With a statement savings account, you get a statement, usually quarterly, that lists your transactions and interest earned during that period. Keep track of your deposits and withdrawals so you can compare them to your statement. Contact your institution immediately if you find an error. Club and other special purpose accounts let you save money for a specific purpose, such as the holidays or a vacation. Interest rates on these accounts are generally lower than on other types of savings accounts.
Credit unions call CDs share certificates.
In fact, the longer you promise to keep your money in a CD, the higher the interest rate may be. You will pay a penalty if you withdraw your money early. A checking account is useful if you would rather pay your bills by check instead of with cash, credit cards or money orders. Credit unions call these share draft accounts. There are different types of checking accounts.