Monday, March 16, 2015

Your Piggy Bank Needs an Upgrade

Don't get us wrong, most piggy banks are absolutely adorable but we all reach a certain time in our life when a piggy bank just isn't enough. Read on to discover why opening a savings account is a good idea. 

Saving Up

Life is unpredictable. There’s no seven day forecast or crystal ball to show you what to expect. Instead, you are forced to walk along the path towards an unforeseeable future. Yet, there is one decision you can make in order to ensure you are prepared for upcoming events: open a savings account.

What is a Savings Account?

To put it simply, a savings account allows consumers to hold their money while also earning interest. However, savings accounts tend to have stricter rules and regulations than other types of accounts. For instance, individuals may only be able to access money from their savings accounts a few times a month. Still, savings accounts offer safe storage for everyone, and all accounts are insured from upwards of $100,000.

Why Should I Get a Savings Account?

Savings accounts provide individuals with a feeling of comfort and safety. In the case of a medical emergency or natural disaster, it is nice to have something to fall back on. Not only does it provide a feeling of relief, but it also accumulates interest as it sits. The longer you leave your money in your account, the larger your account becomes. That means you will have a larger safeguard when the time comes to use it.

How do I get started?

You can begin a savings account easily with $25 or less. After completing your registration you are free to add whatever funds you would like. Some individuals choose to set aside a portion of their paycheck to place into their savings account. Also, work bonuses and tax refunds are both smart decisions to add to your account. Keep in mind your other accounts as well. You cannot access your savings account every day, so it is best not to keep all your money saved up.

At St. Cloud Federal Credit Union, we understand how important it is to prepare for the future. We understand banking can be confusing, and that is why our highly trained staff is ready to help you every step of the way. Stop in today to see what rates we are able to provide for you. With St. Cloud Federal Credit Union, your future looks safe with a ninety-five percent chance of success!

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