A money market account at Exchange Bank sits between a savings account and a checking account. It pays a tiered APY that steps up as the balance crosses each threshold, keeps the deposit FDIC insured, and permits limited check-writing and debit access. This reference explains when a money market account fits and how the tiers actually work.
The everyday banking menu puts checking at one end and a certificate of deposit at the other. Checking offers full access but no real yield. A certificate of deposit offers a fixed rate but locks the balance for a term. A money market account fills the gap between those two extremes at Exchange Bank: the yield is better than regular savings, the balance stays liquid, and the access model permits a small number of check and debit transactions per statement cycle. That combination is why customers park emergency reserves, down payment funds, or a small-business quarterly tax reserve in a money market account.
The account is a deposit product, not a securities product. FDIC coverage applies per depositor per ownership category, aggregated with other deposit accounts at the bank. That distinction matters because a money market deposit account is sometimes confused with a money market mutual fund. The two have similar names, but the fund is sold by a broker, priced by net asset value, and is not FDIC insured. The Exchange Bank product here is the deposit version.
Any customer who can open a deposit account at Exchange Bank can open a money market account. The meaningful gating is the balance threshold for each tier, not a customer-type restriction. Customers who carry a balance below the first tier still earn the base APY, and a modest deposit schedule can ladder the balance up through the tiers over time.
The tier structure is designed to reward balance, not activity. At statement cycle close, Exchange Bank looks at the average daily balance and applies the APY tied to the tier that balance sits in. Moving from tier one to tier two during the month does not retroactively reprice earlier days; it takes effect for the portion of the cycle the balance actually resided in the higher tier. The effect smooths out for customers who leave funds in place, and it explains why money market accounts reward discipline rather than timing.
The CFPB offers clear consumer explanations of deposit pricing at its bank accounts tool hub, and the FDIC runs a deposit insurance resource library that helps a customer understand coverage limits when money market balances sit alongside other deposit accounts.
The limited transaction posture is what keeps the money market account distinct from a checking account. Customers typically get a small number of checks per statement cycle and debit or ATM access for ad-hoc use. Heavy outbound transaction activity belongs in a personal checking account, while the money market account holds the reserve. That pairing is how most households use the two products together.
The tier table below uses descriptive framing rather than current-rate numbers. Exact thresholds and APY values live on the rate sheet, which any branch or the customer service line can reproduce on request.
| Tier | Balance threshold | APY positioning | Monthly access allowance |
|---|---|---|---|
| Entry tier | Below first threshold | Base APY, above regular savings | Limited checks and electronic transfers |
| Tier two | Mid-range balance | Step up from entry APY | Same limited transaction window |
| Tier three | Upper mid-range | Further step up | Same limited transaction window |
| Tier four | High balance | Competitive with short CD | Same limited transaction window |
| Relationship tier | Threshold plus linked products | Top APY with relationship bonus | Priority service handling |
A money market account pairs naturally with personal checking for outbound activity and with personal savings for a ladder of reserves at different access speeds. Households planning large expenses also review home mortgages, auto loans, and personal credit cards. Day-to-day administration runs through online banking, the mobile banking app, account alerts, bill pay, and mobile check deposit, all reached through the Exchange Bank login. Business owners see business savings, business checking, and treasury management. Security awareness on larger balances sits at the security center, with support in help resources, branch contacts on contact us, and background on about Exchange Bank and leadership.
A money market account at Exchange Bank tiers its APY by balance, typically pays more at the top tier than a regular savings account, and permits limited check-writing and debit access. Regular savings pays a single APY regardless of balance and relies on electronic transfers for outbound movement. The trade-off is a higher minimum balance to reach the top money market tier.
Exchange Bank structures money market accounts with multiple balance tiers, each tied to a posted APY. A customer below the first threshold earns the base rate; crossing a threshold during a statement cycle moves the full balance up to the next tier APY for the remainder of the cycle. Exact thresholds sit on the current rate sheet handed out at account opening.
No. Money market accounts follow a limited check-writing policy, which is why they differ from a checking account. Customers can typically write a set number of drafts per statement cycle; additional outbound items may trigger an excessive transaction fee. The bank's disclosure describes the current limit and the applicable fee.
Yes. A money market deposit account at Exchange Bank is insured by the Federal Deposit Insurance Corporation up to the legal limit per depositor per ownership category, just like any other deposit account the bank offers. This differs from a money market mutual fund, which is a securities product and is not FDIC insured.
Exchange Bank may issue a debit card or ATM card for money market account holders who want direct access at machines or at point-of-sale. Usage still counts toward the limited transaction policy, so customers who expect frequent debit use typically keep a companion checking account for everyday spending and leave the money market account as a yield-focused reserve.