Savings guidance
CD vs. Money Market vs. Savings: Which Fits My Goal?
First Commerce Credit Union offers all three, giving you options for short- and long-term savings goals. Discover which is right for you as you compare the options and benefits.
key facts
How Can I Compare FCCU Loan Rates?
Timing
Think About Your Timeline
If you know you won’t need your money for a set period, a CD lets you choose a term ranging from 91 days to four years. Savings and money market accounts don’t require you to commit your money to a set term.
Access
Consider the Access You Need
Savings and money market accounts give you greater access to your money. CDs are designed for money you can leave deposited until the end of the selected term.
deposits
Compare Minimum Deposits
FCCU’s standard Savings Account has a $5 minimum deposit. Traditional and Momentum Money Market Accounts have a $2,500 minimum opening deposit, while standard CDs require $1,000 to open.
Compare your options
How Do CDs, Money Market and Savings Accounts Compare?
On a small screen, swipe across the table to compare all three options.
Savings Account
Best for
When you want to build savings while keeping it readily accessible.
How You Earn
Tiered dividends based on balance
Savings Timeline
Flexible
FCCU Standard Minimum Deposit
$5
Access to Funds
Variable
Money Market Account
Best for
When you have a larger balance and want it earning while maintaining access.
How You Earn
Dividends based on balance and account type
Savings Timeline
Flexible; no term limit
FCCU Standard Minimum Deposit
$2,500
Access to Funds
Accessible, with transfers and limited check-writing available
Certificate of Deposit
Best for
When you know you can leave money deposited for a set period.
How You Earn
Fixed rate for the selected term
Savings Timeline
Set term
FCCU Standard Minimum Deposit
$1,000
Access to Funds
Intended to remain deposited through the selected term
FCCU offers several versions of these accounts, so minimums, rates, features and other requirements can vary by account. Review the individual product details and current rates before opening an account.
From comparing to choosing
A Simple Way to Move Forward
01
Set a Goal
Know what you’re saving for, when you’ll need it, and how easily you want access to your money. That’s how you find the right account option for you.
02
Compare Current APYs
Review FCCU’s current rates for Savings Accounts, Money Market Accounts and CDs. Rates are subject to change, so use the current Rates page when making your comparison.
03
Open Your Account
Once you’ve found an option that fits your savings goal, you can open an eligible FCCU account online or talk with a Member Services Representative to open.
An illustrative example
Two goals. Different timelines.
“I want an emergency cushion, and I’m also saving for
a purchase next year.”
For the Unexpected
Keep emergency funds accessible in a savings account so you can use them when you need them.
For the Planned
Consider a CD term for a future purchase only if its timing and withdrawal conditions fit your plans.
Different goals may call for different accounts. Contact us if you need help deciding.
A little more clarity
Questions Worth Asking
A few details can make the choice easier.
What’s the difference between a CD and a savings account?
A savings account gives you ongoing access to your money without committing it to a set term. With an FCCU CD, you choose a term ranging from 91 days to four years and lock in a fixed rate for that period. Early CD withdrawals are subject to a substantial penalty.
What’s the difference between a money market and a savings account?
Both allow you to save while keeping your funds accessible, but FCCU’s Money Market Accounts have a higher minimum opening deposit and different dividend structures and account features. FCCU’s traditional Money Market Account also includes up to three free checks per month, with a $250 minimum per check.
How much do I need to open an FCCU Money Market Account?
FCCU’s traditional and Momentum Money Market Accounts require a minimum opening deposit of $2,500. The traditional Money Market Account assesses a $10 monthly fee when the average daily balance falls below $2,500. FCCU states that Momentum Money Market has no monthly maintenance fee.
Can I withdraw money from an FCCU CD before it matures?
Yes, but early withdrawals from FCCU CDs are generally subject to a substantial penalty. FCCU’s promotional Triple Option CD has different features and conditions, so review its current disclosures for details.
Ready to Find the Right Savings Account for You?
Compare FCCU’s Savings Accounts, Money Market Accounts, and CDs to find the account that best fits your goals.
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