Where are your savings set up? Are you saving the right amount? How can you maximize your savings? Daylight Saving Time (ending on November 5) is a great reminder to evaluate your options and goals. We offer four options for savings:
1. Regular Savings:
- A great option for starter emergency funds & short-term goals.
- Allows you easy access to your funds when they’re needed.
- Encourages you to consciously set aside money while preventing you from spending every penny that is “available.”
2. Premier Savings:
- A better option for long term savings and bigger goals
- A higher opening balance suggests that when you’ve built up your Regular Savings you can roll them over to Premier for more benefits.
- Allows for easier access to your money than stocks, CDs, or IRAs
Consider setting up automatic transfers or splitting your direct deposits between checking and savings. Either of these savings accounts can help you reach your goals faster and keep your money safe from impulse spending.
3. Certificates of Deposit (CDs)
- Useful for known long term goals. We offer a wide range of maturity dates & interest rates to suit your needs. Think of it as “freezing” your money for a specific amount of time.
- Offers a higher interest rate than traditional savings accounts.
- Locks in your interest rate for the term of your CD.
- CD ladders are a popular way to spread your savings across multiple terms and interest rates. You can read more about them here.
4. Individual Retirement Accounts (IRAs)
Isn’t retirement the ultimate long-term goal? IRAs help you look towards your future by giving you access to a wider variety of investment choices without relying solely on your 401(k) or other employer plans.
- Offers significant tax benefits. (We recommend that you speak with a tax consultant for more information on the benefits available to you).
- Fixed interest rates and different terms help you maximize your retirement savings.
We offer three types of IRAs to help you diversify your options:
- Contributory IRAs grow tax-deferred and contributions can be tax-deductible
- Rollover IRAs are created by transferring your money from a 401(k) or other retirement accounts.
- Roth IRAs grow your money tax-free because contributions are made with money you’ve already paid taxes on.
Learn more about the different types of Savings Accounts that we offer by visiting this page or calling to speak with one of our knowledgeable staff members. We will be here to help you evaluate your options and choose the best solution for your future. The way banking should be.