What are the differences between savings accounts & certificates?

Here are a few of the ways savings accounts and certificates are different from one and other.

Savings Accounts

Savings accounts are bank accounts that earn interest. There are a variety of products out there to suite your needs, such as general savings accounts, Youth Savings Account, Holiday Club Account, UTMA Savings Account, and IRA Savings Account. The savings accounts at HRCCU are transactional.

Certificates of Deposit (CDs)

Certificates of Deposit are a type of federally insured savings account that has a fixed interest rate and fixed date of withdrawal, known as the maturity date. These types of accounts have higher interest rates than savings accounts and are generally a safer option to grow your savings when compared to investing in stocks.

CDs through HRCCU allow you to set up a term for up to 60 months with no monthly fees. We do have penalties for early withdrawals and you cannot add funds once the CD is opened.

We offer several products including Shared Certificate, Traditional IRA Certificate, Roth IRA Certificate, and Coverdell IRA Certificate.