GCS Credit Union
618.797.7993
GCS is a full-service financial institution serving the following counties in Illinois: Sangamon, Logan, Macon, Marion, Jefferson, Perry, Jackson, Williamson, Jersey, Macoupin, Montgomery, Madison, Bond, Clinton, St. Clair, Monroe, Washington and Randolph.

Comparing Money Market and Savings Accounts

Once you’ve decided to make saving money a priority, you have to choose the right type of account to help you reach your goals. Two common types of accounts that credit unions offer are money market accounts and traditional savings accounts. Both offer benefits to savers, so the trick is picking the right account for your needs. Here is a closer look at these common saving accounts to help you choose the best one for you.

Money Market Accounts

A money market account is a specific type of savings account. The benefit of a money market account is that it typically offers a higher interest rate than a traditional savings account. It also usually comes with the ability to write checks directly from the account, unlike a traditional savings account. The trade-off is that there is usually a minimum balance to open the account, and you have to maintain a higher balance to avoid fees. A money market account is still insured in the same way it is in a traditional savings account.

Traditional Savings Account

Traditional savings accounts typically don’t require any minimum balance to open, and they either have no minimum balance requirements or have very small requirements. The trade-off with this kind of savings account is that it usually pays lower interest rates than a money market account.

Choosing an Account

Is a money market account or savings account right for you? There is no one-size-fits-all solution. If you are able to open your account with a larger balance and maintain that balance, then you could reap the rewards of the higher interest rate of a money market account. Alternatively, if you have a smaller amount of money, you could avoid fees while earning interest, albeit in a lesser amount, by having a traditional savings account. For most people, the right kinds of savings products change throughout their lives.

Let the committed financial experts at GCS Credit Union help you make the right choices about savings accounts, checking accounts, and much more. You can learn more about all of our credit union accounts in O’Fallon and get information about becoming a member by calling (618) 797-7993.

Hours

  • Monday 8:30am — 5:00pm
  • Tuesday 8:30am — 5:00pm
  • Wednesday 10:00am — 5:00pm
  • Thursday 8:30am — 5:00pm
  • Friday 8:30am — 6:00pm
  • Saturday 8:30am — 12:00pm