A savings account is essentially a place for you to accumulate and hold your money while earning interest on your funds. Savings accounts are insured by the FDIC to the maximum extent permitted by law. At Scottrade Bank, you can open a savings account for a low minimum deposit, and interest will be accrued daily and paid monthly on balances of $100 or more.
A checking account is a type of financial service that provides a place for individuals to deposit money and generally withdraw funds at any time. Checking accounts are insured by the FDIC to the maximum amount permitted by law. Checking accounts allow you to write checks to pay debts or use ATM/debit cards to make purchases, cash withdrawals and online payments for services rendered.
A money market account is a type of savings account that allows you to accumulate and hold your money while earning interest on your funds. Money market accounts are insured by the FDIC to the maximum extent permitted by law. At Scottrade Bank, you can open a money market account with a low minimum deposit, and interest is accrued daily and paid monthly on balances of $100 or more.
Certificates of Deposit (CDs) are debit instruments issued by commercial banks and savings and loan institutions. When you invest in a CD, you loan the bank a set amount of money. For the use of your money, you are promised the return of principal plus interest over the life of the CD.
On or after April 27, 2017, Scottrade Bank will no longer open or renew CDs. CD accounts maturing April 27, 2017, or later, will experience a final maturity. Funds from those CDs will be transferred to a corresponding Scottrade Bank deposit account in the owner’s name, transferred to an affiliated Scottrade brokerage account if possible, or sent by check to the owner’s address of record.
Federal law limits the number of certain withdrawals on any savings account or money market account to 6 per month. Withdrawals at ATMs are not subject to federal limits.