Everence Money Market Account rate increase
Money Market Accounts provide all-impact investment for Praxis investors who need a stable option for cash deposits
Everence® is pleased to announce that effective Dec. 1, 2017, the interest rate on the Everence Money Market Account will increase from 0.30 percent to 0.60 percent.
The Everence Money Market Account is a 100 percent impact option for investors. Assets are held at Urban Partnership Bank, a Chicago-based community development bank, which provides access to responsible financial services and products in distressed urban communities. This means that all funds placed in an Everence Money Market Account serve to open doors of economic opportunity to disadvantaged individuals and organizations on Chicago’s south side.
Everence Money Market Accounts provide depositors with a convenient and stable option for their cash deposits. Investors can access their money more easily than a typical investment through check-writing privileges, and receive a higher return than a traditional checking or savings account. Everence Money Market Accounts are available through Everence Capital Management and made available to Praxis shareholders.
- 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: Investors may exchange assets between the Everence Money Market Account and Praxis Mutual Funds by telephone or 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 0.30 percent. Annual percentage yield is 0.30 percent. Effective Dec. 1, 2017, the interest rate will increase to 0.60 percent.