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What Type of Savings Account is Right for You?

Not all savings accounts are created equal. But with so many to choose from, it’s hard to know which one is the right fit for you. The good news is, you don’t have to pick just one. Let’s take a look at the different types of savings accounts RMCU offers, and you can find out which is the right fit for you.

Father and daughter putting money into a piggy bank.


Members of RMCU are required to open and maintain a member savings account with a minimum balance of $20 to have access to all the services offered. This account is a great starting place for savings, with a 0.01% to 0.05% APY, no monthly fee, and free online banking. 


IRA Savings 

For a higher interest rate at 0.03% to 0.10% APY, an IRA savings account might be the right choice for longer-term money management. This account is available as a Roth, Traditional, Simplified Employee Pension (SEP), or Education Saving Account (ESA). This is the account to let your money sit and your wealth grow over time. 


HSA Savings 

Health Savings Accounts help offset medical costs, with a tax advantage. If you have a high-deductible insurance plan, you can take advantage of this type of savings account. You’re able to pay co-pays at the doctor’s office, purchase medication, and buy a wide range of medical products you might not expect.  


Rocky Super Saver Account 

This is the rockstar account for the under-18 crowd just getting started in saving. With a minimum deposit of $20, this account earns 0.01% to 0.05% APY and can help the young folks in your life jump-start their money management skills. 


Standard Money Market Account 

In this savings account, you do need to maintain a balance of $2,500, with a $10 monthly fee if the balance drops below that. But that in turn yields higher returns, with a dividend rate of 0.02% to 0.20% APY. If you have a little extra savings that you need to have access to in a pinch, but that you want to have working harder for you and earning more, this account might be the best fit for you. 


Premier Money Market 

As your wealth grows, you can still find the options to serve your financial goals. When you can maintain a minimum balance of $50,000 in your account (with a $25 monthly fee if your balance drops below that), the Premier Money Market account can get you where you want to go. With a 0.15% to 0.50% dividend rate, you can earn hundreds of dollars each year, just while your money sits safely in the account. 


Vault Certificate 

With a 12-month term, a vault certificate makes sense if you have the means to deposit $10 each month. And you only need to start with a minimum deposit of $1. You can add to your certificate without a problem, but you can’t withdraw during the term, so you know you can count on sticking to your savings goals. And 0.75% APY can add up quickly. But this isn’t the place to stash your emergency savings that you might need to pull out at any time, with the 12-month term. 


Image of putting coins in a bank.

Term Certificate 

When you’re ready with a minimum deposit of $1000, a term certificate can meet your needs. Rates vary depending on the term, which can range from 3 to 60 months. But rates just go up the longer your money sits in the account, getting as high as 1.36%. If you know you’re not going to need a chunk of change for a while, you can make it work for you with a term certificate. 


Youth Certificate 

For those under 18 who have a membership savings account, all it takes is $250 to start earning 0.9% APY with an 18-month youth certificate. Setting aside some birthday money or babysitting earnings can make thinking about the financial future a priority early in life. 


Get to know your finances, and take your pick of savings accounts. And once you become a member of RMCU, opening a new type of account is simple. Let your savings take you places, and sign up today at your neighborhood branch. 

Non RMCU links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Rocky Mountain Credit Union of any of the products, services or opinions of the corporation or organization or individual. RMCU bears no responsibility for the accuracy, legality, or content of the external sites.

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