Saving is easier when your money has the right home. You may want some funds available for expenses that come up throughout the year, while other savings may be better suited to an account designed for a set period. FNBA offers several account options, with differences in access, balance requirements, fees, and how interest is credited.
Here is how Statement Savings, the Consumer Money Market, and Certificates of Deposit (CDs) compare, so you can choose with confidence.
Consider How Accessible Your Money Needs to Be
Start by asking how often you expect to use the money. Each FNBA account offers a different level of access:
- Statement Savings keeps funds accessible while separating them from everyday spending, with quarterly statements and an ATM-only debit card.
- Consumer Money Market pairs savings-style access with unlimited check writing and a free Mastercard® debit card.
- CDs hold your deposit for a fixed term, anywhere from 30 days to 84 months, in exchange for a rate locked in from day one.
Understand Balance Requirements and Fees
Fees often depend on the balance you keep, so comparing thresholds before you open an account is worthwhile. At FNBA, the structure is straightforward:
- Statement Savings charges no monthly service fee when you maintain a $200 minimum daily balance.
- Consumer Money Market waives its monthly service fee when you maintain a minimum average balance of $10,000; lower average balances carry tiered fees of $2.50, $5.00, or $10.00.
- CDs require a $1,000 minimum deposit, and early-withdrawal penalties apply based on your product term.
Compare Interest and Match the Account to the Goal
Timing matters for earnings. Statement Savings and CDs compound and credit interest quarterly, while the Consumer Money Market pays premium interest monthly on your daily balance. From there, matching the account to the job becomes simpler:
- The Consumer Money Market may fit if you consistently carry a higher balance and want check writing and debit card access without moving money first.
- A CD may fit funds you can set aside for a known period, since your rate stays fixed during the term.
- Using multiple accounts can serve different needs at once, such as Statement Savings for near-term goals alongside a CD for money earmarked further out.
Open the Right Savings Account with FNBA
Whether you’re building an emergency fund or putting a larger balance to work, the right account makes the difference between money that sits and money that grows. FNBA has served South Jersey since 1916 as an independently owned community bank, with deposits FDIC insured up to $250,000 per depositor, per ownership category, and bankers who take time to explain your options clearly.
Visit any of our four South Jersey branches across Absecon, Northfield, and Galloway Township to explore our full range of personal savings accounts and open yours, an account today. or call 609-641-6300 with questions. Have questions? Call us at 609-641-6300.
FAQs
What is the difference between FNBA’s Statement Savings and Consumer Money Market accounts?
Statement Savings is a straightforward account earning quarterly interest, with a $200 minimum daily balance to waive the monthly service fee. The Consumer Money Market is designed for higher balances, paying premium monthly interest with unlimited check writing and debit card access.
Can I withdraw money from a CD before the term ends?
Early withdrawals are permitted, but penalties apply, and the details depend on your product term as reviewed at account opening. If you may need the funds sooner, your FNBA banker can help you consider a shorter term or a more flexible account.
