Checking & savings accounts are very similar, but have a few key distinctions. When you use your GUASFCU Visa card at merchants, the money will come out of your checking account. Similarly, anytime you write a check, the money will come out of your checking account. A savings account earns interest, meaning that while money is in your savings account, it grows over time. Both are insured by the U.S. government for balances up to $250,000 through the NCUA. To encourage savings, the government limits withdrawals from savings accounts to six per month. GUASFCU highly recommends having both accounts.
The New Graduate High Yield Savings Account is available to recent graduates and offers the opportunity to build a strong financial foundation after graduation by earning a competitive deposit rate of 4%. The transition to post grad life is exciting but can be financially challenging, the HYSA will help grow your emergency fund or bring you closer to your next big purchase by earning you passive income on your savings. The HYSA is a great resource as it allows members to earn a competitive rate on savings without the high minimum deposits and transaction restrictions typical with this type of product.
House and group accounts are perfect for clubs, roommates, or any group of students that need to share a checking account. These accounts have multiple owners and come with all the same great features as our personal checking accounts. These are perfect for collecting rent for landlords or managing ownership in dynamic student organization accounts.
