Everence Money Market Account rate increases

Praxis news |

Money Market Accounts provide all-impact option for Praxis investors who need a liquid option

Everence® is pleased to announce that effective Sept. 1, 2018, the interest rate on the Everence Money Market Account will increase from 0.60 percent to 1.15 percent. Everence Money Market Accounts are sponsored by Everence Capital Management and made available to Praxis shareholders.

Everence Money Market Accounts provide depositors with a convenient and liquid option for their cash deposits, and may offer a higher return than a traditional checking or savings account.

The Everence Money Market Account is a 100 percent impact option for investors. Assets are held at Urban Partnership Bank, a Chicago-based bank, which provides access to responsible financial services and products in distressed urban communities.

Summary:

  • Minimum initial deposit: $1,000
  • Minimum subsequent deposit: $50
  • Liquidity: Free check writing – account holders may write unlimited checks ($250 minimum per check) against the account. (Check writing not available for retirement accounts.)
  • Safety: Assets in the Everence Money Market Account are FDIC insured for up to $250,000 per depositor.
  • Convenience: It's easy to move assets between the Everence Money Market Account and Praxis Mutual Funds – online, by telephone or by written request.
  • Account types: Available only for individuals, trusts and nonprofit organizations. Individual accounts may include joint accounts, custodial (UGMA/UTMA) accounts and IRA accounts. This account is not available to 403(b) accounts.
  • Yield: Current rate is 0.60 percent. Annual percentage yield is 0.60 percent. Effective Sept. 1, 2018, the interest rate will increase to 1.15 percent and the annual percentage yield will increase to 1.16 percent.

Learn more about the Everence Money Market Account.

Author

Randy Beachy
Marketing Manager