Deposit Accounts Made Simple

At Leading Edge Credit Union, a deposit account is just a safe place to keep your money — and help it grow. Whether you’re saving for something fun, planning ahead, or just managing day-to-day spending, we’ve got options that fit your goals. This quick guide walks you through the different types of deposit accounts, how they work, and how to pick the one that’s right for you.

A Few Helpful Terms

• APY (Annual Percentage Yield): The rate you’ll actually earn on your money after compounding interest.
• ATM: Cash in, cash out — no teller needed.
• Certificate Account: Similar to a Certificate of Deposit (CD) at banks. You lock in your money for a set time and earn a guaranteed rate.
• Checking Account: Your everyday account for spending, bills, and paychecks.
• Compound Interest: Interest that earns interest — a saver’s best friend.
• Debit Card: Your plastic (or digital) key to paying with funds from your account.
• Deposit Insurance: Protection for your money up to $250,000 through NCUA.
• Direct Deposit: Paychecks or benefits deposited right into your account — no waiting in line.
• Dividend Rate: The rate we pay you on your savings at the credit union.
• Money Market Account: A savings account that usually earns a little more.
• Overdraft: When your spending goes past your balance (and can come with fees).
• Savings Account: A place to stash money you’re not spending today, while it earns interest.
• Term: The length of time your money is locked in a certificate account.
• Withdrawal: Taking money out of your account.

Types of Deposit Accounts at Leading Edge CU

Savings Account Your basic savings tool — great for short-term goals like vacations, new furniture, or holiday shopping. Checking Account Perfect for day-to-day spending, paying bills, or having your paycheck land directly in your account. Easy access with debit cards, ATMs, and checks. Money Market Account Want to earn more on your money but still keep it accessible? This is a great option for emergency funds or bigger savings goals like a house down payment. Certificate Account For long-term savings goals like retirement or college. You’ll earn a higher, guaranteed rate — just know your money has to stay put until the term ends.

Is My Money Safe?

Absolutely. Deposits at Leading Edge CU are insured by the National Credit Union Administration (NCUA) up to $250,000 per member, per account type. That means your savings, checking, and even IRA accounts are protected.

Why Choose a Credit Union?

Here’s the best part: at Leading Edge, you’re not just a customer — you’re a member-owner. That means:

• Higher rates on savings.
• Lower (or no) fees.
• Local service from people who live and work where you do.

Tips for Picking the Right Account

1. Think about your goals – Do you need quick access, or can you let your money sit and grow?
2. Compare features – Look at rates, fees, and flexibility.
3. Automate savings – Set up direct deposit or auto transfers so saving becomes effortless.
4. Check in often – Review your accounts to make sure they’re still working for your needs.

Handy Extras

• Online & mobile banking make it easy to manage your accounts anytime.
• Financial calculators and planning tools help you stay on track toward your goals