Wealth Builders (age 0-22)

A savings account is a safe place at Greylock to store your money that you want to use at a later time. This account earns interest, meaning Greylock pays you for storing your money in one of their savings accounts. The amount of interest you are paid depends on how much money is in your savings account. The more money there is in your savings account, the more interest you will be paid.

A checking account is a safe place to store your money that you use every day. Think of this account as your "spending account". When you open a checking account at Greylock, you can use checks and a debit card to spend the money that is stored in the checking account. 

Debit cards are connected to your checking account so you can access the money you have stored in there. You can use your debit card when shopping or use it to take cash out at an ATM.

An Automated Teller Machine, “ATM,” lets you take money out of your savings or checking account using your debit card any time of the day, any day of the week without having to go inside a Greylock branch. You may access our ATMs by using your Debit Card and 4-digit PIN.

Video Teller Services (VTS) allow you to talk to a live teller through the ATM! You can do almost any transaction you would do in a branch right on the screen, all you have to do is tap the screen to begin. The VTS hours also extend past regular branch hours so it’s a great alternative if you aren’t able to make it into a branch.

eDocuments are a safe and easy way to keep track of your information and view all of your important financial documents online and in one place. eDocuments can include things like member statements, loan bills, tax statements and important notices (for example CD Maturity).

eDocuments are a safe and easy way to keep track of your information and view all of your important financial documents online and in one place. eDocuments can include things like member statements, loan bills, tax statements and important notices (for example CD Maturity).

Interest can be thought of as a reward for saving money. When you save money, Greylock pays you a small amount of extra money (interest) for keeping your money with us. With compound interest, think of it like a snowball rolling down a hill. It gets bigger and bigger over time, not just because of the new snow, but also because of the snow it's already gathered. Your original interest starts earning more interest, making your money grow faster. Here’s an example:

If you save $100 and your CU gives you 5% interest each year, you'll get $5 extra each year. With compound interest, you'll earn interest on that $5 too, and the next year, you'll have a little bit more interest to earn interest on, and so on.

Check out our Money Mindset blog post on Compound Interest to learn more!