Tips for Savvy Savers
You work hard for your money, and, in return, you want it to work hard for you. When you’ve been diligently saving for your future, you intend to see your money grow. You also want to feel secure, knowing you have reserves you can quickly and easily tap into when needed. You have options, lots of them, and deciding where to put your hard earned cash can be tough.
Historically, the stock market has offered great potential for long term growth, yet it also carries a certain amount of risk. While taking advantage of the ups and downs can net large gains over time, market volatility can also take you on an emotional and financial roller coaster.
Financial risk isn’t for everyone. Sometimes, you can’t put a price on your peace of mind. Given recent stock market trends, some savvy savers are turning to federally insured savings accounts, giving them a low-risk alternative for financial growth.
These dividend-earning accounts, such as savings, certificates, IRAs and money markets, offer competitive rates and are federally insured to at least $250,000.
When looking at insured account options, choose wisely. You will want to research dividend and/or interest rates, fees and minimum balances. Set up automatic contributions either by direct deposit or automatic transfers from your account.
If security and peace of mind sounds appealing to you, then check out the great saving options that TFCU has to offer:
- Share Certificates: Earn monthly dividends based on daily balance and term, with convenient terms from three to 48 months.
- IRAs: Designed to help you save for retirement, IRAs can save money because the contributions and/or distributions may be tax deferred or tax-exempt. (We advise you to consult a tax advisor for advice on which IRA type is right for you.)
- Command Fund (Money Market) Accounts: Earn monthly dividends on daily balance with no early withdrawal penalties.
- Premium Plus™ Tiered Money Market Accounts: Earn monthly dividends based on average daily balance; tiered rate structure with higher annual percentage yields for larger balances.
Years of saving takes hard work. Protecting it should be simple. With a TFCU insured account, you can rest easy knowing your money will be there when you need it.