Types of Deposit Accounts

Your deposits should be going to work for you, earning interest and growing your net worth. Make sure you’re choosing the right accounts to make the most of those deposits while still having the access you need.

Right Now Deposits: Rewards Checking

For deposits you need in your day-to-day spending, CCF’s Rewards Checking account is an ideal account. Earning 2.02% APY* on deposits up to $15,000 can put an extra $300 in your pocket each year with just a few simple qualifications like having direct deposit and regularly using your debit or credit card.

Emergency Funds: Money Market Account or High Yield Savings Account

Money Market accounts or HYSAs are perfect for short-to medium-term savings goals. These types of accounts let you earn higher dividends on savings while having full access to your money. And, with CCF’s Money Market account, the higher your balance, the higher the rate of interest will be.

Long-Term Savings: Certificate of Deposit (CDs)

CDs offer fixed rates and guaranteed returns. Credit unions refer to CDs as "share certificates" sometimes. You have control over the CD term, which can be as little as one month to up to several years. Longer terms yield higher dividends, making CDs a great account for long-term savings goals like retirement. Local credit unions often offer higher CD interest rates than banks.

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*APY=Annual Percentage Yield. APYs accurate as of January 1st, 2023. Rates may change after account is opened. Minimum to open is $100. If qualifications are met each monthly statement cycle: (1) balances up to $15,000 receive APY of 2.02%; and (2) balances over $15,000 earn 0.05% interest rate on portion of balance over $15,000. If qualifications are not met dividends will not be earned. Qualifying transactions must post to and settle account during monthly statement cycle. ATM, PIN-based transactions, cash advances and balance transfer transactions do not count towards qualifying debit or credit card transactions. Statement cycles begin on the first day of the month and end on the last day of the month. Monthly direct deposit required to have this account. Limit one account per SSN.