What is a Savings Account?

A savings account is a basic account for holding money that you don’t need for daily expenses. Both online savings accounts and traditional savings accounts generally require a minimum balance and, in exchange, will generate a small amount of interest on your funds. There are savings account options available for everyone and finding one is simply a matter of determining your end goals. Whether you choose to open an online bank savings account or a savings account at a brick and mortar bank or credit union, savings accounts are easy to open and maintain.

How do they work?

Savings accounts function similarly to your childhood piggy bank, with an additional boost. It is easy to put money in, takes a bit more effort to withdraw funds and a great place to set money aside for a larger purchase, vacation or holiday, or in case of emergency. Keeping your extra cash in a savings account carries more benefits than stashing your money in a piggy bank or pickle jar for a few reasons.

  • Savings accounts are protected by the FDIC and NCUA for up $250,000, so if something happens to your lender, you are guaranteed to get your money back. If someone robs your house or there is a fire, you are less likely to see that money again.
  • Savings accounts usually require a small amount to get started and typically earn quarterly interest as long as a minimum balance is kept in the account.

Who can open a savings account?

Virtually anyone can open a savings account, as long as you possess a Social Security Card, government issued ID, and mailing address. There are savings accounts available that are specifically designated for children, holiday savings or other specific events, and some with higher interest rates. It is not difficult to find a savings account that can fit your specific savings goals.

What are the different types of Savings Accounts offered at MCCU?

Missouri Central Credit Union offers a variety of savings account options including primary and secondary share accounts, Christmas Club savings account, Premier Money Market account, Buster Bear account, and Share Certificates of Deposit.

Primary Share Savings Account:

The Primary Share Savings Account is the initial account that establishes membership at Missouri Central Credit Union. The Primary Share Savings Account has a minimum balance of $25, and interest is paid quarterly on your average daily balance of $100 or more. This account includes no monthly service fee.

Secondary Share Savings Account

The Secondary Share Savings Account serves as the perfect account for separate savings on things like vacations, tuition, weddings or anything you can image needing to save for. The Secondary Share Account has not minimum balance, no monthly service fees and interest is paid on your average daily balance over $100.

Christmas Club Savings Account

A specific holiday savings account you can automatically deposit funds from your checking account each month and then, in mid-October, the entire balance of the Christmas Club account will be deposited into your Primary Share account just in time for the upcoming holidays. The Christmas Club account earns a low interest rate based on the average daily balance.

Premier Money Market Account

This is our higher interest yield savings account. If you decide to open a Premier Money Market account you will receive a higher APY than our standard Primary Share account, paid quarterly on balances over $100 with no minimum balance required.

Share Certificates of Deposit

This is a short-term savings account with a higher APY that requires a minimum balance of $500. You can choose your account term from six to 36 months, but take note, there is a penalty if you withdraw your money before the end of the designated term.

Buster Bear Account

MCCU’s designated children’s savings plan, the Buster Bear account is a great choice for children 12 and under. No minimum balance is required and kids can earn prizes for every $5.00 deposited into the account. The Buster Bear account earns quarterly interest on balances over $100.

How to pick which type of savings account is right for you?

Finding the right savings account depends greatly on your end goals. If you are looking for a savings account to simply keep extra funds in for a rainy day, a primary share account is the way to go. If you want to set aside money for a specific event, the Christmas Club account or Share Certificates of Deposit is a great choice for you to get the most return on your short-term investment.


Not sure which type of account is right for you? Talk to a Member Service Representative today.

How do you start saving?

Starting a savings account is quite simple. Just walk into Missouri Central Credit Union and speak to a Member Service Representative.

A savings account, whether they are held at traditional banks, established credit unions like Missouri Central Credit Union, or you choose to have an online savings accounts, is an excellent way to set money aside while earning a little bit of interest.