A savings account with a $5 balance establishes your credit union membership. Your funds are available at any time and there are no penalties for withdrawals.
A Certificate Account pays a higher interest rate than a savings account. Certificates are less liquid than a savings account, meaning you must invest your money for a specific length of time: six months to five years. The longer the deposit term, the higher the interest rate. You can open a Certificate with a minimum $1,000 deposit.
Money Market Account
Offering a higher rate of return, a money market account has greater flexibility and no monthly service charge. Dividends are declared, paid, and compounded monthly. This tiered level account pays higher interest rates on higher balances.