Savings Account Overview
Types of Bank Accounts
Our bank accounts offer convenience, safety and security for your money. Whether you bank online with us or prefer to visit our physical locations, there are numerous account options from which to choose.
Different types of bank accounts can serve different purposes, depending on your needs. Some allow you to spend or pay bills, while others are designed for short- or long-term savings. The most common types of bank accounts include:
- Checking accounts
- Savings accounts
- Money market accounts (MMAs)
- Certificate of deposit accounts (CDs)
Understanding how the different types of bank accounts compare can make it easier to decide where to keep your money.
Savings Account Basics
A savings account is a deposit account that can be used to hold money you don’t plan to spend right away. Our savings accounts pay interest on deposits, though the interest rate and annual percentage yield (APY) can vary based on the account type you select.
Like checking accounts, savings accounts may have minimum balance requirements and monthly maintenance fees. We don't offer a debit card or ATM card and you can’t write checks from them.
That’s because savings accounts aren’t designed for everyday spending or paying bills, but for saving your money for longer-term goals. Ordinarily, Federal Regulation D limits you to six withdrawals from a savings account per month. These limits have been suspended indefinitely to make savings more accessible for people who may be struggling financially as a result of the coronavirus pandemic.
How to Choose a Savings Account
If you want to open a savings account to set aside money for short- or long-term goals, consider which type of savings account may be best. Our standard savings account offers you interest and services at our branch locations. We also offer an online-only account that provides higher interest rates. Three things to consider in selecting the best account for you is interest rates, minimum balance requirements, and applicable fees.