Savings Account Comparisons

By Avery Mills | Jun 15, 2016 11:30:12 AM

Savings Account ComparisonsYou’ve probably heard the terms Shared Savings, Certificate Account, Money Market, and Dream CD but do you really know what they mean or the difference between them? Here is a quick overview of the various types of savings accounts that are offered by Cyprus.

A Shared Savings is the account you first opened when you became a member at Cyprus. There is a $5 balance required to start this account. You’ll have easy and convenient access to your information through our Home and Mobile Banking systems, which is free to all members. There is a limit of six withdrawals or transfers in a calendar month. You can set up your direct deposit to go to this account. Shared Savings features a lower interest rate compared to our other types of savings accounts. Your interest rate will increase once you have a balance of $10,000 or more.

A Certificate is a savings account with a higher interest rate. They are less liquid than a Shared Savings account, meaning you must invest your money for a certain period of time from 6 months to 5 years. During this time period, you can not make withdrawals on your account. If you make an early withdrawal, you will face a penalty. You will need at least a $1,000 deposit when you first open a Certificate account. The longer of term you set, the higher your interest rate will be.

A Money Market account offers a higher rate of return than a Shared Savings account. Unlike a Certificate, there is no minimum deposit and you can make up to six withdrawals or transfers in a calendar month with no penalty. These accounts do not feature a term length, but the higher your balance is, the higher the interest rate will be.

A Dream CD is similar to a Certificate in that you can't make any withdrawals until the end of your term. However, you only need a $20 initial deposit to open your account and minimum $10 deposit every month. The longer term you set, the higher your interest rate will be. These accounts have a cap of $100,000 per member.

All of our savings accounts are federally insured up to $250,000 by the NCUA, interest rates are compounded & paid each month, and there are no additional fees once your account is open.

If you are interested in opening an account or would like to see current interest rates, check out our website or stop by a branch.

Topics: dream cd, savings, savings accounts, cd, certificate, cyprus credit union, money market, Saving, services, Blog

Author: Avery Mills