Advantages of saving with a money market account Thinking about a money market account? We’ll help you decide if it meets your needs. April 27, 2016 Do you have money that you don’t want to risk in the stock market, but also needs protection from inflation eating away at its value? Maybe you’ve saved up an emergency fund and want to earn some sort of return on your money, but you don’t want to lose access to the funds as you would if you put it in a Certificate of Deposit (CDs). If so, a Discover Money Market Account could be a good choice for your situation. Discover Money Market Accounts offer competitive rates, debit and ATM access, easy online transfers and bill pay.1 Money Market fees can vary greatly from bank to bank. With a Discover Money Market Account, you won’t be charged an account fee.2 That includes no minimum balance fee, or fees for insufficient funds or using online bill pay. Aside from fees you also need to keep an eye on short term interest rates. Money market rates may be impacted by market swings. As the Federal Reserve makes changes with monetary and fiscal policy the interest rate on your money market account can change as well. Looking for a safe haven Does a Money Market Account meet your needs? Money Market Accounts share traits with Certificates of Deposit, checking accounts, and saving accounts. Here’s how: Certificates of Deposit (CD): with a CD you’re getting a better interest rate than you would with most checking and saving accounts, but you give up liquidity because you can’t access the funds without paying a penalty; Money Market Accounts generate better interest than most checking accounts (and very short term CDs). Checking accounts: with a checking account you get to write checks and use an ATM or debit card to withdraw funds without penalty; most Money Market Accounts allow you check writing privileges.1 Saving accounts: with an Online Savings account you earn interest in exchange for parking your cash with the bank and you cannot have more than 6 of certain types of withdrawals and transfers per month; with a Money Market Account you also have a limit of 6 of certain types of withdrawals and transfers per calendar month, however, you can access cash at ATMs.1 As you can see, a Discover Money Market Account offers a mix of benefits: above-average interest rates, liquidity when you need it, and the ability to withdraw funds via check, debit card or online.1 With Discover’s Money Market Account, you can access your funds by check, debit card, online or ATM (subject to certain monthly transaction caps).1 You can even arrange for no-fee online ACH transfers and bill payments from your account. On top of that, deposits at Discover are FDIC insured up to the maximum allowed by law. Even if you’re already using a Discover Online Savings Account or Discover CDs to address some of your financial priorities, consider fine-tuning your savings strategies with a Discover Money Market Account too. It may help bring more of your goals within reach and on schedule. Discover Regardless of your savings goal you can always find the right savings account for your needs at Discover. Open an account online in minutes or call our 24-hour U.S.-based Customer Service at 1-800-347-7000. The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice. 1 Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details. 2 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.