Money market, certificate & savings, mobile view banner, May 2023 blog, Travis CU,

When You Crave to Save: MMA, Certificate & Regular Savings

You hear it all the time from financial experts: start saving at an early age to build your financial wealth. But where do you start? Saving money doesn’t have to be difficult; using the right type of account can keep you motivated as you watch your money grow.

For many who crave to save, the three most convenient ways are through a Traditional Savings Account, Certificates and Money Market Accounts. Knowing how each one works will help you decide your best path forward.

Traditional Savings Account

Credit unions and banks offer basic savings accounts for those looking for a better place to keep their cash than at their home. These types of accounts offer the lowest interest rates for your money, so while they keep your funds safe and accessible, your savings grow slowly. You can access your savings account by visiting a branch or an ATM.


For those who want a higher return on their money, Certificates are a good savings option. Known as Share Certificates at credit unions and Certificates of Deposit at banks, these accounts are designed to provide you with a fixed annual percentage yield (APY) for a specific term, which is usually 6 to 60 months. (Learn the difference between credit unions and banks.)

Once you start saving with a certificate, your money is locked in. Some financial institutions may allow you to withdraw from a certificate but may impose a penalty. When your certificate reaches the end of its term, known as maturity, you can withdraw your money or renew your certificate.

Certificates are a great way to diversify your financial portfolio. They provide peace of mind because your APY is locked until maturity, with dividends compounded monthly.

Money Market Accounts

A Money Market Account is the third type of savings account available. MMAs are designed for flexibility by giving you check-writing options while not locking your funds into any specific term like Certificates do. Money Market Accounts pay higher dividends than regular savings and offer similar rates to Certificates.

You can withdraw money from your MMA at any time. Some financial institutions may even provide a debit card. Choosing a Money Market Account is another good option if you want higher growth and accessibility to your money.

Are Savings Accounts Insured?

Yes, regular savings accounts, certificates and Money Market Accounts are federally insured, meaning your funds are safe if something happens to your financial institution. Credit Union deposit accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA). If you have a bank account, your funds are similarly insured by the Federal Deposit Insurance Corporation (FDIC).

Did you know you can make automatic deposits from your paycheck to these accounts using Direct Deposit? It’s the best and most convenient way to save.

Everyone’s financial journey is different. Select the right type of account for you and start saving regularly.

Travis Credit Union Can Help

TCU has a variety of savings products to help you reach your goal of buying a home, saving for emergencies and building that nest egg for retirement. For example, our Money Market Accounts give you more for your money. We also offer Certificates that provide you with competitive rates that help grow your savings faster.

Our Individual Retirement Accounts let you take advantage of both long-term compounding and tax-deferred earnings growth when planning for your long-term goals.

Visit to see how we can help you with all your financial wellness needs so you can plan, save, spend and borrow better.

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