Getting into good saving habits can make life so much easier. Unexpected situations can arise, requiring a large sum of money in a short amount of time, so when you’ve put money aside, you can make this stressful situation more manageable. That’s why it’s best to start building savings as early as possible.
Savings at Central Willamette Credit Union have never been easier to manage. We have options for all ages, from children all the way up to people starting to think about retirement. We know how important it is to have that safety net, and our experienced and knowledgeable financial advisors are here to let you know what your options are.
Knowing what options are available to you is a great first step, and banking with a credit union that can offer you both educational tools and financial tools is even better. Building your savings can put you on the right path for your financial future. Here are five ways to start building your savings today.
1) Membership Savings
One of the most basic ways you can start saving at Central Willamette Credit Union is by opening a savings account. To become a member with one of our savings accounts, all you need is to deposit $5, and your account will be open that same day. You can also start a Rainy Day Savings account with just $25, which is a great option for putting away holiday or birthday money.
You can choose to open a savings account for just yourself or get the entire family involved with a plan to build savings. For children, Central Willamette Credit Union offers a Youth Membership to aid in strengthening your children’s concept of money and saving it. Our Kid Kash Savings Account also only takes a $5 deposit to start, but if your child opens an account with $100 or more, he or she will receive a free piggy bank! This is a great way for your children to realize there are rewards that come with building savings. Kid Kash Savings Accounts have other cool perks, such as punch cards for saving rewards, automatic entry in Kid Kash giveaways, and other fun contests.
2) Money Market Plus
Are you looking for a way to make savings deposits and earn money while also maintaining year-round access to the account? If so, a Money Market Plus plan may be the best savings option for you. Our Money Market Plus option is a great way for people who want to make smaller deposits but still receive benefits from them. Our reverse-tier money market account allows you to earn the highest rate on even the smallest deposits, while a blended rate, much above our competitors’ rates, is applied to larger balances.
For people who wish to make deposits of over $25,000, we have an account specifically for you. Our Choice Money Market Account makes your money work for you, as you’ll earn highly competitive rates of return on your larger deposits. You can earn 0.45%* on balances from $25,000 up to $49,999.99, and the rate increases once your balance goes over that amount. Money Market plans are a great way to reap the rewards that come with building savings. Try using our Money Market Calculator to see how much you could be earning.
3) Certificate of Deposit
Putting money away for an extended period of time can be a daunting task, but it doesn’t have to be. With our Certificate of Deposit, or CD, your money will be put in a safe place for a set period of time. With our Member’s Choice Maturity, you can choose a term from 12 months to 4 years to hold your money at our credit union. This type of flexibility is what makes savings at Central Willamette Credit Union so appealing to our members.
When you invest in a standard 12- or 24-month certificate of deposit, you have the option of choosing a “Bump” Certificate. With this certificate, you’ll have the opportunity to bump your rate up one time during your certificate term.
So what are you waiting for? A certificate of deposit can be started with a deposit as small as $500. Once the money is deposited, you can’t access it until your term is over without being subject to withdrawal penalties. Having a CD is a great way to build savings because it encourages you to follow through.
4) Individual Retirement Accounts
Are you starting to think about retirement? It comes more quickly than you’d think, and knowing you’re prepared can give you peace of mind in your early years. Retirement should be the end goal for all of your hard work, but if you fail to save correctly, it could be a scary thing to approach. Central Willamette Credit Union provides our members with the financial tools to start contributing to their retirement goals by building savings with an IRA. At our credit union, we offer both Traditional and Roth IRAs. Prepare yourself for this next step in life by building savings for retirement today.
5) Educational IRA
Saving for a college education may be a topic of discussion for many parents—and their kids. A great savings tool that Central Willamette Credit Union offers is an Education IRA. With this option, a total of $2,000 can be set aside annually for each beneficiary. Another great aspect of this option is that your contributions can grow tax-free, and you won’t have to pay any penalty for money that’s taken out for educational expenses before the beneficiary is 30 years of age.
A perk of being a member at Central Willamette Credit Union is having our knowledgeable and friendly staff at your service. Our financial experts will sit down with you and discuss a variety of topics, such as how to best use a 529 Plan, which is a tax-advantaged college savings plan. Knowing all your options when it comes to saving for college can help you to make the right decision for you, your children, and your wallet while you build your savings.
With these five ways to build savings, you’ll be well on your way to creating financial stability and good savings habits. Visit Central Willamette Credit Union today to speak with someone in-person to learn more about ways you can save. And if you can’t make it to one of our convenient locations, head over to our website for more savings information.
*The Interest Rate and Annual Percentage Yield on your accounts are set forth above. The Interest Rate and Annual Percentage Yield may change periodically as set forth above for each account, as determined by Management and/or Board of Directors. The Interest Rates and Annual Percentage Yields applicable to each account depends on the balance ranges set forth above. Once a balance range is met, the highest Interest Rate and Annual Percentage Yield for that range will apply to the entire balance in your account.