Savings
When it comes to getting the most out of your savings and building it over time, there are many different options available to you. Start by evaluating your savings goals and determining the purpose of your funds and for how long you want to save them.
Primary Savings
With a primary savings account, you establish your membership with GICU and save money for a rainy day. This account is easy to access and ideal for emergency funds and money that has been earmarked for vacation or holiday spending.
Long-Term Savings
If you're more interested in earning the greatest dividends then you'll want to select a special type of account to maximize your returns. These accounts are usually best for those wanting to save larger amounts of money for a longer period of time.
Special Purpose
These accounts are tax-advantaged accounts that allow you to get a boost to your savings when used for their intended purpose.
Savings Accounts FAQs
- What kind of savings accounts does GICU offer?
- What savings account fits my savings goals?
The right account depends on what you're saving for and when you'll need the money. For emergency funds or short-term goals like a vacation or holiday spending, choose an easy-to-access account like Primary Savings or Greater Savings. If you're saving a larger amount you won't need for a while, a money market account or certificate can help you earn more. If you're saving for retirement or healthcare costs, an IRA or HSA offers tax advantages when used for its intended purpose. Not sure where to start? Visit a local GICU branch, and our team can help you compare your options.
- What's the difference between a savings account, a money market account, and a certificate?
The main difference is how easily you can access your money versus how much you can earn. A traditional savings account keeps your money readily available and earns a variable dividend rate. A money market account typically earns a higher rate than standard savings while keeping your funds accessible, which makes it a good fit for larger balances. A certificate earns a fixed rate for a set term in exchange for leaving your money untouched, and early withdrawals may result in a penalty. Compare our current deposit rates to see which option works best for you.
- Are my savings insured at GICU?
Yes. Your savings at Greater Iowa Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA), the credit union equivalent of FDIC insurance. We also provide additional coverage through Excess Share Insurance for even greater peace of mind.
- How do I open a savings account with GICU?
Every membership starts with a Primary Savings account, and you can apply online in just a few minutes. You'll need two forms of identification, such as a driver's license, Social Security card, ITIN card, birth certificate, or passport. You'll also make a $5 deposit to establish your membership share. Once you're a member, you can open additional savings accounts to fit your goals. Youth savings accounts must be opened at one of our branches.