Can You Write Checks from a Money Market Account?

Money market accounts are popular among savers looking for higher interest rates than traditional savings accounts—while maintaining some liquidity. One of the most common questions is: Can you write checks from a money market account?

What Are Money Market Accounts?

Money market accounts are hybrid financial products combining features of savings and checking accounts. They typically offer more competitive interest rates, often tiered based on account balances. Additionally, they provide some transactional features, such as debit cards and check-writing privileges, making them versatile for savers who need occasional access to funds.

Want to learn more about the basics of money markets? Check out our recent article: Pros and Cons of Money Market Accounts.

Check-Writing from Money Market Accounts

So, can you write checks from money market accounts? They answer is yes, you can. Many money market accounts allow check writing, but there are some limitations:

• Frequency Limits — Federal regulations, historically, limit certain withdrawals to six (6) per month, including checks. While banks may still impose restrictions, always confirm your institution's rules.
• Transaction Fees — Some money market accounts charge fees for exceeding the allowed number of transactions.
• Purpose Suitability — Money market accounts are not intended for daily transactions. They are better suited for infrequent payments, such as large bills or emergency expenses.

Why Check-Writing Privileges Are Valuable

The ability to write checks from a money market account offers a unique advantage for those who want to keep their savings earning interest while maintaining easy access to funds when needed. This feature is particularly helpful for paying infrequent, high-value expenses like property taxes, tuition, or emergency repairs. Instead of moving funds to a checking account, you can write a check directly from your account, saving time and effort.

It’s also a smart financial strategy for those managing multiple accounts. By consolidating large savings into a money market account with check-writing capabilities, you simplify your financial management while still earning competitive returns. This dual purpose makes for an attractive option for savvy savers who want a balance between growth and accessibility.

How to Use This Check-Writing Feature Wisely

To maximize your money market account benefits:

• Use checks sparingly to avoid fees.
• Pair with a checking account for frequent transactions. (Compare checking accounts at Academy Bank).
• Keep an eye on account balances to meet any minimum requirements for earning higher interest rates.

Bottom Line of Money Market Accounts

Check-writing from a money market account is a useful feature for occasional, larger transactions. However, understanding your account's terms ensures you can use this option effectively without incurring unnecessary costs. By leveraging this feature strategically, you can enjoy the best of both worlds: steady savings growth and financial flexibility.

Ready to find the best money market account for your needs? Academy Bank offers three (3) different money market options:

• Premier Money Market Account¹ — Enjoy a competitive introductory rate for the first six (6) months while boosting your savings with FDIC insurance and flexible access to your funds.
• Money Market IRA² — Plan for retirement with tax-deferred growth and the benefits of a money market account. Choose from Traditional, Roth, or SEP IRAs to match your goals.
• Business Money Market Account³ — Secure competitive rates and flexible access for your business savings, whether for managing cash flow or planning future investments.

Open a money market account with Academy Bank today!