Money Talks E3: The Different Types of Accounts

In Episode 3 of “Money Talks,” Lila looks at the different types of accounts and what each one does for your money. She focuses on the two most common account types—checking and savings—as well as certificates and money markets.  

Important Takeaways

  • Checking accounts are the most frequently used type of account and are great for housing cash you’ll need soon, like for paying bills and making everyday purchases.
  • Savings accounts are a safe place to hold your money and offer a return that a bank or credit union pays you, often in the form of a modest interest rate.
  • Certificates (CDs at banks) are beneficial for longer-term savings goals. They generally pay higher interest rates than traditional savings accounts.
  • Money market accounts are somewhere in between checking and savings. You can make a limited number of purchases while earning interest on deposits.

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Accounts

SELCO has a variety of convenient, secure accounts and digital offerings suited for your on-the-go lifestyle.

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Link + Cultivate Duo

Combine the Link Digital Checking and Cultivate Savings accounts, and you'll get bonus checking rewards, faster savings, and no monthly or overdraft fees—and that’s just the start.

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Business and Commercial

Our Commercial & Business Banking division offers products, services, and support to keep your business running efficiently.

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Common Savings Terms (and What They Really Mean)

There are a lot of terms out there that deal with "savings." What do they all mean? Gaining an understanding of how terms, like the ones we go over in this glossary, work together will clear a path forward for making the most of your money.