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Saving Strategies

Whether you're planning on financing a new car, a college education, or early retirement, it's smart to look closely at your financial goals and develop a solid savings plan. Today, there is a wide range of savings options available - each one designed to meet your specific needs.

Savings Accounts
Savings accounts are a great way to start saving immediately. Savings accounts offer:

  • Flexibility. In an emergency, your money is available when you need it.
  • Security. All savings accounts are FDIC-insured up to $100,000.
  • Growth. By setting up an automatic deduction from your checking account to your savings account, you can start gradually building funds for future investing.

Money market accounts
In a money market account, your funds have more earning potential than in a traditional savings account. Money market accounts offer:

  • Liquidity. This is a good place to keep three to six months of emergency cash.
  • Current market interest. Since their market value doesn't change, these accounts offer the potential for greater earnings.
  • Growth. The more you save, the more you can earn.

Certificates of deposit (CDs)
With a CD, you can lock-in high interest rates for a specified term. Yet unlike a savings or money market account, you must commit to keeping your money in these accounts during the agreed upon time. CDs offer:

  • A low-risk investment. CDs combine long-term savings with FDIC security.
  • A solid choice. CDs generally secure higher interest than regular savings or money market deposit accounts.
  • Increased growth. You also receive higher returns for higher balances.

IRAs and 401(k)s
These are excellent choices for your retirement savings. IRAs and 401(k)s offer:

  • Tax-deductible contributions. (see www.irs.gov for details)
  • Tax-free withdrawals. (see www.irs.gov for details)
  • Maximum return. Receive compounded investment earnings year after year.
  • Instant savings. This is arguably the easiest way to save for retirement.

*Certain conditions apply

Put your savings online
When you bank online, you can get up-to-the-minute balance information on all your savings accounts, transfer money or review current interest rates. In addition to being fast and easy, online banking is a convenient way to compare the wide variety of savings plans being offered today.




 

 

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