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Do you want to put your money to work but keep cash handy in case of emergency? Consider a money market account. A money market account is like a savings account, but with a higher dividend rate. The more money you deposit, the higher the return.

Money market dividends are calculated daily, and the funds can be accessed any time, with up to six withdrawals each month without incurring a fee. Certain remote or automatic transactions methods are limited by regulations.

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Get Details
Rates effective as of May 22, 2019
Description Interest Rate Annual Percentage Yield (APY) Minimum Balance Minimum to Open
$0—$999 0.050% 0.050% $1,000.00 $1,000.00
$1,000—$9,999 0.050% 0.050% $1,000.00 $1,000.00
$10,000—$49,999 0.100% 0.100% $10,000.00 $1,000.00
$50,000—$99,999 0.150% 0.150% $50,000.00 $1,000.00
$100,000+ 0.150% 0.150% $100,000.00 $1,000.00

* Fees could reduce earnings on these accounts. Rates may change at any time, including after account is opened. 

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Money Market Account FAQs

Eligibility for membership:

  • Any person who lives, works, or attends school in the State of Washington
  • Any person who lives or works in the following six Oregon counties: Clackamas, Columbia, Hood River, Multnomah, Washington or Yamhill
  • Any immediate family member of an existing iQ member. This includes:
  • Spouse, parents, grandparents, children, grandchildren, brothers, sisters, aunts, and uncles; also including “half” and “step” siblings, parents, and grandparents; and
  • Domestic partner of a member
  • Members of the Pacific Foundation for Blind Children (PFBC) who live or work within the state of Oregon
  • Certified or Classified school employee within southwest Washington
  • Businesses (Sole Prop, LLC, Partnership, Corp) that are legal entities within the State of Washington
  • Businesses (Sole Prop, LLC, Partnership, Corp) located within the following six Oregon counties: Clackamas, Columbia, Hood River, Multnomah, Washington or Yamhill

Minimum deposit to open an account:

  • General Membership (21 and older)- $5.00
  • Minor Accounts (20 and younger)- $5.00
  • Non-Profit Organizational Accounts- $5.00
  • Business Accounts- $5.00

Other Requirements:

Valid Social Security number, Tax ID number or Employee Identification number:

For non-citizens that do not have a TIN, a signed W-8BEN form must be obtained and acceptable identification such as a US-issued Alien ID card or foreign passport showing evidence of nationality/residence.

Residential Address:

Applicants must provide their physical address on the account application

A PO box may be provided as a mailing address, as long as a physical address is also provided.

If ID displays a previous address; a utility bill, rental agreement or mortgage paperwork showing their name may be used to verify new address.

Identification:

U.S. Adult Persons (18 years of age & older):

  • State-issued Driver’s License
  • State-issued ID Card
  • State-issued Department of Corrections Card (with photo & signature)
  • S. Passport or U.S. Passport Card
  • S. Military ID Card (do NOT photocopy or scan)
  • Tribal ID Card (may not have a photo)

U.S. Children & Students (Ages 17 & under):

  • Primary ID for minor children is their parent or guardian
  • For High School students (age 17 & under)
    • State-issued Driver’s Intermediate License
    • State-issued Driver’s Instruction Permit
    • State-issued ID Card
    • Student ID Card– must be current school year (may or may not have a photo)

Non-U.S. Persons (All ages):

  • Permanent Resident Card
  • Foreign Passport
  • Foreign Government ID with photo
  • Cédula Card
  • Mexican Matricula Consular ID

Required Documents for Business Accounts:

Corporation:

  • Corporate Bylaws
  • Articles of Incorporation
  • Proof of registration with the Secretary of State
  • Business License
  • Federal Tax ID Number (TIN) or Employer Identification Number (EIN)
  • Valid ID for all signers

Limited Liability Company (LLC):

  • Limited Liability Operating Agreement or Company Agreement
  • Proof of registration with the Secretary of State
  • Business License
  • Federal Tax ID Number (TIN) or Employer Identification Number (EIN)
  • Valid ID for all signers

Partnership:

  • Partnership Agreement
  • Proof of registration with the Secretary of State
  • Business License
  • Federal Tax ID Number (TIN) or Employer Identification Number (EIN)
  • Valid ID for all signers

Sole Proprietorship:

  • Business License
  • Federal Tax ID Number (TIN) or Employer Identification Number (EIN) or Social Security Number
  • Valid ID for all signers

Association, Club, & Organization Accounts:

  • Meeting minutes outlining the title of the Authorized Signers
  • Valid ID for all signers
  • EIN is required

There are limits imposed by Federal Regulation D on the number of transfers you can make from your Savings or Money Market Account. (These are remote or automated transfers without your physical presence at a branch.) The types of transfers subject to these limitations include:

  • Overdraft transfers made automatically to cover insufficient funds
  • Transfers made by Member Service Representatives on your behalf that are requested by phone or secure email
  • Automated, scheduled, preauthorized, or recurring transfers
  • Transfers made through online or mobile banking
  • Transfers made through telephone banking

Six transfers are allowed per savings account per calendar month, either to another iQ account or to a third party.

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