Money market savings with checks
I had a liquid bank savings account paying nearly no interest., $100,000.
I was advised about setting up a Money Market acct. which is paying nearly 2%.
I do have another saving with checks that I have had for over 50 yrs in TD Bank.
I have this set up to pay all utilities, medical, etc. & never had a problem with this therefore do not want to make any changes here other than shifting much more of this money to the Money Mkt.
I now want to use the Money Market because of the higher interest.
I would like to keep a minimum amount in my older TD bank.
I’m not exactly clear on how I could get some of the M.Market money into ( withdraw ) the Money Market checking & deposit into the older TD account when I need to use for special occasions.
Hope I made this clear as to what I plan to do but believe I need some accurate directions on the use of the new Money Market savings with checks in combination with my older acct.
Terry, you are invaluable to those of us that need easy to understand !!!
Much Appreciated !
Terry Says
Thanks for your note. This doesn’t have to be complicated. The new Money Market Deposit account (and make sure it is an FDIC money market deposit account in a BANK!) will come with checks. You can simply write a check out of the money market deposit account and put it into your checking account to cover those auto-pay bills. Or, if it’s in the same bank, you can ask for an automatic transfer of a set amount on a specific day each month, from the MM account into your checking account.
