Finding the Best Money Market Accounts in Tacoma

Welcome to Tacoma, where the natural beauty of the Pacific Coast meets urban vitality. Tacoma, WA is more than just a city; it's a resilient and diverse community with a thriving arts scene and plenty of outdoor adventures. When it comes to managing your finances in Tacoma, money market accounts are the perfect fit for those seeking stability and growth in this dynamic city.  

What is a Money Market Account?

A money market account combines the features of savings and checking accounts, offering flexibility with federal transaction limits. Money markets typically require a higher minimum balance, and their interest rates have higher yields than those of regular savings accounts. These deposit accounts are offered by brick-and-mortar banks, credit unions, military banks, or online. If you seek a reliable way to grow your savings, consider a money market account. (To learn more about money markets and how they work, check out our recent blog).

Why are Money Market Accounts the Best Way to Save in Tacoma?

Money markets are a great match for Grit City locals, reflecting the resilience, variety, and charm of Tacoma. Here’s what these accounts offer:

1. Financial Flexibility for Outdoor Enthusiasts

Adventure seekers in Tacoma are drawn to the stunning Pacific Coast and nearby excursions, such as hiking in Mount Rainier National Park or kayaking in the Puget Sound. These experiences call for financial flexibility. Money market accounts offer just that, letting residents access funds for spontaneous trips or gear purchases without missing out on earning potential. Plus, they often yield higher returns than traditional savings accounts, empowering Tacoma adventurers to embrace their outdoor passions while managing their finances wisely.

2. Save for the Unexpected

Whether it's enjoying the waterfront views along Ruston Way or supporting the Tacoma Rainiers baseball team, Tacoma locals like to be present for life’s special moments. However, not all things go as planned, and life often surprises us with unforeseen events—some enjoyable, while others bring challenges and setbacks.

Money market accounts provide a buffer for unexpected expenses or emergencies, ensuring residents can enjoy Tacoma's vibrant lifestyle with peace of mind. With FDIC insurance, deposits in these accounts are protected up to the maximum limit, safeguarding the hard-earned money of Tacoma locals against unforeseen financial challenges. This ensures stability when life throws curveballs, providing reassurance during uncertain moments.

3. Diversify Your Financial Portfolio

Tacoma residents take pride in their diverse community, actively participating in events like the Tacoma Film Festival, Ethnic Fest, and Tacoma Arts Month. Diversifying one's financial portfolio through money market accounts not only enables individuals to save and grow funds in new ways but also empowers them to actively support a wide range of local initiatives and cultural events. With high interest rates and convenient access to funds, these accounts provide the financial flexibility needed to contribute to Tacoma's dynamic community while still preparing for personal financial goals.

4. Saving with Accessibility in Tacoma

Tacoma's vibrant food and beverage scene invites locals to indulge in craft breweries, a renowned coffee culture, and diverse dining options. Money market accounts offer a practical way to save and invest wisely, ensuring Tacoma foodies can enjoy the city's culinary offerings without financial strain. Plus, with check-writing capabilities and debit card access, managing day-to-day expenses becomes effortless while maximizing savings potential.

5. Security and Stability for Military Families

With one of the largest military installations on the West Coast nearby, Joint Base Lewis-McChord, Tacoma boasts a strong military presence. Money market accounts offer stability and security, essential for military personnel and their families as they navigate deployments and frequent relocations. The competitive interest rates and accessibility of money market accounts make them a great choice for long-term financial goals in the face of the uncertainties of military life.

Choosing the Best Money Market Accounts in Tacoma

At Armed Forces Bank, we're not just another faceless institution—we're your neighbors, your friends, and your financial partners. As a military bank ingrained in Tacoma's community, we understand the needs of our residents. This includes our friends in military communities like Joint Base Lewis-McChord and surrounding neighborhoods such as Lakewood, Gig Harbor, Puyallup, and Lacey. Whether you are a local resident or military family, we are committed to providing financial solutions tailored to your unique lifestyle.

In our range of financial offerings, our Premier Money Market¹ savings account shines for those aiming for stability and growth. With a competitive introductory rate, it is an excellent first step in your savings journey. A money market account from Armed Forces Bank is the ideal tool to reach your financial goals while enjoying everything this city has to offer.

Running a business in Tacoma? Our Business Premier Money Market² account is customized to boost your earnings while providing the flexibility you need to manage your business finances effectively. Whether you are running a local coffee shop or opening a boutique, our business money market accounts are crafted to support Tacoma's vibrant mix of eclectic stores and businesses.

If you are planning ahead for retirement, our money market IRA³ combines the security and accessibility of money market accounts with the long-term benefits of retirement savings plans. This option makes it easy to pursue your retirement goals with confidence.

Ready to take the next step in your savings journey in Tacoma? Compare our savings options today and discover how Armed Forces Bank can help you achieve financial success.

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¹ Minimum $25 deposit to open the account. A monthly service charge of $10 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period. Six (6) transactions per statement allowed. Excessive withdrawal fee of $10 per item over 6 withdrawals per statement cycle. Free eStatements or $5 paper statement monthly fee. Closing your account within 90 days of opening will result in a $20 early closure fee.

² Minimum $25 deposit to open the account. A minimum balance fee of $10 will be imposed every month or statement period if the balance in the account falls below $1000 on any day of the month or statement period. Free monthly e.Statement or $4.50 paper statement or $5.00 paper statement with images. Excessive withdrawal fee of $10 per item over 6 withdrawals per statement cycle. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

³ A minimum deposit of $25 is required to open a premier money market account. Debit cards, ATM cards, or checks are not available because IRS regulations require withdrawals to be properly coded for IRS reporting requirements. A minimum balance fee of $10.00 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period. You will have view or inquiry only access to Digital Banking. An account statement will be provided monthly. You are limited per the IRS regulation regarding contributions based on age, income, and other factors. Early or premature withdrawals from an IRA may be subject to a 10% early withdrawal tax from the IRS. Closing your account within 90 days of opening will result in a $20 early closure fee.