First Midwest Bank IRA Money Market Review
First Midwest Bank IRA Money Market is offered by First Midwest Bank,
founded in 1933 and based in Chicago, .
First Midwest Bank IRA Money Market is available in
4 states across the USA.
- Low APY. The maximum annual percentage yield for this account is only 0.03.
- Small minimum initial deposit. You only need $100 to open an account.
Pros & Cons of First Midwest Bank IRA Money Market
- Does not offer mobile check deposits.
- Access to physical branches.
- No charge on incoming domestic or international wire transfers.
- No signup bonus.
- Does not provide a debit card.
- Only available in 4 states.
First Midwest Bank IRA Money Market FAQ
Are money market accounts from First Midwest Bank federally insured?
Yes, your First Midwest Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 First Midwest Bank IRA money market rates?
First Midwest Bank IRA money market offers an APY starting at 0.01% and ranging up to 0.03% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $1000.
First Midwest Bank IRA money market Rates and Terms
|APY (Annualized Percentage Yield)
||0.01% - 0.03%
What are the fees for First Midwest Bank IRA Money Market?
First Midwest Bank IRA Money Market does not charge a monthly maintenance fee.
First Midwest Bank will charge you a $30 fee if you exceed your maximum number of monthly transactions.
First Midwest Bank IRA Money Market Fees
|Paper Statement Fee
|Excess Transaction Fee
What is the minimum balance for First Midwest Bank IRA money market?
Minimum deposit of $100. You must make an initial deposit of at least $100 to open this account.
Interest rate minimum balance of $1,000. You must keep the account balance above $1,000 to earn interest.
What features and perks does First Midwest Bank IRA money market offer?
This account includes the following features:
- Fraud monitoring - First Midwest Bank monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - First Midwest Bank IRA money market allows you to manage your money through online banking and a dedicated mobile app.
How to open an account with First Midwest Bank
- Visit the First Midwest 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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