--- title: What Type of Savings Account is Right for You? description: Take a look at the different types of savings accounts RMCU offers, and you can find out which is the right fit for you. image: https://rmcu.net/hubfs/2022%20RMCU%20Banner%20Images/RMCU_right-savings-account-blogHeader.jpg --- [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) [Online Banking Login](https://banking.rmcu.net/auth/signin) [Online Banking Login](https://banking.rmcu.net/auth/signin) [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) - - [Home Loans](https://rmcu.net/home-loans) - [Personal](https://rmcu.net/personal) - [Business](https://rmcu.net/business) - [Membership](https://rmcu.net/membership) - [Careers](https://rmcu.net/membership/about-rmcu/careers) - [Contact Us](https://rmcu.net/contact-us) - Search - [Financial Education ▾](https://rmcu.net/blog/what-type-of-savings-account-is-right-for-you#financial-education-nav) - [About RMCU ▾](https://rmcu.net/blog/what-type-of-savings-account-is-right-for-you#about-rmcu-nav) - [Security](https://rmcu.net/membership/security) - [TruStage: Security Alert](https://rmcu.net/trustage-security-alert) - [Money Mastermind](https://rmcu.net/money-mastermind-lessons) - [Financial Counseling](https://rmcu.net/financial-counseling) - [Savvy Money](https://rmcu.net/membership/financial-education/savvy-money) - [Blog](https://rmcu.net/blog) - [Resources](https://rmcu.net/resources) - [RMCU Team](https://rmcu.net/membership/about-rmcu/rmcu-team) - [Member Information](https://rmcu.net/membership/about-rmcu/member-information) - [Annual Meeting](https://rmcu.net/membership/about-rmcu/annual-meeting) - [Community](https://rmcu.net/membership/about-rmcu/community) - [Our History](https://rmcu.net/membership/about-rmcu/history) [back to blog](https://rmcu.net/blog) [Tips from the Pros](https://rmcu.net/blog/topic/tips-from-the-pros) # What Type of Savings Account is Right for You? Read Time **3 mins** | Written by: Rocky Mountain Credit Union [mailto:?subject=What%20Type%20of%20Savings%20Account%20is%20Right%20for%20You%3F&body=https%3A%2F%2Frmcu.net%2Fblog%2Fwhat-type-of-savings-account-is-right-for-you](mailto:?subject=What%20Type%20of%20Savings%20Account%20is%20Right%20for%20You%3F&body=https%3A%2F%2Frmcu.net%2Fblog%2Fwhat-type-of-savings-account-is-right-for-you) ## Savings Members of RMCU are required to open and maintain a member savings account with a minimum balance of $20 to have access to all the services offered. This account is a great starting place for savings, with a 0.01% to 0.05% APY, no monthly fee, and free online banking.    ## IRA Savings For a higher interest rate at 0.03% to 0.10% APY, an IRA savings account might be the right choice for longer-term money management. This account is available as a Roth, Traditional, Simplified Employee Pension (SEP), or Education Saving Account (ESA). This is the account to let your money sit and your wealth grow over time.    ## HSA Savings Health Savings Accounts help offset medical costs, with a tax advantage. If you have a high-deductible insurance plan, you can take advantage of this type of savings account. You’re able to pay co-pays at the doctor’s office, purchase medication, and buy a wide range of[medical products you might not expect](https://hsastore.com/).     ## Rocky Super Saver Account This is the rockstar account for the under-18 crowd just getting started in saving. With a minimum deposit of $20, this account earns 0.01% to 0.05% APY and can help the young folks in your life jump-start their money management skills.  ![RMCU\_right-savings-account-blog2](https://rmcu.net/hs-fs/hubfs/2022%20RMCU%20Banner%20Images/RMCU_right-savings-account-blog2.jpg?width=2894&name=RMCU_right-savings-account-blog2.jpg) ## Standard Money Market Account In this savings account, you do need to maintain a balance of $2,500, with a $10 monthly fee if the balance drops below that. But that in turn yields higher returns, with a dividend rate of 0.02% to 0.20% APY. If you have a little extra savings that you need to have access to in a pinch, but that you want to have working harder for you and earning more, this account might be the best fit for you.    ## Premier Money Market As your wealth grows, you can still find the options to serve your financial goals. When you can maintain a minimum balance of $50,000 in your account (with a $25 monthly fee if your balance drops below that), the Premier Money Market account can get you where you want to go. With a 0.15% to 0.50% dividend rate, you can earn hundreds of dollars each year, just while your money sits safely in the account.    ## Vault Certificate With a 12-month term, a vault certificate makes sense if you have the means to deposit $10 each month. And you only need to start with a minimum deposit of $1. You can add to your certificate without a problem, but you can’t withdraw during the term, so you know you can count on sticking to your savings goals. And 0.75% APY can add up quickly. But this isn’t the place to stash your emergency savings that you might need to pull out at any time, with the 12-month term.    ![Image of putting coins in a bank. ](https://rmcu.net/hs-fs/hubfs/2022%20RMCU%20Banner%20Images/RMCU_right-savings-account-blog3.jpg?width=2894&name=RMCU_right-savings-account-blog3.jpg) ## Term Certificate When you’re ready with a minimum deposit of $1000, a term certificate can meet your needs. [Rates vary depending on the term](https://www.rmcu.net/certificate-rates), which can range from 3 to 60 months. But rates just go up the longer your money sits in the account, getting as high as 1.36%. If you know you’re not going to need a chunk of change for a while, you can make it work for you with a term certificate.    ## Youth Certificate For those under 18 who have a membership savings account, all it takes is $250 to start earning 0.9% APY with an 18-month youth certificate. Setting aside some birthday money or babysitting earnings can make thinking about the financial future a priority early in life.    Get to know your finances, and take your pick of savings accounts. And once you become a member of RMCU, opening a new type of account is simple. Let your savings take you places, and [sign up today](https://www.rmcu.net/branch-atm-locations) at your neighborhood branch.  ##### Rocky Mountain Credit Union Share the Love [mailto:?subject=What%20Type%20of%20Savings%20Account%20is%20Right%20for%20You%3F&body=https%3A%2F%2Frmcu.net%2Fblog%2Fwhat-type-of-savings-account-is-right-for-you](mailto:?subject=What%20Type%20of%20Savings%20Account%20is%20Right%20for%20You%3F&body=https%3A%2F%2Frmcu.net%2Fblog%2Fwhat-type-of-savings-account-is-right-for-you) You May Like These ## Related Articles ![](https://rmcu.net/hs-fs/hubfs/RMCU_Reliable-Ways-to-Grow-Your-Savings-in-Volatile-Market_01.jpg?width=700&name=RMCU_Reliable-Ways-to-Grow-Your-Savings-in-Volatile-Market_01.jpg) Tips from the Pros ### [Reliable Ways to Grow Your Savings in a Volatile Market](https://rmcu.net/blog/reliable-ways-to-grow-your-savings-in-a-volatile-market) Even in a volatile market, there are plenty of reliable ways to put dollars aside. Here are a few wa... Keep Reading ![](https://rmcu.net/hs-fs/hubfs/RMCU_starting-a-small-business-montana-blogHeader.jpg?width=700&name=RMCU_starting-a-small-business-montana-blogHeader.jpg) Tips from the Pros ### [Financial Tips for Starting a Small Business in Montana](https://rmcu.net/blog/financial-tips-for-starting-a-small-business-in-montana) If you’re considering starting a small business in Montana, here are a few of our top financial tips... Keep Reading ![](https://rmcu.net/hs-fs/hubfs/RMCU-What-is-a-Certificate-of-Deposit-Blog-header.jpg?width=700&name=RMCU-What-is-a-Certificate-of-Deposit-Blog-header.jpg) Budgeting and Saving ### [What is a Certificate of Deposit and How Do They Work?](https://rmcu.net/blog/what-is-a-certificate-of-deposit-and-how-do-they-work) Certificates of deposit, or CDs, make a great tool to keep in your savings tool belt. Take a deep di... 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