Savings Accounts and CDs/Money Market Accounts: 
What's the Difference and Which is Best for You?

Let's face it. You work hard for your money. You’re putting in long hours, making sacrifices, and trying to save whenever possible. But when you put your money away, where’s it going, and more importantly, what's it doing there?


At Penn Community Bank, we think that since you work so hard for your money, it’s time to let your money work for you. With a savings account, money market account or certificate of deposit (CD), you can watch your money grow as it earns interest. Let’s take a look at the differences between these accounts, and which is best for you:

Savings Account

A staple of banking relationships and the most common place people keep their funds, savings accounts typically only require a small initial deposit and are a dependable way to save money. A savings account can’t be accessed using checks or a debit card, which can be beneficial to those who have difficulty saving money. But don’t worry, if you really need to get to it, you can. Here’s the important part: depending on your type of savings account, you earn interest on your balance and help to boost your savings? Penn Community Bank offers several accounts to match your needs and savings goals.


Certificate of Deposit (CD)

Have a chunk of change you know you want to save for the long-term? Get the biggest bang for your buck by opening a certificate of deposit, or CD. CDs pay higher interest rates than savings accounts in exchange for restricted access to your money. Typically, the longer the term, the higher the rate. Right now, Penn Community Bank CD rates are among the most competitive in the region with term lengths from three months to five years.


Money Market

Think of a money market account as a combination of a savings account and a checking account. This type of account offers interest (though not as high as a CD) while providing you with more access to your funds through the use of a debit card and checks. A money market can be ideal for someone who wants to earn interest, but with the freedom and convenience to cut checks and use ATMs.


We know everyone’s financial goals are unique. But whether you’re saving for your first home, starting a family, or simply trying to build up your nest egg, Penn Community Bank will be there, providing you with the information and financial guidance to succeed.