Step 4 of 12 to Financial Wellness Saving
It’s important to have a savings account in case of hard times, but it can also be a great way to save for special events like weddings, big ticket items like a house or car, or even just to have a safety net!
Remember that membership with Truity means you automatically have a savings account, but we have more types to offer. Here are a few items that can help you decide on where your money fits!
Opening a savings account
Stop by our branch. You will need basic identifying documents and information along with a minimum initial deposit, which depends on which type of savings account you’re looking at.
Accessing your funds
The funds in a savings account are less accessible than a typical checking account but more accessible than the money in a long-term investment option.
Some of our saving accounts have a limited number of monthly withdrawals. Our Name It Save It account is limited to four withdrawals in a year, this can be a great motivator to name the account after your goal and keep saving instead of taking money out.
Higher earnings rate
One of the most advantageous features of a savings account is its interest/dividend rate, which is nearly always higher than the rate of a checking account. A higher interest means more money back just for keeping your money in your account.
Safety and security
Your money is always safe at Truity. Our credit union is Federally insured up to $250,000 by the National Credit Union Administration. The funds in your savings account will also be protected from the fluctuations of the stock market.
A savings account can be an excellent place for keeping and growing funds you may need to access in an emergency. Call, click, or stop by to open your account today.