Phishing Alert: SELCO impersonators are calling about fraudulent transactions and requesting sensitive information. As a reminder, SELCO will never contact you requesting sensitive information, including login credentials. If you receive one of these messages, please delete it or hang up immediately.

Money Talks E3: The Different Types of Accounts

In Episode 3 of “Money Talks,” Lila looks at the different types of accounts and what each one does for your money. She focuses on the two most common account types—checking and savings—as well as certificates and money markets.  

Important Takeaways

  • Checking accounts are the most frequently used type of account and are great for housing cash you’ll need soon, like for paying bills and making everyday purchases.
  • Savings accounts are a safe place to hold your money and offer a return that a bank or credit union pays you, often in the form of a modest interest rate.
  • Certificates (CDs at banks) are beneficial for longer-term savings goals. They generally pay higher interest rates than traditional savings accounts.
  • Money market accounts are somewhere in between checking and savings. You can make a limited number of purchases while earning interest on deposits.

Previous Video

All Videos

Next Video

Keep Going

Woman holding a SELCO debit card.

Accounts

SELCO has a variety of convenient, secure accounts and digital offerings suited for your on-the-go lifestyle.

Man and woman sitting down looking at a phone.

Link + Cultivate Duo

Combine the Link Digital Checking and Cultivate Savings accounts, and you'll get bonus checking rewards, faster savings, and no monthly or overdraft fees—and that’s just the start.

Man and woman in restaurant looking at laptop

Business and Commercial

Our Commercial & Business Banking division offers products, services, and support to keep your business running efficiently.

Magnifying glass and wooden letters

Common Savings Terms (and What They Really Mean)

Gaining an understanding of how terms, like the ones we go over in this glossary, work together will clear a path forward for making the most of your money.