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Money Market Account: Here's What You Need to Know

Posted by Carolina Trust Federal Credit Union on Sep 20, 2023 1:41:00 PM

Money market accounts were introduced during the 1970s as a type of mutual fund that brokerage houses sold. At the time, the federal government also capped how much interest local lending institutions could offer customers on the savings account, leaving them at a competitive disadvantage. A few Baby Boomers may recall how banks and credit unions offered incentives such as kitchen appliances and new gadgets to encourage people to open accounts.

But the Garn-St. Germain Depository Institutions Act in 1982 changed everything. The Act allowed local lenders to provide savings options with higher interest rates under the money market account umbrella. Now, working families can choose between a variety of money market products with competitive rates.

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Topics: Investing & Retirement

CD vs Money Market: Steady Returns or Flexibility

Posted by Carolina Trust Federal Credit Union on Sep 13, 2023 1:35:00 PM

Maintaining a diverse financial portfolio helps reduce investment risk and generate greater returns. Part of that balanced approach involves including assets that can be quickly leveraged. Basically, things such as money market accounts and certificates of deposit (CDs) are akin to having cash on hand. The major difference is they generate better interest rates than passbook savings accounts.

If you are considering adding a money market or CD as part of your portfolio strategy, it’s essential to understand the choice is not necessarily either-or. Money markets and CDs are both valuable assets with slight differences. Those CD vs money market distinctions could be simplified by just saying one provides steady returns while the other offers flexibility. But a deeper understanding could help you better prepare to build an actionable portfolio that achieves your financial and quality of life goals. 

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Topics: Investing & Retirement

Is a Certificate of Deposit Right for You? Explore the Risks and Benefits

Posted by Carolina Trust Federal Credit Union on Sep 5, 2023 1:24:00 PM

Commonly called a CD, a Certificate of Deposit is a savings-based investment that produces a higher return on investment than many others in its class. Considered a sound, reliable investment, CDs are generally part of a well-balanced portfolio. By understanding how they work, as well as their benefits and disadvantages, community members can make informed decisions about adding CDs to their mix of financial holdings.  

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Topics: Investing & Retirement

Women and Money: Five Steps to Financial Empowerment

Posted by August on Mar 26, 2021 10:09:11 AM

Every year in March, we celebrate Women's History Month, a time to acknowledge all the brave hard-working women who came before us and paved the way for women's equality. In fact, Carolina Trust has highlighted prominent women in our community all month long on Living Local Carolina. And as great as it is to underline historical women who have made strides for women's independence and equality, it's even more important to use this month as a way to motivate and empower present-day women to rise up and take advantage of the opportunities that are available to help them achieve independence, stability, and success.

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Topics: Personal Finance, Investing & Retirement

Carolina Trust Federal Credit Union Blog 

Welcome to the Carolina Trust Federal Credit Union Blog! We're excited to share financial tips and information for a variety of different topics.


Check out recent blog posts by our Brand Ambassador, August, for tips on achieving financial success in the bag. 


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