4 Reasons to Open a Savings Account
See why a savings account is an important part of anyone’s financial plan.
A traditional savings account offer an opportunity to earn steady returns on deposits and carry less risk than other investments. Here are four reasons why you should have a savings account to help secure your financial future.
- They’re Safe: Preserving hard-earned money is a high priority for everyone. Your money deposited is federally insured up to $250,000 by The National Credit Union Administration (NCUA).
- You don’t need to do anything to make money off your principal: Once you have $100 or more in your account, you automatically start earning dividends.
- Easily link to other accounts: Connect your accounts to make it easy to move money around or to make automatic transfers to and from your other accounts.
- Easy to open with few limitations or restrictions: If you’re 18 years of age or older and meet the credit union’s eligibility, you can open a savings account with just a $5 deposit.