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A Guide to Finding the Right Savings Account

May 1, 2017

The classic fairy tale Goldilocks and the Three Bears is a fable meant to teach children about the risk of breaking and entering and, at the same time, the importance of making choices based on what’s “just right”. While we don’t recommend any of our members go foraging through the forest in pursuit of the most comfortable bear-bed, we do suggest being particular when it comes to your savings. PFCU offers five different savings account options – each with their own features to match the owner’s end goal. Here’s a guide to all your savings options to help you decide which one is just right.

Five Different Savings Accounts at PFCU

Regular Savings

Every PFCU member starts here with an initial five dollar deposit. The deposit empowers every PFCU member as a shareholder in the credit union and must remain in your account to retain membership privileges. Some of the features of the regular savings account include: dividends paid on the last day of each month, deposits made by Direct Deposit, ATM, eDeposit or at any PFCU branch, and withdrawals from any ATM or PFCU branch.

Money Market Savings

A Money Market Account allows you to earn the highest possible return on your investment and is a great alternative to a traditional savings, allowing you to earn more interest with no penalties if you maintain a minimum balance. It’s perfect for anyone who has some money they’d like to put aside and grow, while still maintaining access to the funds when necessary. The PFCU Money Market Account offers a low minimum balance of $2,500 and a tiered interest rate.

Higher Yield Savings

Similar to the Money Market Accounts, Higher Yield Savings allow members to earn the highest possible return on your investment, and funds may be withdrawn at any time. A tiered interest rate structure rewards you with an even better rate when your balance reaches or exceeds $2,000. Both Money Market Accounts and Higher Yield Savings are great options for anyone who wants their money to work a little harder.

Holiday & Vacation Club Savings

Both Holiday and Vacation Savings are perfect options for members looking to do some shorter-term saving for holiday shopping or a trip to Mexico! Simply add to your account each payday and watch your savings grow with dividends paid at the end of each month. Withdrawals can be made from these accounts at any PFCU branch. Because the funds are separate from your regular savings account, you’ll be less tempted to spend the money on unrelated expenses.

Savings Certificate

It's true what they say: the best things come to those who wait. With a PFCU Savings Certificate, the longer you can park your money, the better dividend rate you'll earn. What's more, your money is insured by the federal government up to $250,000 per depositor. PFCU members enjoy additional coverage up to $250,000 from Excess Share Insurance Corporation, a licensed insurance company. For low minimum deposits, you pick the term. PFCU offers higher rates if you can save your money longer and we can put it to work for you. Minimum opening deposits are as low as $250 for three and six month Savings Certificates. All other certificate lengths require a deposit of at least $500.

Picking the right savings account can be daunting! PFCU wants to help you make the best decision based on your financial goals. We offer financial counseling services through our partnership with Clarifi – a local non-profit agency that can help you take action to improve your credit, reduce debt, avoid foreclosure, save and make sure your financial life is on a healthy track. Learn more about PFCU’s services offered through Clarifi here.

Once you get your savings account off the ground, make sure you check out our next blog post on inexpensive ways to travel abroad!


Erin Ellis
Accredited Financial Counselor
Philadelphia Federal Credit Union
National Association of Federal Credit Unions 
PFCU is a proud member of the National Association of Federal Credit Unions
National Credit Union Administration 
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Excess Share Insurance Corporation 
Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insurance company.
Equal Housing Lender 
We do Business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

We provide links to external websites for your convenience. Philadelphia Federal Credit Union does not endorse and is not responsible for their content, links, privacy or securities policies.

Please note that the amount of money contained in your investment accounts are considered non-deposit products and therefore, are not NCUA insured, not credit union guaranteed, may lose value, are not guaranteed by any government agency. Since they are not a deposit of the Philadelphia Federal Credit Union, investment accounts do not qualify for Excess Share Insurance (ESI). Securities, Financial Planning and Insurance products are offered through LPL Financial, and its affiliates, Member FINRA, SIPC. LPL Financial and Philadelphia Federal Credit Union are independent entities.