Savings Account Options
Take Control of Your Personal Savings
From weddings to vacations, college tuition to retirement, a new home to medical costs, vehicles, emergencies, and so much more, there are many reasons why we should save. We all have different goals, and making your own personal savings plan is a good place to start. With a First Source Savings Account and a personalized savings plan, you can work toward achieving your financial goals.
First Source offers several options for setting yourself up with a solid savings plan. We can help you get started or advance where you currently are, with the right account, or a combination of accounts.
It starts with your Membership
Opening a regular savings share at First Source solidifies your part ownership of the credit union, and starts earning you dividends immediately.
More than just another savings account
A money market account allows you to earn better returns than a traditional savings account, with all the same benefits. Including easy access to your funds, and more flexibility than a Term Share Certificate.
Let your savings earn more for you
Whether you’re a novice looking to know more, or an expert investor looking for new opportunities, we are happy to discuss the many avenues available so your finances can grow.
Individual Retirement Accounts (IRAs)
Setting aside for retirement
We’ll walk you through the advantages of, and differences between, traditional and Roth IRAs, and help you decide which option fits your needs.
Employer/employee retirement plan options
SEP contributions can be a great choice for business owners looking to offer their employees options without the start up costs of other retirement plans. Whether you’re an employer or employee who has a SEP option at work, learn about contribution limits, if any, tax exemptions and more.
Money Market IRA
Keep the risks low
Not only are Money Market IRAs federally insured by NCUA, but they remain low risk options as they help your savings account grow.
Term Share Certificates
Earning higher dividends
Term Share Certificates work much like a Certificate of Deposit (CD) which banks offer under their FDIC Insurance. A Term Share Certificate is federally insured by NCUA. Lock your savings in an account to earn higher dividends, choosing between three months to five years. Early withdrawals may come with penalties.
Special Purpose Accounts
Set precise goals with exact amounts
Save for a specific goal by allocating funds to a special purpose account and track your progress along the way. Automatic deposit options make it easy to move money you don’t want to spend by accident, to a separate account in order to save for whatever your special purpose may be.
Not sure which is right for you? Contact a Member Care Representative at 315-735-8571 to discuss your options or get started on your custom savings plan today.