How a 'Money Market Account' Can Help You Manage Your Funds, Generate Returns in the Short Term

Corporations, Wealth/Unit Trust Fund Managers and High Net-Worth Individuals (HNWIs) are often faced with the question of what to do with significant sums of capital in the short term, before they can be invested or utilized elsewhere. Many often choose to leave these funds in accounts that may only generate marginal returns or no returns at all. However, this is inefficient and often results in a high opportunity cost.

To address this issue, we at Seylan Bank have created our Money Market Savings Account solution, which is ideally suited to individuals and organizations looking to park capital for the short term, and generate higher returns for short periods (as long as you want, really) on such funds.

How Money Market Savings Accounts Work

For practical purposes, the Seylan Money Market Savings Account works just like a normal savings account, with one exception; you get much better interest rates!

You can deposit and withdraw at any time, and interest is paid on your balance, provided it is over LKR 500,000/-, and the rate structure rises in a tiered manner as follows:

These rates are provided and made possible as a result of the funds deposited into these accounts being invested in the Money Market, by Seylan Bank, which can provide higher returns.

Why is it better than an FD for the short term?

You can move the money as a lump sum or in portions, as you wish. There is no fixed term and you will earn interest on your daily balance for as long as you retain funds above the minimum threshold in your account. Plus, there are no penalties or restrictions on withdrawals, all while you earn high returns.

What are the Main Features of a Money Market Savings Account?

? You get a savings account with a tiered interest rate structure

? You can opt for e-statements or normal statements

? You get access to online banking

? There is no limit on withdrawals

? You also gain access to debit card facilities

What Other Value Additions are Available?

Seylan Money Market Savings Accountholders enjoy:?

? SMS alerts

? Digital-assisted customer service via Live Chat, Facebook Messenger and WhatsApp, along with 24/7 hotline support.

Open an Account Online Right Now!

You can open a Seylan Money Market Savings Account by visiting a Seylan Bank Branch closest to you.

If you are an existing customer, you can easily open an account via your online banking facility. You may also opt to open an account in-person at any one of our branches, islandwide.