Which type of Savings Account is right for you?

1:55 PM, Mar 18, 2019

Do you have some money you’ve been saving but you don’t know what to do with it?  Here are three savings options to help you get started.

First up is a basic savings account. At UKFCU, you’re not just an account — you’re a member. That’s one reason why their basic savings account is called a Prime Share savings account. You can open your Prime Share savings account with a minimum balance of $25.

Your Prime Share is the best savings account, with benefits including:

  • No monthly surcharge
  • Low minimum Balance
  • Direct Deposit
  • Overdraft protection on your checking account
  • Online savings account for convenience

In addition to these great benefits, your Prime Share is a high-interest savings account, earning you monthly interest when your balance is at least $100 and you can withdraw from this account anytime.

If you are looking for something that earns a higher interest rate than your regular saving account, consider a Money Market Account. A money market account is also flexible, similar to your checking account, so you can access funds on the spot when you need them. You can open a money market account with a minimum balance of $1,000.

Money Market Account benefits include:

  • No monthly fee
  • Six transactions via check, automatic debit, online banking or a combination
  • Monthly interest earned on accounts carrying a balance of at least $1000
  • Tiered interest rates offer higher money market account rates for higher balances

The National Credit Union Administration (NCUA), a US government agency, protects your money market account. Funds are insured up to $250,000.00. Excess Share Insurance Corporation, a private corporation, also insures your funds up to an additional $250,000.00.

Another great savings option is a CD or Certificate of Deposit. Choose the term length that works for you—whether it’s months or years—and watch your money grow. With a CD, you can earn higher returns than you will on a traditional savings or checking account. Even better, as a credit union, UKFCU is able to offer higher annual percentage yields on CDs than a traditional bank.

If you have questions about savings or need help deciding which type of savings account is right for you visit UK Federal Credit Union online at ukfcu.org or visit one of their six Lexington branches. They’ve been here for over 80 years and UK Federal Credit Union is banking, only better.

*Membership eligibility required. 

UK Federal Credit Union is a not-for-profit financial cooperative. Our sole purpose is to serve the financial needs of our members by offering our members quality service and products while maintaining a financially strong institution. Instead of planning for stockholder profits, credit unions focus on serving their Membership. Our services include, but are not limited to, personal banking, business services, lending, and investment services. To learn more, visit one of our six locations or check out our website at https://www.ukfcu.org

Our Locations

Hamburg

2557 Sir Barton Way
Lexington KY 40509
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

Export Street

1080 Export Street
Lexington KY 40504
Phone: 859.264.4200
Lobby Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.
Drive Thru Hours:
Monday – Friday: 7:30 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Reynolds Road

370 Meijer Way
Lexington KY 40503
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Beaumont Center

940 Midnight Pass
Lexington, KY 40513
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Tate’s Creek Branch

689 Wilson Downing Rd.
Lexington, KY 40517
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

UK Center

160 Avenue of Champions, Suite A – 210
Lexington KY 40506
Phone: 859.264.4200
Lobby Hours:
Monday – Friday: 8:00 a.m. – 6:00 p.m.

*About Sponsored Content

LEX 18 offers useful, valuable information from select sponsors on these pages. This content is not produced or endorsed by LEX 18 News. To learn more about being a Sponsored Content provider on this site, contact our digital sales specialists.

Download the LEX 18 News and Weather Apps

Download the LEX 18 News and Weather Apps