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Investment Choices Quick Comparison Chart

 
Savings Account
Money Market Account
CD
IRA
guaranteed return
yes
yes
yes
yes
liquidity of funds
high
medium
varies
low
penalty for withdrawal
no
six free per month
yes
yes
term of investment
none
none
months or years, depending on selected option
to age 59 1/2 (or retirement)
NCUA insured
yes
yes
yes
yes – up to $250,000
ESI insured
yes
yes
yes
yes – in addition to up to $250,000 insurance on other accounts
advantages
instant access to funds
better interest rate than traditional savings accountfunds fairly accessible
best return of all guaranteed investmentsoffers numerous choices for term of investment
depending on type of IRA, either contributions or withdrawals are tax exempt
drawbacks
very low interest rate
must maintain balance of $2000 or pay service charge

limited to 6 free withdrawals monthly
requires minimum investment

ties up funds for term of CD; penalty for early withdrawal
can tie up funds for long period; significant penalty for early withdrawal

PRIVACY POLICY | SECURITY INFORMATION


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