Savings made simple.
Boost your savings with flexibility and security.
We understand the importance of growing your savings while maintaining easy access to your funds. Our money market accounts offer the perfect balance of higher interest rates, flexibility, and security, making them an ideal solution.
Alerus Money Market
Ideal for savers looking for a higher return. Take advantage of better rates than traditional savings accounts without locking up your funds.
- $1,000 average daily balance
- $50 minimum opening deposit
- Tiered interest earning
- Alerus debit card
- My Alerus and mobile app
Alerus Emergency Money Market Savings
Designed for unexpected expenses, this account helps you build a financial safety net. It allows you to save with assurance of quick and easy access to your funds when needed.
- No minimum balance
- $25 minimum opening deposit
- Monthly online statements
- Interest reward payment
Note: For each month a deposit is made, you will receive an interest reward payment.
Frequently Asked Questions
What are the benefits of a money market account compared to a regular savings account?
A money market account offers several advantages over a regular savings account. Generally, money market accounts provide a higher interest rate, which can help your savings grow faster.
Are there any limitations on transactions with a money market account?
Yes. Certain types of withdrawals and transfers are limited to a combined total of eight per calendar month. This includes those made by phone, internet, check, preauthorized debit, or automatic payment. A $5 fee will be assessed each statement cycle in which eight transactions are exceeded. Withdrawals made in person, by mail, or at an ATM are unlimited.
What is the interest rate for a money market account, and how is it calculated?
The interest rate for a money market is generally higher than that of a regular savings account and typically tiered based on the account balance. Interest is calculated daily based on the account balance and is credited to your account on a monthly basis.