Savings Account

A basic account that securely holds funds for an individual while also allowing them to earn interest on the account balance.

More Details

A savings account is a type of deposit account that is designed for saving money. It typically pays interest on the money that is deposited in the account, although the interest rate may be lower than other types of accounts, such as certificates of deposit. Savings accounts are usually offered by banks, credit unions, and other financial institutions.

Example

Imagine that you have some extra money that you want to save for a rainy day. You might consider opening a savings account at your local credit union. You can deposit money into the account whenever you have some extra cash, and the bank will pay you a small amount of interest on the money that you have saved. This can help your money grow over time, while also providing a safe place to keep it. You can withdraw money from your savings account as needed, but it is generally a good idea to leave the money in the account for as long as possible to maximize the interest that you earn.

Ready to Own the Home of Your Dreams?

Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.