Personal Savings and Money Market Accounts
Your savings goals are unique, which is why at First Commonwealth Bank we offer money market accounts, savings accounts and other tools to help you save. Our savings and money market accounts help put the money you work for, to work for you. They’re a great way to save for someday without missing out on access to your cash today.3 Whether you’re setting aside money for a rainy day, an emergency fund, a big purchase like a home or degree, or “just because,” we’re here to help.
Our Accounts Feature:
We believe you should have access to your money when you need it. After all, that’s why you’re saving it. Our convenient and powerful features put you in the driver’s seat of your savings:
- Access your bank accounts anytime, anywhere with our total access digital banking, available on your laptop, or on your tablet and smartphone with our mobile banking app.4
- Deposit checks without a trip to the bank with Mobile Deposit. Just snap a picture with your phone, send it and you’re done.4
- Access your money at 55,000 fee-free ATMs through Allpoint™ and Freedom Alliance™.5 So you’re never far from your bank, no matter how far you are from home.
- Transfer money between your accounts automatically so your savings can build without giving it a second thought.
- Stay up to date and watch your savings grow month by month with paper or eStatements.
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Hometown Savings |
American Dream Savings |
Hometown Money Market |
Relationship Money Market |
|
|---|---|---|---|---|
| Account Overview | Provides free overdraft protection on any linked Hometown Checking account1,4 | Get rewarded with higher interest rates based on your banking relationship | Earn higher interest for higher balances with easy access to your money including checks1 | Qualify for higher Relationship rates7 and keep the benefit of easy access to your money1 |
| Minimum Deposit to Open | $0 | $25 | $1,000 | $1,000 |
| Monthly Service Charge | $0 | $2 | $3 | $3 |
| Minimum Daily Balance to Avoid Service Charge | n/a | $100 | $1,000 | $1,000 |
| Earns Interest on All Balances5 | Checkmark |
Checkmark Account is eligible for a reward interest rate based on the number of eligible bank products you have with us.6 |
Checkmark |
Checkmark Account will earn relationship interest rates when you also have a Hometown Checking Premium account.7 |
| Check Writing Capabilities | N/A | N/A | Checkmark | Checkmark |
| Account Overview |
| Minimum Deposit to Open |
| Monthly Service Charge |
| Minimum Daily Balance to Avoid Service Charge |
| Earns Interest on All Balances5 |
| Check Writing Capabilities |
FAQs
To help you make the right choice for you, we've provided answers to common questions on personal savings and money market accounts.
What Is a Money Market Account?
A money market account combines the features of a savings account and a checking account. It offers higher interest rates than traditional savings accounts but requires a higher minimum balance. Money market accounts also provide check-writing capabilities3 and easy access to your funds, making them a versatile option for saving and earning interest on your balance.
Can a Money Market Account Lose Money?
Money market accounts are generally considered low-risk savings vehicles, as they are FDIC-insured up to the maximum limits allowed by the law. This means that your principal balance, as well as interest that you’ve earned, is protected and won't lose value.
How Does a Money Market Account Work?
With a money market account, you deposit money and earn interest on your balance. Interest rates are often tiered, meaning higher balances earn higher rates. You can withdraw funds as needed, but there may be limits on the number of transactions per month. At First Commonwealth Bank, you can access your money market account via online and mobile banking, checks and ATMs.3
How Much Can I Make With a Money Market Account?
The amount you can earn with a money market account depends on the interest rate and your account balance. Typically, money market accounts offer higher interest rates than standard savings accounts, so you have the potential to earn more on your deposited funds. The more you save and the higher your balance, the more interest you can earn over time.
What Is the Interest Rate of a Money Market Account?
Interest rates on money market accounts vary by financial institution and can change based on market conditions. First Commonwealth Bank offers competitive rates on our money accounts. To enjoy our interest rates, find your rate online, stop by one of our branches or call us at 1-844-711-2265 (BANK) and discover savings and money market accounts that work for you.
More Great Options for Saving with a Purpose
Tower Savers
Start saving for your child’s future with a children's savings account. You can open a Tower Savers child savings account with no minimum deposit and enjoy no monthly service charges through age 21.10 Free monthly statements are an added benefit.
Vacation & Holiday Clubs
Set aside money for a vacation or holiday shopping. Open a club account for as little as $5 and save throughout the year without the temptation to remove money before your annual disbursement date. Reach your financial goals more easily and treat yourself to a vacation or holiday that you'll always remember.
Certificates of Deposit
Lock in your competitive rate for a term anywhere between 90 days to 60 months. Our Certificates of Deposit (CDs) are a steady method of investing and watching your money grow. We'll protect your money up to the maximum limits of FDIC insurance.
Individual Retirement Accounts (IRAs)
We make it easy to save for your golden years with a range of IRAs. You can start with as little as $25 with an IRA Savings or $500 for an IRA CD. Many of our IRAs offer tax benefits and help you live your retirement years in greater comfort.11 We can even set up automatic contributions to your retirement account so you can focus on now while you save for tomorrow.
Education Savings Accounts
An education savings account with us helps you manage the costs of a college degree or private school. Our Coverdell Education Savings Account (CESA) lets you contribute up to $2,000 each year for yourself, your child, your grandchild, niece, nephew or another future student. Give the gift of a brighter future with this savings account.
Contact Us at First Commonwealth Bank Today
Start putting aside money and making it work for you by opening a savings account. Need more help? No problem. At First Commonwealth Bank, we can assist you with friendly, honest and clear information. Just schedule an appointment to speak with a member of our team. We’d be happy to help.
1 To be eligible for the promotional Annual Percentage Yield (APY) of 3.75% you must open a new Relationship Money Market account between 4/25/2025 and 6/5/2025. The primary or joint owner on the Relationship Money Market must also be a primary or joint owner on an existing or new personal checking account (excludes Health Savings Accounts) to be eligible for the promotional interest rate. The promotional interest rate is not available for businesses, institutions or public funds. APY of 3.75% and interest rate of 3.69% is accurate as of April 25, 2025.
A minimum opening deposit of $25,000 in new money must be deposited in the Money Market account to receive the promotional interest rate. New Money is defined as money that has not been on deposit in any First Commonwealth Bank account within the last 30 days. The minimum amount required to obtain the APY is $0.01. The qualifying Money Market account will earn the promotional interest rate for three months from the account opening date. After the promotional period has ended the interest rate and APY for this product may change at the Bank's discretion.
After the promotional period, the Relationship Money Market account will earn Relationship Rates when the primary or joint owner on the Relationship Money Market is also a primary or joint owner on a Hometown Checking Premium account. Refer to the Relationship Money Market account terms, visit fcbanking.com or call us at 800.711.BANK (2265) for non-promotional balance tiers, current rates and qualification requirement to earn Relationship Rates after the promotional period. Fees could reduce earnings on the account.
If you qualify for the promotional rate, First Commonwealth Bank will deposit the interest into your account at the end of each statement cycle and, once it’s deposited, the funds will be available immediately. Account must be active at the end of each statement cycle during the 3-month promotional period to receive the promotional interest. Offer subject to change or withdrawal at any time.
2 A 180 Day Certificate of Deposit (CD) promotion is offered with a 4.00% Annual Percentage Yield (APY) and 3.93% interest rate. A 12 Month Certificate of Deposit (CD) promotion is offered with a 3.75% Annual Percentage Yield (APY) and 3.69% interest rate. A 36 Month Certificate of Deposit (CD) promotion is offered with a 3.00% Annual Percentage Yield (APY) and 2.96% interest rate. Interest compounded monthly; the Annual Percentage Yield (APY) assumes interest remains on deposit until maturity, any withdrawals of interest will reduce earnings. The CD will automatically renew into the applicable CD term with the interest rate offered at the time of maturity. The minimum amount required to open the promotional account is $10,000 with a maximum deposit of $500,000. The minimum amount of new money required is $10,000, which is defined as money that has not been on deposit in any First Commonwealth Bank account in the last 30 days. The minimum amount required to obtain the APY is $0.01. This offer is not available for renewals, institutional investors, or public fund accounts. However, it is available for Traditional and Roth IRA CDs, subject to the client’s contribution eligibility and per all IRS rules. Consult your tax advisor for IRA restrictions. APY of 4.00% and interest rate of 3.93% is accurate for the 180 Day CD, APY of 3.75% and interest rate of 3.69% is accurate for the 12 Month CD, and APY of 3.00% and interest rate of 2.96% is accurate for the 36 Month CD as of April 25, 2025. The account is FDIC insured up to the maximum allowable limit. For more information about FDIC insurance limits please visit https://www.fdic.gov/deposit/deposits/. Fees may reduce earnings on the account. Penalty for early withdrawal may apply. Offer valid for accounts opened April 25, 2025 through June 5, 2025. Offer subject to change or withdrawal at any time.
3 The number of free withdrawals or transfers from a savings or money market account to another bank account of yours or to a third party by means of a preauthorized agreement, by telephone, online banking or initiated by check, draft, debit card, or similar order to a third party are limited to six (6) per statement cycle. This includes online bill payments and overdraft transfers. An Excessive Transaction Fee of $6.00 may be charged for each debit paid in excess of six (6) during a statement cycle. For accounts that receive a quarterly statement, the transaction count resets at the beginning of each calendar month.
4 We don’t charge for these services but standard message, data, and internet service provider rates may apply so check with your carriers.
5 Free access to all First Commonwealth Bank, AllpointTM and Freedom AllianceTM Network ATMs. Mastercard Cross Border fees for international transactions may apply.
6 Overdraft transfer services are limited to the available balance in the linked account. If the funds are not available in the linked account, the $35.00 fee for Non-Sufficient Funds or Overdraft may be assessed per item, up to 4 per day. Add Overdraft Protection by calling 800-711-BANK (2265) or visiting a community office near you.
7 Interest is earned on the daily collected balance, and is compounded and credited monthly to the account.
8 American Dream Reward Interest will be increased by .11%, up to a maximum rate increase of .33% added to the base rate, when additional accounts within the following product groupings are included in the Relationship:
- Checking Account or Money Market Account
- Certificate of Deposit or Individual Retirement Account
- Consumer Loan (Installment, Home Equity, Personal Line of Credit, Mortgage or Time and Demand)
Multiple accounts within the same product grouping will count as only one.
9 In order to qualify for the Relationship Rates, the primary or joint owner on the Relationship Money Market must also be a primary or joint owner on a Hometown Checking Premium account. If you do not have a qualifying checking account or there are changes to your checking account (it is closed, changed to a new account type or no longer shares an owner with the Relationship Money Market), the rates may change to the non-relationship rates in effect at the time of the change.
10 There is a monthly service charge of $3 once the child reaches age 22, which can be waived by maintaining a minimum daily balance of $200.
11 Intended for informational purposes only. See IRS Publication 590 for further details or consult your tax advisor. First Commonwealth does not offer tax or legal advice.