Everence Money Market Account rate increases

Praxis news |

Money Market Account provides a 100 percent impact option for Praxis investors

Everence® is pleased to announce that effective Jan. 1, 2019, the interest rate on the Everence Money Market Account will increase from 1.15 percent to 1.60 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 1.15 percent. Current annual percentage yield is 1.16 percent. Effective Jan. 1, 2019, the interest rate will increase to 1.60 percent and the annual percentage yield will increase to 1.612 percent.
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Everence Money Market Account

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Disclosure

Everence Capital Management and Urban Partnership Bank are not affiliated. The Everence Money Market Account is not distributed by Foreside Financial Services, LLC.

An investment in the Praxis Mutual Funds is not a deposit in a bank account and is not insured or guaranteed by the FDIC or any other government agency.

The Everence Money Market Account is FDIC insured (subject to FDIC rules and limits) for up to $250,000 through Urban Partnership Bank. Please note, however, that for purposes of determining the FDIC coverage, any money that you have on deposit directly with Urban Partnership Bank will be combined with the amount on deposit in your Everence Money Market Account.