Exchange Bank Money Market Account Review
Exchange Bank Money Market Account is offered by Exchange Bank,
founded in 1894 and based in Omaha, NE.
Exchange Bank Money Market Account is available in
2 states across the USA.
- Very high APY. This account offers an annual percentage yield of up to 0.30%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $0.01.
- Charges a monthly fee. This account charges a monthly service fee of up to $10, but the fee is waived if you keep a minimum balance of $2,500.
- $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
Pros & Cons of Exchange Bank Money Market Account
- High-interest yield.
- Access to physical branches.
- Free debit card and the option to lock/unlock the card if lost or stolen
- No charge on incoming domestic or international wire transfers.
- Deposit checks remotely.
- No signup bonus.
- Only available in 2 states.
- Monthly service charge.
Exchange Bank Money Market Account FAQ
Are money market accounts from Exchange Bank federally insured?
Yes, your Exchange Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #1435). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Exchange Bank Money Market Account rates?
Exchange Bank Money Market Account offers an APY starting at 0.10% and ranging up to 0.30% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.
Exchange Bank Money Market Account Rates and Terms
|APY (Annualized Percentage Yield)
||0.10% - 0.30%
What are the fees for Exchange Bank Money Market Account?
This account charges a monthly maintenance fee of up to $10.
You can avoid this fee by maintaining a balance of $2,500.
Exchange Bank Money Market Account Fees
||up to $10
|Paper Statement Fee
What is the minimum balance for Exchange Bank Money Market Account?
Minimum deposit of $1,000. You must make an initial deposit of at least $1,000 to open this account.
Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $2,500.
Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.
What features and perks does Exchange Bank Money Market Account offer?
This account includes the following features:
- Fraud monitoring - Exchange Bank monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - Exchange Bank Money Market Account allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.
How to open an account with Exchange Bank
- Visit the Exchange Bank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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