Pre-Opening Checklist
Before opening any MMA: verify your HYSA (or MMA) emergency fund does not already meet your needs, confirm FDIC insurance at fdic.gov, compare at least 3 banks on APY and fees, verify the account is an MMA (not a money market fund), and confirm check-writing is available if that is your reason for choosing MMA over HYSA.
MMA pre-opening checklist
| Pre-Opening Check | How to Verify | Red Flag If... |
|---|---|---|
| FDIC insured | fdic.gov BankFind tool | Not listed as active FDIC member |
| No monthly fee | Fee schedule on bank site | Any recurring maintenance fee exists |
| APY competitive | Bankrate or DepositAccounts.com | Below 4.00% in mid-2025 |
| Check writing available | Product features page | Check writing at additional cost |
| MMA not MMF | FDIC logo APY notation not 7-day yield | 7-day yield notation = fund not account |
Opening Day Setup Checklist
On opening day: name the account immediately (Emergency Fund 2025 or specific goal), save a screenshot of APY and account terms, set up automatic transfer from checking on payday timing, request a checkbook if check-writing is needed, and set a quarterly rate review calendar reminder.
Setting your quarterly rate review reminder immediately upon opening is the highest-impact 60-second action. Without it your MMA rate drifts below market as the bank adjusts rates and you never notice. This single habit preserves hundreds of dollars annually.
Complete MMA maintenance schedule
| Category | Action | Frequency |
|---|---|---|
| Pre-opening | Compare 3 banks verify FDIC check fees | Every new account |
| Opening day | Name account set up automation save terms | Every new account |
| Monthly | Verify interest credited confirm no new fees | Monthly |
| Quarterly | Compare APY vs. market leaders — switch if 0.75%+ gap | Quarterly |
| Annually | Review emergency fund target recalculate check FDIC coverage | January each year |
Annual Review Checklist
Each January: (1) verify your APY is within 0.75% of top available rates, (2) recalculate your emergency fund target based on current monthly expenses, (3) confirm your balance covers the target, (4) increase your auto-transfer amount by at least 5%, (5) review FDIC coverage if balance approaches $200,000.
- Verify current APY vs. top market rate — switch if gap exceeds 0.75%
- Recalculate emergency fund target based on current monthly expenses
- Confirm balance meets your 3-6 month target (increase contributions if needed)
- Increase automatic transfer amount by at least 5% for the year
- Review FDIC coverage if balance approaches $200,000
- Update beneficiary designation if any life changes occurred
Run a Full MMA Audit Now
Enter your current balance and APY to see if you are on track and earning the best available rate.