In the simplest terms: Your personal checking account contains the money you use frequently and may need unexpectedly. Your personal savings account is designed to hold money you won’t need today, so it can be put out by the credit union to earn interest, which is divided between the credit union and the member.
Personal Banking 101
White River Credit Union offers several packages to meet an individual member or family needs. You can start any package with a $25.00 deposit, and many carry no service charges. We have several account options:
The Rocky Raccoon or Student accounts for young savers
The Classic account, which works very well for many of our members
The Bill Pay account, providing a convenient online portal for your expenses
The Premium account for those who want interest-bearing checking account plus money-market savings
For many of our accounts, we can add-on market or holiday savings, certificates of deposit, IRAs, Visa credit cards, home-teller access or eStatements.
Checking vs. Savings: What’s Right for You?
Many people choose both, using a checking account for day-to-day needs like groceries and utilities, with their savings account for big purchases like appliances or for vacation and holiday spending. Both have a low initial deposit at White River CU. Savings accounts earn more interest, but you are limited by federal regulations to six withdrawals per month. Debit and credit cards are generally tied to checking accounts, but a debit card can be tied to a savings account for ATM cash withdrawals.
When deciding which account to open, members must weigh the fees involved in each type of account, how often they need to access their money, and how much they want or are able to set aside.
The final answer to this question, like any financial question, depends on your individual situation. Drop by our Enumclaw CU during business hours. If that isn’t possible, you can call or email us, to discuss your needs in detail, your goals and how we can help you meet them.
White River Credit Union is Here to Help!
The financial world gets more complex all the time as politicians and regulators continue to tweak the rules. Many people seem to think they need to manage all their finances on their own. You don’t have to make that mistake. White River Credit Union is (or should be) your personal banking partner. “People helping people” is our motto, and our only goal is your financial success.