Acacia Federal Savings Bank

Acacia Federal Savings Bank has a tiered money market account that rewards higher balances. The money market can allow you to earn interest without tying up your savings for a long period of time.

The money market rate you earn automatically changes as your balances changes. Money market rates as of June 21, 2010 are:

• 1.5% APY for balances of $125,000 and up
• 1.25% APY for $75,000 to $124,999
• 1% APY for $25,000 to $74,999
• 0.75% APY for $10,000 to $24,999
• 0.25% for balances up to $9,999

Other details of the money market accounts include:

• Minimum opening deposit of $1,000
• No penalty for early withdrawal
• $10 monthly service charge for balances under $1,000
• Insured by Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor

The money market allows unlimited withdrawals by mail or phone if you receive the funds as a check.  There is a fee of $7 if you write more than three checks during each month. Inactive or dormant money market accounts are charged a fee of $5 per month. The money market also allows  24-hour account access online.

Acacia Federal Savings Bank is based in Falls Church, VA. It has been operating in the Washington, DC area since 1985. It is a unit of Acacia Life Insurance Company. You can open a money market online.

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment