Certificate account, Money Market or savings account?

Savings accounts, Money Market accounts (MMA) and Certificate accounts are all types of federally-insured deposit accounts which earn interest. They have many things in common, but they differ in some important ways. Which is right for you? Understanding those differences can help you pick the type of account you need.

Decide which type of account is best for you

	Savings	Money Market	Certificate
Best for	Members who want to earn interest on their money and want to access their money without fees or penalties.	Members who want to earn a higher interest rate on their money than offered by a Basic Savings Account, and who want to access their money without fees or penalties.	Members who want to earn more interest on their money than offered by a Basic Savings Account or Money Market, and who do not need to access their money during the period of the term.
Interest	Lowest of the three, subject to change.	Higher than a savings account, subject to change.	Highest of the three, stays constant for the duration of the term and is influenced by the length of the term and how much money is deposited into the Certificate account.
Term	Open ended, does not apply.	Open ended, does not apply.	Is predetermined at time account is opened, ranges from 6-60 months
Deposits	Unlimited deposits.	Unlimited deposits.	Once Certificate account is opened, no further deposits allowed until maturity.
Withdrawal	Unlimited withdrawals.	Unlimited withdrawals.	Withdraw at the end of the term when the Certificate account matures. Can withdraw accrued interest prior to maturity. Withdrawing capital prior to maturity incurs a fee.
Fees	Low-to-no monthly fees depending on your account balance.	Low-to-no monthly fees depending on your account balance.	No monthly fees; will incur fee if redeemed prior to maturity.
Access funds	Branch, ATM	Branch, ATM	Branch
Check balance	Branch, ATM, online banking, PAT	Branch, ATM, online banking, PAT	Branch, online banking, PAT

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