Diamond Money Market

Yes! Use the Open Account button above to open your new account today.

You may open an account online, stop by your local branch, or call to schedule an appointment. Here's what you'll need to have on hand to apply.

1. Social Security Number of all account owners
2. Driver’s license or State ID card
3. Home address and phone number

Switching banks? Check out our How to Switch Banks guide for all the details.

A money market account is a type of savings account that typically pays a higher interest rate than a traditional savings account. Money market accounts do come with some limitations including a higher minimum balance to open, a higher minimum balance to maintain on the account to avoid a monthly fee and a certain number of withdrawals allowed per month. 
 
The key benefit to a money market is earning more interest as you deposit more money into the account. Money market accounts reward higher balances and because of this may be a good choice if you have a larger savings goal.
 
Your funds in a money market account are also FDIC insured.

You can use the branch selector above to see Diamond Money Market rates for your specific location. 
 
The rates for this money market account are tiered, which means that there are different interest rates you can earn based on the balance in the account. As your balance moves up the account tiers, your interest rate increases.

While these accounts may seem similar, there are a few key differences:

• Savings Accounts have parameters that encourage you to deposit money and keep it in the account to accumulate interest. For example, a savings account does not have a debit card and typically allows only a certain number of withdrawals.
• Money Market Accounts are a type of savings account that often have higher interest rates and therefore more earning potential.
• Certificates of Deposit are a different savings vehicle that require you to keep money in the account for a certain amount of time without withdrawal in order to earn a special interest rate.

To learn more about the differences and advantages of these types of accounts, read our blog.

A business may find several benefits to opening a money market account, including:

• Earning more interest than a traditional savings account.
• Having easy access to funds through withdrawals unlike other savings vehicles, specifically certificates of deposit. 
• Knowing their deposits are safe with up FDIC insured limits.