Money Market Savings Accounts
Whether you need a short-term savings account or you want to stash away an emergency savings fund, a Money Market Savings from Spirit of Alaska can help.
With our Money Market Savings, you unlock a better rate, higher dividends, and can even use your account for check writing and paying bills.
We offer e-Money Market Savings for electronic statements, and a traditional Money Market Savings for receiving paper statements.
A high-yield savings account
- Minimum Balance: $2,500
- Earn dividends on entire account balance, compounding daily
- Tiered rates let you unlock higher returns with a higher balance
- Unlimited in-branch withdrawals; regulated withdrawal limit over the phone and online*.
- Regulated limited check writing – contact us for details
"The lady that opened my account walked me through each disclosure and made sure to ask me if I had questions throughout the whole time. They helped me find what fit me not what fit the credit union and I loved it."- WalletHub Review
- Satisfies membership share requirements
- You can set this account as an overdraft protection option for your checking account.**
*An excessive withdrawal fee will apply if electronic transfers out of a savings account exceed 6 per month. Any overdraft protection transfers from a savings to a checking account are counted towards the 6 electronic transfers limit. No fees apply to in-person transactions for a savings account.
Money Market Savings Rate Tiers
Money Market Tiers Min. Opening Bal. Min. Bal. to Earn Dividends Dividend Rate APY* Tier 1 $2,500.00 $0.01 to $5,000.00 0.150% 0.150% Tier 2 $5,000.01 to $10,000.00 0.200% 0.200% Tier 3 $10,000.01 to $25,000.00 0.250% 0.250% Tier 4 $25,000.01 to $50,000.00 0.300% 0.300% Tier 5 $50,000.01 to $75,000.00 0.300% 0.300% Tier 6 $75,000.01 to $100,000.00 0.300% 0.300% Tier 7 $100,000.01 to $250,000.00 0.300% 0.300% Tier 8 $250,000.01 and up 0.300% 0.300%
*Annual Percentage Yield. Refer to our Pricing Guide (PDF) for all fees. Fees may reduce earnings. Rates are subject to change at any time. Current as of 7 October 2022.
Frequently Asked Questions
Is this the same as a "share"?
Yes, these accounts can hold your $5 membership share. Every member of a credit union must have a “share” in that credit union. A Money Market is good for members who hold high balances of $2500 or more in their savings accounts.
I can only make 6 free electronic withdrawals or telephone transfers from my Money Market savings account every month?
Yes. This is in compliance with Regulation D, which limits the number of electronic withdrawals and telephone transfers from savings accounts. For example, an electronic transfer would include a transfer initiated by you in our online banking software e-Teller. We charge a $10 fee for over 6 of these types of withdrawals to encourage compliance with the law.
Are there other ways to access my funds that aren't limited?
Yes. You are allowed unlimited transfers or withdrawals:
- In person at one of our branches
- At an ATM
- Through the mail
What will I need to bring to open a business account?
What you will need to bring depends on the structure of your business. In general, to open an account you will need the following:
- Business License
- Proof of EIN
- Corporate documentation
- Resolution with authorized signers
Can my non-profit business open an account?
Yes. Spirit of Alaska business accounts can meet the needs of all types of businesses.
- Is this the same as a "share"?