A savings account, money market account, and Certificate of Deposit (CD) are all great options for saving your money, but they each serve different purposes and come with unique features.

• Savings Account: A savings account is a basic deposit account that allows you to earn interest on money you save while keeping your funds easily accessible. There are typically no restrictions on the number of deposits you can make. Savings accounts usually offer lower interest rate compared to other savings options, but they provide flexibility for the day-to-day needs.
• Money Market Accounts: A money market account combines the benefits of a savings account with some features of a checking account. It generally offers a higher interest rate than a regular savings account, especially if your balance grows. There may be a limit on the number of withdrawals or transfers each month.
• Certificate of Deposit (CD): A CD is a time deposit account that offers a fixed interest rate for a specified term, which can range from a few months to several years. CDs typically offer higher interest rates than both savings and money market accounts, but in exchange, your money is locked in for the term of the CD. Withdrawing funds before the CD matures usually incurs a penalty, making CDs a good option for those who want to earn a higher return and don’t need immediate access to their funds.

You can open a savings account by visiting any Alerus location.

Yes, all deposit accounts at Alerus are insured by the Federal Deposit Insurance Corporation (FDIC).

Interest rates for savings and money market accounts at Alerus are variable and can be updated periodically based on market conditions. The rates are typically reviewed and adjusted as necessary to remain competitive and reflect changes in economic factors. You can check the rates at any time visiting our rates page or contacting an Alerus advisor. Interest is usually calculated daily and credited to your account on a monthly basis.