The Principal Bank offers competitive money market account rates giving 3.04% APY for deposits of at least $250K. Competitive rates are also issued for $25K deposits at 2.53% APY, $50K at 2.94% APY, and $100K at 2.99% APY. The best money market account can be opened with a minimum deposit of $2500.

The money market account allows consumers to access their funds via online or phone banking. It allows six withdrawals per month and collects a $10 fee per transaction when one goes above this limit.

Principal Bank also charges a $10 monthly fee for accounts which falls below their balance requirement of $5000.

Deposits to the MMA can be funded using ATM, via US postal service, telephone transfers, wire transfers, electronic deposit, and the bank’s Money Movement.

Transfer of funds to other accounts in other institutions is also easily facilitated using their Money Movement service. This allows one to move money from the MMA to other Principal Bank accounts or other institutions’ checking, investments, and savings account. This service needs enrolment prior to set up.

The Principal Bank operates under the umbrella of the Principal Financial Group which serves a businesses, institutions, and individual clients on a global scale.

Opening an account can be done online via a secured facility. The Principal Financial Group is headquartered in Des Moines, IA.