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Savings Accounts: 6 That Bring You Closer to Your Financial Goals

By Tracy Scott

Consistency is the key to results. This is true whether you’re referring to fitness or finances. To achieve your financial goals, you’ll need to commit to saving money regularly. Whether you’re looking to save for a down payment on your first home, a Mediterranean cruise, or a destination wedding, you want to obtain the best return on your savings deposits.

Atlantic Financial Federal Credit Union (AFFCU) offers choices to help you obtain competitive returns based on your savings timeline.

Primary Share Savings Accounts

Your first step to savings is a Primary Share Savings Account. When opening your account with just $5, your membership with AFFCU is established. Maintain your account and reap the benefits associated with AFFCU membership. This basic account pays dividends on balances of $100 or more. Account holder perks include:

  • No monthly service fee
  • No minimum deposit requirements
  • Make deposits anytime or set up direct deposit
  • Six free withdrawals per month
  • Free online banking
  • Free mobile banking with mobile deposit
  • Free E-Statements
  • Free telephone banking

Best For: New AFFCU members

Club Savings Accounts

When you have a specific savings goal in mind, but need a little flexibility, a Club Savings Account might be the answer. With no minimum deposit, monthly service fees or balance requirements, savers can earn quarterly dividends on balances of $100 or more. To keep your savings on track, this account offers a maximum of six free withdrawals per month. It’s never too soon to save for holiday expenses with a Club Savings Account.

Best For: Specific savings goals

Money Market Accounts

A Money Market Account combines the flexibility of a checking account with competitive rates often seen with Certificates of Deposit. With a $500 minimum deposit, savers are rewarded with no monthly service fee and competitive tiered, interest rates. Since dividends are compounded and paid monthly, the more you deposit, the more your earnings will grow.

Best For: Members who require check writing ability but intend to maintain higher account balances

Share Certificates

If you’re aiming to earn a higher interest rate on your savings, then a Share Certificate might be a good option. AFFCU offers members a choice of four Share Certificate accounts to help meet your financial goals.

Share Certificates have terms ranging from three months to five years. A guaranteed, fixed rate of return that compounds monthly means your savings get an extra boost over standard savings accounts. Minimum deposit requirements vary by certificate. Members aiming to save for a short-term goal of one or two years might select an Add & Earn Share Certificate due to the low minimum required deposit of $25. The ability to deposit as often as you like can help account holders reach savings goals quicker. Account earnings increase as your account balance increases.

Best For: Investors with short-term goals seeking a guaranteed return.

Individual Retirement Accounts (IRAs)

Save for retirement and earn dividends with a Traditional or Roth IRA account. Each account has tax advantages that make saving now worthwhile. The best account for you will depend on your income and financial plan. An account with AFFCU can be opened with no setup or monthly maintenance fees, with a minimum deposit of $100.
Contribution limits may vary based on current federal tax law.

Best For: Anyone with an earned income wanting to save for retirement.

Health Savings Accounts (HSAs)

This is a tax-advantaged savings account from which individuals and families can use their free Visa® Debit Card to cover qualified medical expenses. Account holders must be enrolled in a qualifying high deductible health plan to participate. Savings can be used for a variety of costs, including health insurance deductible and co-insurance payments, vision and dental expenses, chiropractic care, and prescriptions.

AFFCU offers eligible members a Health Savings Account that’s federally insured by the National Credit Union Administration (NCUA). Contribution limits may change each year based on federal law. The account requires:

  • No minimum to open
  • No minimum account balance
  • No monthly maintenance fee

Best For: Individuals and families who hope to earn interest on a tax-advantaged saving account balance while investing for future out-of-pocket medical expenses.

Make Savings Automatic

Saving for a financial goal is easy when saving on autopilot. Decide once on a goal and let technology take care of the rest.

  • Set up automatic transfers from your checking account to your savings account
  • Direct deposit a percentage of your paycheck into your savings account
  • Receive a pay increase at work? Direct deposit the increase into your savings account each pay period.

Take the guesswork out of saving along with the temptation to spend money on nonessentials by setting up an automatic savings plan. The easier it is to save money, the more your account balance will grow.