Money Market Checking Account
The Baytree Money Market Account is a checking account with some restrictions on check writing placed by the Federal Reserve.
A minimum deposit of $100 is needed to open this account and an average collected monthly balance of $1500 is needed to avoid a $15 fee. Maximum deposit $1,000,000.
This account is best for those who wish to have a safe savings option with the convenience of withdrawal if needed.
Federal regulations limit you to no more than six transfers or withdrawals (or a combination of six transfers and withdrawals) per monthly statement cycle by means of a preauthorized or automatic transfer, order of instruction, or telephonic (including data transmission) agreement. This applies to both transfers to another account at Baytree and to transfers to third parties. No more than three of the six transfers can be by check, debit card, or similar order payable to third parties. The $20 per item fee will be charged for violation of these regulations.
There is no limit on the number of transfers for the purpose of repaying a loan and related expenses at Baytree. Also, there is no limit on transfers to another one of your deposit accounts at Baytree or withdrawals paid directly to you when such transfers are made in person, by mail, by messenger service. Similarly, there is no limit on the withdrawals requested by telephone to a personal banker and paid via cashiers check mailed to you.
This product pays a different rate on your entire balance depending on your daily account balance.
$0-$49,999
$50,000-$249,999
$250,000 and above
Rates fluctuate according to market conditions and are subject to change. Interest is compounded and credited monthly. Interest begins to accrue the day cash items are deposited and the business day that non-cash items are credited. We use the daily balance method to calculate interest on accounts. This method applies a daily periodic rate to the principal in the account each day. For current rates, pelase visit our rates page.
This account receives monthly statements with images of written checks included.
Internet Banking is available with no annual fees and no transaction charges. Internet banking may incur charges from your On-Line service provider that are not associated with Baytree National Bank & Trust Company.
Click here for a form to help you start to open an account. Just fill out these forms, print them and bring them in to a personal banker at one of our locations. This will save time in the account opening process. Please be sure to bring in a valid picture ID for legal requirements.
Please click here for rates on this product.
See how your checking account interest can add up by clicking this interest rate calculator feature.
Please consult a tax advisor regarding the deductibility of interest.
