Why Now is a Great Time to Boost 储蓄

While most people know that saving money is key to a comfortable financial future, many fail to do it regularly. Whether because of a lack of discipline, a recent bout of unemployment, or another money emergency, growing a hefty 储蓄 balance is often necessary to weather a financial storm without using credit cards or loans. Regardless of your circumstances, now is an excellent time to kick-start a consistent 储蓄 habit.

Here are five reasons to grow your 储蓄 fund 今天.

1. 储蓄 accounts are low risk.

Financial market volatility can be scary. It’s even more frightening when your 储蓄 are tied up in individual stocks or mutual fun
ds. Unlike other 储蓄 vehicles, a 储蓄 account provides a way to protect the principal balance while earning interest with each deposit. The more money placed into the account – and left untouched  - the higher overall returns you can expect from your efforts.

2. 储蓄 accounts allow you to earn interest on the balance.

You'll likely notice a stark difference when you compare the interest paid on a checking account balance to that available on 储蓄 accounts at the same financial institution. The difference is that checking accounts are convenient for managing cash flow, but they’re not designed to hold large sums of cash for extended periods. This might explain why they pay dividends much smaller than other accounts at an institution.

+, trying to save money in the same account used to cover expenses makes it easy to justify a random splurge or another unnecessary spend. 而不是, tuck your 储蓄 into a designated account to remove the temptation and support your decision to grow a rainy day fund while earning interest on the balance.

3. 储蓄 account interest rates are on the rise.

The Federal Reserve is expected to hike interest rates even further to tamp down inflation. While it’s becoming more costly to borrow funds, 储蓄 accounts are paying higher dividend rates on balances. Compare accounts across financial institutions since many offer competitive rates and other perks to get you to deposit funds at their institution.

4. 储蓄 accounts are secure.

Placing large amounts of cash in a tin can or hiding it under your mattress isn’t safe. Your 储蓄 could be destroyed in a fire or stolen with no way to recover your losses. If you grow your 储蓄 at an NCUA-insured financial institution, like Credit Union of Colorado, deposits are secured by the federal government for up to $250,每个帐户000美元.

5. Opening a 储蓄 account is easy.

Opening a 储蓄 account at a bank or credit union is simple to do online or in person at a nearby branch location. Most require at least one form of a government-issued ID and an initial deposit of at least $5. 成长ing your balance is as easy as setting up auto transfers from a checking account or linked external account.

A 储蓄 account is a tool you can use to support your money 目标s. Gain the peace of mind that comes with financial confidence and open a Credit Union of Colorado deposit account 今天!