Traditional savings accounts pay interest but limit your ability to make payments directly from the account. Checking accounts provide full transactional access but typically pay little or no interest. A C&F Bank Money Market account bridges that gap. You earn tiered interest rates that increase as your balance grows, while retaining the ability to write cheques and make transfers when needed.
This makes money market accounts particularly useful for holding funds earmarked for specific periodic expenses: quarterly estimated tax payments, annual insurance premiums, property tax escrow reserves or planned large purchases. Rather than parking those funds in a low-yield checking account or making repeated transfers from savings, you keep them in one high-yield account with direct payment capability.
Your C&F Bank Money Market integrates with CFFC online banking and the mobile app. You can view your current balance, check which tier you fall into, schedule transfers and monitor interest earned — all from your phone or computer. Automatic sweep transfers can be configured to move excess funds from checking into your money market each night, ensuring that idle cash earns the highest available rate.