CHEMUNG FINANCIAL CORP

A Personal Loan and a Line of Credit both give you access to borrowed funds, but they work differently. A Personal Loan is usually best when you know how much you need up front. A Line of Credit may be useful when you want funds available for future needs or checking-account backup. A Line of […] The post Personal Line of Credit vs. Personal Loan: Which Is Better for Your Borrowing Needs? first appeared on Chemung Canal Trust Company .

Building credit is not about one trick or one account. It is about creating a record that shows lenders you can manage borrowed money and make payments as agreed. If you are new to credit or trying to rebuild after setbacks, the challenge is getting started in a way that is structured and manageable. A […] The post How to Build or Rebuild Credit and How a Credit Builder Loan Can Help first appeared on Chemung Canal Trust Company .

A CD and a Money Market Account can both help you earn interest on savings, but they solve different problems. A CD is built for money you can leave untouched for a set term. A Money Market Account is built for savings that should keep earning interest while remaining more accessible. The best choice depends […] The post CD vs. Money Market Account: Which One Fits Your Savings Goals? first appeared on Chemung Canal Trust Company .

A Money Market Account is a deposit account that can help savers earn interest while keeping access to their funds. It is not the same thing as a money market fund. A Money Market Account is offered by a bank; a money market fund is an investment product. For many savers, the practical question is […] The post What Is a Money Market Account and Is It Better Than a Savings Account? first appeared on Chemung Canal Trust Company .

A Certificate of Deposit, or CD, is a savings account with a set term. You deposit money, agree to leave it in the account until the term ends, and earn interest based on the rate and term selected. For savers who want predictability and do not need immediate access to the funds, a CD can […] The post How CDs Work: A Plain-English Guide to Certificate of Deposit Accounts first appeared on Chemung Canal Trust Company .

Most people save. Fewer people make their savings work. There’s a difference between money sitting in an account and money actively earning for you. In 2026, savers have access to rates that, compared to the near-zero environment of just a few years ago, represent a real opportunity. The question isn’t whether to save. The question […] The post Savings vs CD vs Money Market: Making the Most of Your Savings in 2026 first appeared on Chemung Canal Trust Company .

If you’re new to our area, switching banks, or opening your first account, you’ve probably run into this question: Do I need a checking account, a savings account, or both? It’s a fair question, and one that’s worth answering clearly, without talking down to you or drowning you in fine print. The short answer: most […] The post Checking vs Savings Account: Which One Do You Actually Need? first appeared on Chemung Canal Trust Company .

Coming into a significant amount of money doesn’t always feel the way you might expect. Sometimes it arrives with grief, an inheritance from a parent or spouse. Sometimes it comes after years of hard work, the proceeds from selling a home or a business you built from scratch. Sometimes it follows a career milestone, a […] The post What to Do With a Large Sum of Money: Savings, CDs, or Money Market? first appeared on Chemung Canal Trust Company .

For more than 190 years, people in our communities have walked through our doors with the same fundamental question: Where should I keep my money? The names of the products have changed over time. The rate environment shifts from year to year. But the question itself is timeless, and it deserves a real answer, not […] The post CD vs Money Market vs Savings: Where to Put Your Cash in 2026 first appeared on Chemung Canal Trust Company .

When it comes to growing your savings safely, two popular options consistently stand out: money market accounts and certificates of deposit (CDs). Both are secure, interest-bearing accounts backed by the Federal Deposit Insurance Corporation (FDIC), but their structures and benefits differ significantly. At Chemung Canal Trust Company, both options offer trusted stability and flexibility, but […] The post Money Market vs CDs — 10 Powerful Differences You Need to Know first appeared on Chemung Canal Trust Company .