Custom Home Financing
What is a Money Market Account?
The Bridgewater Money Market account is a FDIC insured account offering an extremely competitive rate of interest, easy access and full liquidity. You will be saving your money effortlessly and will have access to it quickly! If you haven’t already, it is suggested that you set aside three to six months of living expenses for emergencies.
Can I make withdrawals on the account?
Yes! You can make up to six withdrawals per month from your Money Market account. You may write up to six checks in total per month.
How is the interest calculated on the Money Market Account?
The Money Market account is a tiered account.
The three tiers are as follows:
- $10,001 – 25,000
- $25,000 +
The interest is different for each tier. The interest is calculated on your daily balance but is deposited to your account monthly. Therefore if you leave the interest in your account, your annual yield will be slightly higher than the rate because of the compounding effect of the interest. The interest rate is subject to change, so call today to find out the rate we are currently paying for each tier.
Will I receive a monthly statement?
Yes! You will receive a statement each month showing the transactions for the month. If you would like to be able to view your account online you can do that too. In just 24 hours you can have access to your account online 24 hours a day!
The simple way to make this account grow is to set up an automatic monthly transfer from your checking account. We don’t require a checking account at Bridgewater Bank, but you can certainly make regular deposits into this account from your checking account. Are there any fees?
There are no fees on the account if you maintain a minimum daily balance of $1,000. If your balance drops below $1,000 there is a fee of $10.00 per month.
We expect that you will like this account, but if you decide that you need to close the account before the end of six months you will be charged a $10.00 administration fee. (A special note: If you want to order checks there is a small fee for the checks themselves.)
How do I open an account?
We have two convenient locations that you can visit to open your account, one in Bloomington, MN and one in Greenwood, MN (near Excelsior). It will take approximately 15 minutes to open your account and you will need a copy of your driver’s license. If you can not visit our office download the application and send it to the office nearest you. Please keep in mind we can not open the account unless a copy of a government issued identification is included with the application.