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Tips for choosing the best savings account

Now that you’re on your way to saving more, you need a savings account (or maybe a few savings accounts) to help you achieve your goals.

Not all savings accounts are the same. Some offer higher interest rates for money you don’t need immediate access to, and some help you save for the future or for special purposes. Others might provide a way for you to support a cause you believe in. Here are a few different types of accounts, how you can use them to save, and a link to VSECU’s savings account.

Savings account

A simple everyday savings option. A savings account generally offers the lowest return on your savings but allows you immediate access to your funds, usually without charges or fees for extra withdrawals. This account is best for money you need easy access. At VSECU, our basic account is our Savings account.



Money market account

Perfect for saving larger sums of money. A money market account usually offers a higher rate of return than most savings accounts because the credit union or bank uses a portion of the funds to invest in short-term, low-risk assets. These accounts generally have a higher minimum balance, which means you will be charged a fee if you go below it, but as your savings amount rises, this type of account can help you earn more on the money you have saved. It is a great account for money you don’t need immediate access to. Learn about our Money Market account, which helps members save while they support the environment!


Certificates of deposit

Once you have accumulated savings, you may want to open a certificate of deposit (CD), which offers a much higher interest rate. When you put your money into a CD, you are expected to leave it there for the full term (until it matures), which could be as few as 6 months or as many as 10 years or more. Generally, the longer the term, the higher the rate of return. If you take money out of a CD before it has matured, you may be charged an early withdrawal penalty. A CD can help you earn a greater return on funds you won’t need for some time. See our CD options.

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Still haven't found your account?

The information provided above should help you select the best savings account for your goals but if you are still struggling to find what you need, our Product Finder can help you narrow down the choices.

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