Save More with a Certificate or Money Market Account We all know we’re supposed to have a “savings account,” but what’s the best type of account to get? The answer can vary depending on what you are saving the money for. Club Savings Accounts A Club Savings account is a great way to save money for the holidays. Decide on your annual savings goal, set up an automatic deposit into the account every month, and take your money out in time at the end of the savings period. This account type is best when saving specifically for an annual goal, when you won’t need to access your money before the pay-out date. The funds are insured by NCUA and ESI. (Fun fact: The accounts are named “club” accounts because in the early years of credit unions, members would form a “savings club” where they would pool their money to earn higher interest rates during the year.) Money Market A Money Market Savings Account (“Money Market” for short), is like your primary Share Savings Account, but earns more interest. Put your money in here, watch it earn interest, and then take it out whenever you want. The more money you keep in the account, the higher your dividend rate will be. Funds are available for withdrawal any time but are limited to 6 per month (due to federal regulations). This account type is best if you want to be able to access your money at any time. Deposits into a Money Market account at ICCU are insured by NCUA and ESI—you are guaranteed that your money will not be lost. Share Certificate A Share Certificate (also called a “Certificate” or a “Certificate of Deposit” at a bank), earns an even higher rate of return in exchange for an agreement to leave your money in the account for a set period of time. If you are saving for a special event or purchase, or just for a long time (like for retirement), a Certificate account provides you with a guaranteed rate of return over time. Terms typically range from 3 months to 5 years and the longer the term you select, the higher the interest you are paid. This account type is best if you know you won’t access your money for a specific period of time. Share Certificates at ICCU are insured by NCUA and ESI and have a guaranteed rate of return.* * If you withdraw your money before the end of the term, you will incur a fee and it will affect your earnings. If you need assistance figuring out the best way to start saving or have questions about what account types are best for you, schedule an appointment with one of our team members using our new online scheduling feature.