Money Market Flashcards
1
Q
$5,000 min deposit to open; $10 maint fee
Waive maint fee by maintaining $5,000 average collected balance
Interest on balances $5,000 and higher
A
Investor’s Money Market
*This account is very similar to the Simple Earnings, except with a lower interest rate and savings account restrictions. Only recommend if the client wants the restrictions to help them save money.
2
Q
$5,000 min of new money to open
$10 with paper statement; $8 with eStatement
Waive maint fee by maintaining $5,000 average collected balance
This account earns an additional 0.50% on the APY for the first 6 months, then reverts to the normal rate
Tiered interest rate
Only one account is allowed per tax ID number
A
Preferred Money Market
- Make sure to only open this type if the money is NEW to LCB.
- Great temporary interest rate.
- The idea is to make new customers comfortable with Lake City Bank, and get them to move all their accounts here.
