account fits with your financial situation.