Watch for banks that have a high monthly maintenance fee eating into your savings. Note: Money FCU does not have maintenance fees on these accounts.
Also, look for unnecessary bank fees for being over transaction limits. Understand what transactions count as penalties, such as money transfers, withdrawals, deposits, online banking transactions, mobile banking, use of the ATM, debit card, and direct deposit. Most credit unions will have some banking transactions included. So, know which ones count against you and what comes free with the account.
Do your research ahead of time. Be sure the initial deposit fits your budget and that the minimum balance is manageable in your current finances.
Discern if the term length fits your lifestyle. Don’t overextend yourself and take the risk of incurring a fee for taking money out too soon or for not maintaining the minimum balance.
Finally, in case of unexpected debt, account for the holding period per your term agreement. Meaning, the savings term period in which you do not freely have access to your funds without penalty.
High yield accounts are great for packing away money for an emergency fund. A high yield savings account earns more for the money you’re saving. They are equally helpful in saving up money for a large home project, a wedding, or a large down payment on a new home or business investment.
So, whatever you’re saving up for, let’s get you to that comfortable savings spot faster. Reach the savings goal even quicker by setting up a recurring direct deposit to a Money Market savings account.
Money FCU is happy to help you achieve your savings goal. Begin using a money market high yield savings account or our savings certificates and watch your money grow. See what banking with Money FCU really has to offer.