Many people prefer to open a money market savings account. These accounts not only provide for easy accessibility of funds but also earn a decent return. Mostly the customers take the precaution of ensuring that the higher rate that is offered is not washed away by way of service fees or time delay in money transfers.
Money market savings account is offered by Wells Fargo with certain appreciated features. One of the important features of this account is that the customers can write cheques on this account. This facility is discontinued by several banks. This is a great option at times of emergency and urgent needs. If you were to write a cheque on the savings or checking account, the accessibility is restricted and you may not receive funds on time. Hence, the offer of Wells is appreciable.
Another feature of Wells Fargo money market savings account is that the monthly service fee is waived. Many banks charge service fee when the minimum account balance gets reduced but in Wells Fargo the penalty can be avoided just by transferring $75 from another Wells account through automatic transfer. Such a waiver acts as a motivation for the customers.
Wells Fargo money market savings account also gives the benefit of “bonus APY”. You can also earn a higher rate if you opt for linking savings account with any of their premium checking account. If you link up the accounts then you are offered a rate of 0.15% while you earn just 0.05% without linking the accounts.
It is certainly worth opening a money market savings account with Wells Fargo. If you wish to open an account online then you can do it with a deposit of $1,000.