Managing personal finances can feel hectic and overwhelming. You need to organize your funds using resources like checking and savings accounts. Both are beneficial. However, you don’t want to open any accounts before knowing the differences between them.
What Are Checking Accounts?
Checking accounts are for everyday expenses. Most users will pay for groceries, bills, and everyday outings with the deposited money. Your checking account will be ready to go whenever you need access to your funds!
The Benefits of Checking Accounts at Democracy FCU
Checking accounts make it easy to make cash deposits and receive direct deposits from paychecks. It’s an efficient way to ensure the account has the appropriate amount for every purchase.
With a checking account comes the use of a debit card. A simple card swipe will pay for the bill. You can also use the debit card to get cash from ATMs whenever you need it.
Don’t worry. Democracy FCU offers overdraft privileges to help you out during tough times if you accidentally spend more than the account holds.
What Are Savings Accounts?
Savings accounts are for storing money. People have financial goals they want to achieve. The savings stay consistent when they split their money between checking accounts for everyday expenses. You can trust the money you have set aside for emergencies, home renovations, and family vacations is there whenever you check the balance.
The Benefits of Savings Accounts at Democracy FCU
One savings account doesn’t fit everyone’s financial needs. That’s why Democracy Federal Credit Union offers several types of savings accounts. Our services include IRA savings for retirement, holiday and vacation, and shared savings accounts.
Democracy FCU offers low minimum balances and high Annual Percentage Yield (APY). The more you save, the more cash you’ll earn each month. Not to mention, you’ll save even more with our company’s minimal fees.
Fortunately, you don’t have to choose between checking and savings accounts. Their differences make them both valuable tools for your financial goals. Join our credit union (DC, VA, MD), use the accounts in tandem, and achieve your financial goals with ease.