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Where Do I Keep My Money? Common Account Types

Banks and credit unions offer different types of accounts that are specifically made to fit various goals and purposes, in addition to keeping your money safe. Thanks to the FDIC and NCUA, a financial institution is the safest place to store your hard-earned cash because that money in your account is protected and insured! Below are some of the most common account types that you can use to house your money:



Checking Account

With this account, you can spend money directly with a debit card or check, and you can make withdrawals if you need cash.


Savings Account

A savings fund is an account where you set aside money for a particular goal. It offers either simple or compound interest which means you can earn free money! You can’t make purchases directly from a savings account, but you can transfer funds to a checking account or withdraw cash from an ATM.


Direct Deposit: Instead of getting a physical paycheck, money will automatically be deposited into your bank account. This gives you quicker and easier access to the money you earn. Plus - if you have your direct deposit go to a Noble account, you can get access to your money a day before payday!4

Money Market Account

A money market account gives you the ease of a checking account with the earning potential of a savings account. While you can often earn higher interest rates than a typical savings account, you’re most likely going to be limited to the number of monthly transactions that can take place.


Noble Perks: Are you paying for cell phone protection, roadside assistance, or ID theft aid? Did you know that with a Noble Perks Checking Account you can get all of that and more for only a $5 monthly subscription fee? 1,2,3

Share Certificate or Certificate of Deposit (CD)

A Share Certificate or CD can be a great way to earn a high-interest rate if you’re willing to wait. In exchange for those higher interest rates, you agree to leave the money in a special account for a certain amount of time. After the maturity date, you’ll be able to withdraw the funds and receive the interest.



 

*Membership eligibility required as well as a valid CA DL or federally issued identification card. Must be 18 years or older, or have a guardian over 18 on the account. Savings account must be opened with a minimum $5 deposit. 1 Subject to the terms and conditions detailed in the Guide to Benefits. 2 Insurance products are: NOT A DEPOSIT. NOT FEDERALLY INSURED. NOT AN OBLIGATION OR GUARANTEED BY THE CREDIT UNION, ITS AFFILIATES, OR ANY GOVERNMENT AGENCY. 3 Identity and credit monitoring require additional activation for monitoring to begin. 4 Early direct deposit not guaranteed and may be posted up to a day early depending on the issuing company submittal date. Monthly subscription fee is $5 for a Noble Perks Checking Account. Paper statement fee is $2 per month. Federally insured by NCUA.


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