Form W-4, more formally known as the "Employee Withholding Certificate," is used by the Internal Revenue Service to notify employers of the amount of tax that should be withheld from an employee's wages. Employers use the W-4 to determine the appropriate amount of payroll tax to be withheld from an employee's paycheck, which is then sent to the IRS and state (if applicable).
A money market account can be a handy financial tool if you want to keep cash on hand but have it ready to withdraw whenever needed. A money market account is a hybrid of a savings and a checking account. Like checking accounts, money market accounts typically pay interest, offer a certain number of free monthly withdrawals, and allow account holders to write checks from their balances. Additionally, they allow cash withdrawals via ATMs and debit cards.
Interest rates, fees, withdrawal policies, and minimum balance requirements for different money market accounts may vary slightly from what you expect. Interest rates should be a key factor; fees, total monthly withdrawals allowed, and additional deposit and withdrawal options should also be carefully considered.
Premium Union Bank
Prime Alliance offers an easy-to-use account with an annual return of 3.25% for customers who want to use their money market account as a simple cash store without frequent transactional withdrawals. Since this rate applies to all balances, this account might be a real deal if you regularly keep larger amounts.
Prime Alliance was founded in 2004 in Woods Cross, Utah, just north of Salt Lake City. Money market accounts offered by Prime Alliance have no monthly fees or minimum balance requirements at any time, and you can even start from zero.
The main disadvantage of this case is that withdrawals from this account can only be made by check, electronic payment, or wire transfer. This account does not come with a debit or ATM card. Also, similar to most money market accounts, there is a limit of six withdrawals per calendar month.
Patelco Credit Union
Chances are you've never heard of the Patelco Credit Union of California. However, membership to this credit union is open to adults living in any state in the United States, and the application process is fairly easy and free. The fact that Patelco money market accounts offer high-interest rates even with small balances, plus most or all of the services you need, with no monthly fees, is an excellent reason to sign up.
The interest rates on money market accounts offered by Patelco are declining, meaning you get the highest rate of return when your balance is low. The interest rate gradually decreases as the account balance increases. Earn a great 1.00% Annual Return (APY) on the first $2,000 you deposit; on the next $3,000, you'll earn 0.5%, a much higher rate than most money market accounts offer. After that, the momentum drops until it reaches 0.3%, paid on balances of $5,000 to $10,000. Earn 0.25% on balances over $10,000 to $50,000. Earn 0.20% interest on deposits over $50,000 to $100,000. The minimum payout level is 0.15% for credits over $100,000.
Whether you have $1,000 or $100,000 in your account, Axos Bank's regular high-yield money market accounts offer the same annualized return (APY) of 0.25%. Founded in San Diego in 2000, Axos was one of the first digital banks. With an Axis account, you will incur no fees, even if you use your debit card a lot or use the account for many online sales, payments, and transfers. These are options available to you.
Axos Regular High Yield Money Market Accounts have no monthly maintenance fees or minimum balance requirements to open an account. However, you'll need an initial investment of at least a thousand dollars to get things going. Axos does not offer ATM fee reimbursement, though its online locator tool gives customers access to ATMs nationwide.
Ally may only exist online, but as the largest online-only bank and 22nd largest bank in the U.S., Ally is a leader in the banking industry with plenty of resources to develop its website and mobile app. Ally is one of the top 22 banks in the United States by total assets. Ally was GM's finance arm until 2009. However, in 2009, the company officially changed its name to Ally.
Ally has spent years perfecting its selection of high-yield accounts, and its money market account is a prime example of how Ally has integrated numerous customer-friendly features into a single account while offering one of the highest interest rates in the industry. The company has succeeded because Ally competes directly with other major financial institutions. Ally money market accounts carry an annual interest rate of 2.75% through November 2022.