货币市场vs. 储蓄账户: Which one is right for you?

Savings accounts are essential in today’s financial climate. According to a report from “The Ascent,” 71% of US adults have some type of 储蓄账户. Placing your hard-earned cash in a 储蓄账户 is essential if you are working to reach a specific financial goal. 幸运的是, some banks and credit unions provide account types that give members higher interest rates, 更好的回报, 和更多的.

Texas Tech Credit Union offers a traditional 储蓄账户 and a money market account with higher interest, depending on the amount placed in the account.

What is a 储蓄账户?

A 储蓄账户 is a vital part of an effective financial plan. A healthy 储蓄账户 can help individuals or joint account owners establish a fund for emergencies, save for major purchases (e.g., homes, vehicles, vacations), pay for medical expenses, 和更多的.

Plus, when it comes to 储蓄账户s, there is no risk. Once your cash hits the account, it’s backed by the Federal Deposit Insurance Corporation — a US government agency that insures money placed in any bank. Financial organizations like Texas Tech Credit Union also safeguard their members' savings through insurance coverage from the National Credit Union Administration, which covers up to $250,000 per person on a single account.

That means the cash in your 储蓄账户 is liquid and available whenever you need it. Last-minute purchases, unexpected medical expenses, and visits to the emergency room can be paid for with these funds. Money can also be withdrawn immediately or transferred to your checking account to pay with a debit card or check.

The best part of opening a 储蓄账户 through Texas Tech Credit Union? Regular 储蓄账户s only require a minimum of $5 to be deposited at all times. A Texas Tech Credit Union 储蓄账户 is ideal for individuals who need quick access to their money and have less than $1,000年保存.

a的好处 traditional 储蓄账户:

• A $5 minimum balance to earn dividends
• No monthly service fee
• Competitive dividends paid quarterly
• Free e-statements delivered to your email
• Free online banking services

What is a money market 储蓄账户?

Unlike a traditional 储蓄账户, Texas Tech Credit Union’s 货币市场 Savings account offers a higher interest rate and has a minimum required balance.

Our 货币市场 Savings account is ideal for members who have higher account balances—the higher the balance, the more interest you’ll earn.

The benefits of our 货币市场 Savings account:

• The 货币市场 Savings account is free, so long as your daily balance averages at least $1,000或更多.
• Free checks: You will receive your first 25 checks at no cost.
• Low fees for accounts under $1,000: If your account dips below $1,000, you only pay a $5 daily service fee.
• Free online banking services. Online banking services come at no charge for members with 货币市场 Savings accounts.

货币市场 Savings account interest rates*:

• $1 - $49,999.99: 1.98%
• $50,000 - $99,999.99: 1.98%
• 10万美元及以上.98%

利率 Effective: 12/30/2022* Actual rates are subject to change, based on account qualification and underwriting criteria. Fees may reduce earnings. For 当前的利率: Call (806)742-3606.

货币市场vs. 储蓄账户: Which one is right for you?

Not sure which type of 储蓄账户 best fits your needs? Ask yourself the following questions:

• What is the minimum balance you plan to keep in your account?
• Are you saving for a large purchase in the future?
• Do you need access to the money in your account soon?

To get more information, visit yiwubang.com/money-market.