High Performance Money Market Account
Give your money
a safe place to grow.
Overview
Whether you're saving for a major purchase or simply want a safe place for your emergency funds, a Wachovia High Performance Money Market account is a smart choice.
- Earn competitive rates without the volatility or risk of investment accounts.
- Enjoy peace of mind with maximum FDIC insurance.
- Gain superior account protection and security with Wachovia Security PlusSM.
- Manage your account with Online Banking with BillPay, by phone, or at more than 3,400 Financial Centers and more than 5,100 ATMs.
- Make withdrawals via checks, ATM, or Check Card note 1.
Open your new account with an initial online deposit of $1,000 to $75,000. note 2
What You Get
Saving money is essential. Manage your money and maximize your interest with a High Performance Money Market account. Here are some highlights of what you can expect:
Automated Savings
Add to your savings effortlessly by setting up an automatic deposit or transfer from your checking account.
24-Hour Access to Your Account
You can access your account at any time online, by phone, or by ATM. You can even manage your account using your cell phone or other mobile device.
Free Online Banking
Check account balances anytime, anywhere. Transfer funds between your eligible Wachovia accounts and your non-Wachovia accounts at other financial institutions note 4; receive and view bank statements online, set up Balance Alerts, or manage your accounts from your mobile device note 5 with Wachovia MobileSM.
FDIC Insured
Your deposits are FDIC insured up to at least $100,000 per depositor. You can have much more FDIC protection by having more than one type of account ownership at Wachovia. For example, individual and joint accounts are insured separately, so you can have up to $100,000 in an individual account and up to another $100,000 in joint accounts, so your total deposits can be insured up to $200,000. Other ownerships may qualify for even more FDIC coverage.
Please see FDIC: Insuring Your Deposits for more information.
Wachovia Security PlusSM — Account Security and Identity Protection
With Wachovia Security PlusSM, you have many layers of protection to help keep you safe from fraud and identity theft, including account protection service, fraud monitoring technology, and consumer education and awareness. With our Online Services Guarantee, we are dedicated to providing you a safe and dependable service for accessing your financial information online.
Rates & Fees
| Balance Tier | Interest Rate | APY note 6 |
|---|---|---|
| $0.00-$4,999.00 | 0.04% | 0.04% |
| $5,000.00-$9,999.00 | 0.10% | 0.10% |
| $10,000.00-$24,999.00 | 0.30% | 0.30% |
| $25,000.00-$49,999.00 | 0.45% | 0.45% |
| $50,000.00-$99,999.00 | 0.55% | 0.55% |
| $100,000.00-$249,999.00 | 0.75% | 0.75% |
| $250,000.00+ | 1.15% | 1.16% |
| Fee Description | Fee |
|---|---|
| Monthly Service Fee (Minimum Balance to Avoid Monthly Service Fee: $2,500.00) | $10.00 |
| ATM Withdrawal - Non-Wachovia | $2.00 |
| Overdraft Protection Transfer, Deposit Accounts | $10.00 |
| Each Transfer Exceeding Six Preauthorized Transfers Per Month (Three May Be Checks or ATM/CheckCard Purchases) | $15.00 |
| Online Funds Transfer — Incoming | No Charge |
| Online Funds Transfer — Outgoing note 4 | $3.00 |
| Description | Amount |
|---|---|
| Minimum Initial Online Deposit Required to Open Account note 2 | $1,000.00 |
| Maximum Initial Online Deposit to Open Account note 2 | $75,000.00 |
FAQs
- What is the difference between a Wachovia High Performance Money Market account and a money market mutual fund?
- What's the difference between a money market account and a traditional savings account?
- How much do I need to keep in my money market account in order to avoid a service fee?
- Will my interest rate ever change?
- How is the interest rate calculated?
- Can I transfer funds into and out of this account?
- How many transactions can I make each month on this account?
- Is my money FDIC insured?
- Where can I find more frequently asked questions for the High Performance Money Market product?
What is the difference between a Wachovia High Performance Money Market account and a money market mutual fund?
A Wachovia High Performance Money Market account is an interest-earning savings account with limited withdrawal transactions that is insured by the FDIC. A money market mutual fund is an investment account that may hold a collection of cash and securities that is not protected by FDIC insurance.
What's the difference between a money market account and a traditional savings account?
A Money Market account allows you to earn a higher interest rate and at the same time allows you to write up to three (3) checks per month. Savings accounts have a lower interest rate and a lower balance requirement and do not provide the ability to write checks against your balances.
How much do I need to keep in my money market account in order to avoid a service fee?
You can avoid the $10 monthly fee by maintaining a balance of at least $2,500.
Will my interest rate ever change?
Your Wachovia Money Market account has a variable interest rate that may change based on economic and market conditions.
How is the interest rate calculated?
We calculate interest daily and credit to your account on a monthly basis.
Can I transfer funds into and out of this account?
Yes, you can make as many deposits as you like. As to withdrawals, Federal regulation limits outgoing transfers to third parties or pre-authorized transfers (including overdraft transfers) or transfers made by telephone or personal computer to six per statement cycle, and no more than three of those may be by check, draft, or check card. A fee may apply for exceeding withdrawal transaction limits. Please see the Rates and Fees tab for more information.
How many transactions can I make each month on this account?
You may make unlimited deposits and in-person or ATM transactions. However, Federal regulation limits outgoing transfers to third parties or pre-authorized transfers (including overdraft transfers), or transfers made by telephone or personal computer, to six per statement cycle. No more than three of these transfers may be by check, draft, or check card. A fee may apply for exceeding withdrawal transaction limits. Please see the Rates and Fees tab for more information.
Is my money FDIC insured?
Yes. If you have no more than $100,000 in all of your deposit accounts at the same bank, your deposits are fully insured. However, if you own deposit accounts in different categories including joint accounts and revocable trust accounts, you may qualify for more than $100,000 in coverage.
Please see FDIC: Insuring Your Deposits for more information.
Where can I find more frequently asked questions for the High Performance Money Market product?
More questions and answers are available in our Personal Finance FAQs.
How to Open a New Account
It's easy and takes less than 8 minutes. For yourself and each joint account holder (if applicable), you'll need an identification number (driver's license, state ID, military ID). If you're already a Wachovia customer, it will go even faster if you have your Online Banking user ID and Password. Forget your password?
#1 in Customer Satisfaction
Serving you is our top priority at Wachovia — #1 in customer satisfaction for seven years running. note 3
Make the Most of Your Account
Learn about managing your account. Also find out how Wachovia Security PlusSM protects you.
Answer 4 simple questions to find the right account for you.