Founded in 1941, GCS Federal Credit Union has always focused on our members. We are a full service financial institution serving Madison and most of St. Clair counties in Illinois.
Money market accounts can grow your money. Account holders often use these accounts in place of or in addition to a savings account because they earn a solid rate of return often greater than that earned from a savings account. Read below if you want to know more about how a money market account from GCS Federal Credit Union works.
Deposited Funds Earn Interest
A minimum initial deposit of $2,500 will earn interest just like a savings account. The difference is that yield is higher and you can still use the account like a checking account, with some limitations.
Different Tiers Receive Different Rates
Generally, the greater the balance you maintain, the more dividends you’ll receive at a better rate. There are three tiers of account balances:
Tier 1 balances are between $2,500 and $9,999.99.
Tier 2 is $10,000 to $24,999.99.
Tier 3 is anything $25,000 or greater.
The more you regularly deposit into your money market account, the more you will earn in interest.
The Credit Union also Benefits from Money Market Accounts
In exchange for these higher yields, the credit union uses this pool of money from several money market account holders to make loans at an interest rate that covers your yield. Each account holder’s funds are insured up to $250,000 by the National Credit Union Administration (NCUA).
Account Holders Receive Dividends
Dividends are compounded at the end of each month. On the last day of the month, your account is credited with the dividend.
Some Transaction Limitations Do Apply
As with a checking account, there are transaction limitations. Money market account holders can make six withdrawals during any month. Of these six, three may be made in the form of a check. Checks have to be written in amounts of $300 or greater.
All accounts at GCS Federal Credit Union, including money market accounts, are insured by the NCUA. If you’re interested in a new checking account, an auto loan, or a higher-yielding alternative to a savings account, call us today at (618) 219-8600.
GCS Federal Credit Union has recently awarded the $1,500 Nicole R. Thorp Scholarship.
Amanda Cornell of Staunton High School was this year’s recipient of the Nicole R. Thorp Scholarship. GCS was looking for applicants who actively volunteer in the community. Nicole R. Thorp, who the scholarship is now named after, was a big believer in helping out where needed.
Candidates were also required to submit an essay explaining why saving and budgeting are important habits to develop. GCS tries to guide youth in developing and reaching savings goals and wanted to hear how its teens have succeeded.
GCS wishes Amanda the best of luck in the future.
Founded in 1941, GCS Federal Credit Union currently has assets of more than $312 million. GCS serves more than 39,000 members throughout Madison and most of St. Clair Counties in Illinois via 7 conveniently located branches, numerous ATM locations, and 24-hour account access through a telephone audio response system and PCU online banking.
GCS President/CEO, Mark Holshouser & Amanda Cornell
Pontoon Beach Branch is one of the best places to do my banking business. The ladies greet me from the minute I walk in. Always willing to go the extra mile to ensure my financial security. They are pleasant even when I make an error in checking. Thanks for being so friendly and helpful.
More
A credit union’s first priority is its members. Check out these links about money, savings, online banking, and why your money might be better off with a credit union.
More and more consumers are realizing the benefits of a credit union over a bank. Check out this article from MSN Money to see why converts are praising credit unions.
If you’re looking to be more eco-friendly, even when banking, check out these green banking tips for environmentally conscious consumers.
Paying bills online or through your online banking account has its advantages. Find out what they are by checking out this link from LiveStrong.com.
If you have a teen who is planning on taking up a summer job, teach him or her about the importance of saving money early. This article from Better Parenting has some tips.
GCS Federal Credit Union accepts membership from residents of the Illinois counties of Madison and most of St. Clair. If you’re looking for something that’s better than a bank, give us a call at (618) 219-8600.
