Grow Your Savings Without Locking Them Away
Your hard work deserves a reward that grows right along with you. At Ellafi, we believe your money should be as flexible and resilient as you are. That is why our Money Market account is designed to offer the best of both worlds: higher earnings and total access.
What is a Money Market account?
Think of a Money Market account as a savings account with a boost. It allows you to earn higher interest rates than a standard savings account, but unlike a Share Certificate, it does not lock your money away for a set amount of time.
How a Money market works for you
- Earn More as You Save: We offer some of the most competitive rates in Connecticut. The more you set aside, the more interest you earn.
- Access Whenever You Need It: Life happens. Whether you are planning for a big goal or need cash for an unexpected emergency, your funds stay liquid. You can make deposits and withdrawals whenever you need to.
- The Best of Both Worlds: You get the higher dividends usually found in long-term investments without the stress of having your money out of reach.
It is a simple, smart way to build your "just in case" fund while making sure every dollar is working just as hard as you do.
Current Amplifi Money Market Account ($1,000 minimum opening deposit)
| Average Daily Balance | Dividend Rate | APY* |
|---|---|---|
| $1,000 - $9,999.99 | 0.40% | 0.40% |
| $10,000 - $49,999.99 | 0.50% | 0.50% |
| $50,000 - $149,999.99 | 0.75% | 0.75% |
| $150,000 - $249,999.99 | 1.00% | 1.00% |
| $250,000 and up | 2.00% | 2.00% |
Money Market - FAQs
What is a money market account?
A money market account is a savings account that can offer higher dividend rates while still giving you access to your funds. Unlike a certificate, which locks your money in for a set term, a money market account allows you to make deposits and withdrawals as needed, subject to account limitations.
What money market accounts does Ellafi offer?
Ellafi offers several money market options, including Amplifi Money Market Accounts, Money Market Share Accounts, Premium Money Market Accounts, and Featured Money Market Accounts. Minimum opening deposits and dividend rates vary by account type and balance.
What are the benefits of an Ellafi money market account?
An Ellafi money market account can help you earn dividends while keeping your savings accessible. Depending on the account and balance, you may have the opportunity to earn higher dividends than a traditional savings account while maintaining access to your funds.
How much money do I need to open a money market account?
The minimum opening deposit depends on the type of money market account you choose. Ellafi’s current options include accounts with minimum opening deposits ranging from $1,000 to $25,000.
How do money market dividend rates work?
Money market dividend rates can vary based on the type of account and your average daily balance. At Ellafi, dividends are based on the average daily balance and are compounded and credited monthly. Rates are subject to change.
Can I withdraw money from my Ellafi money market account?
Yes. Money market accounts are designed to keep your savings accessible, so you can make deposits and withdrawals when needed. However, certain pre-authorized, automatic, or telephone transactions may be limited, and excess transactions may be subject to fees.
What is the difference between a money market account and a savings account?
Both accounts can help you save while earning dividends, but a money market account may offer higher dividend rates in exchange for maintaining a larger balance. Money market accounts can also provide convenient access to your funds while helping your savings continue to grow.
What is the difference between a money market account and a certificate?
A money market account allows you to access your savings without locking the funds away for a specific term. A certificate, on the other hand, requires you to deposit your money for a set period in exchange for a fixed dividend rate.
Ready to Open Your Money Market Account?
By Phone
A team member would be happy to help you reach your savings goals. Give us a call at (860) 346-6614 to get started today!
In Person
Our branch teams are ready to give you in-person attention to help answer any questions and open your account. Stop by any location today!
or make an appointment with our team in the branch
Do you have questions about a money market or your account?
If you schedule an appointment online, you can choose the time and date that works best for your schedule to come into a branch. You can avoid waiting in the lobby when you need help.
*Rates effective May 1, 2026. APY = Annual Percentage Yield. Dividends are compounded and credited monthly using average daily balance method. All rates are determined by Ellafi Federal Credit Union and are subject to change at any time.