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When is a Money Market a Good Idea?

January 17, 2017

We’re often asked when a Money Market account is the right vehicle to save. We start by sitting down with you to find out your goals. Are you saving for a near-term purchase, like furniture, or planning for the long term, for something like a retirement home? Your short-term needs can be met with a Money Market, and it can also be a great transition to that longer-term account as well.

Almost every Member with any extra savings is a good candidate for a Money Market; think of it as a safe place between a savings account and a longer-term savings account like a Share Certificate (similar to a CD or Certificate of Deposit).

What is Your Spending Plan?
A spending plan is simply your budget: all your income, including earnings, dividends, and interest, versus your outflow, including debts, bills, and monthly expenses. We work with you to develop a spending plan so you know how much you have for everyday spending, and how much you can set aside on a regular basis for saving. That amount can start accumulating in a Money Market account.

How Does a Money Market Work?
While some accounts require you to tie up your money for a fixed amount of time in order to earn, a Money Market account allows you to access your funds at any time. You can start a Money Market with no minimum deposit, and it’s safe and flexible: deposit or withdraw money whenever you need it.

And your account pays you monthly dividends if you meet a minimum $5,000 deposit, with higher earnings the more you have deposited (at preset tiers).

We have many kinds of savings accounts, and a Money Market is a great start to longer-term savings. What’s best for you may be a mix of options. We can look at your overall financial profile and goals, and help you make a plan.
To set up a Money Market account, contact us to make an appointment.

Want to make your kids Wild About Savings?

April 23, 2015


Then help us celebrate National Credit Union Youth Week from Monday, April 20th through Saturday, April 25th. This year’s theme is “Wild About Savings”. You have two ways to win. Open a new youth account or make a deposit into an existing account to qualify for a chance to win a family pass and behind-the-scenes tour at the Utica Zoo. Or visit any branch, and have your kids draw, and write about, what they like to save for and why. Each form qualifies for a chance to win one of four $25 Toys“R”Us Gift Cards. Good luck!

Get Details >

Posted in: about, savings, wild

It Pays to Save Early…Literally

February 18, 2014


‘Compound interest’ is a term it is very good to be familiar with, especially if you’ve just started your first job. Let’s say you’re in your early 20’s, just graduated from college and got a job making roughly $35K. You save about $5,000/year for retirement. Let’s say you do this for 10 years saving $50K. Then something happens, you have a life change and end up not contributing any more to this initial savings. Your existing savings will still continue to grow until you retire when you’re 65.

Now let’s say instead, you were unable to save right away. But at around 40 you had a secure job making roughly $75K, and now you could start to save. So you save $10K/year for 10 years, saving $100K. At 50, you have a life change and cannot contribute any more. But your initial savings grow until you retire at 65.

In both scenarios, let’s say your investment grew at 10%/year. At age 65 your totals would be very different. The “you” who started saving in your early 20’s would have a little over $1 million to retire. The “you” who started saving at 40, even though you contributed more, would have only a little over $500,000.


Time. Investments take time to grow and the longer you have, the better. So even if it doesn’t seem like much, it’s better to start saving even a little now, than waiting to save more later.

Want to know more and see what will work best for you? Talk to our friends at Choice Investments. They’ll customize a plan that works within your budget. It’s never too early to start. Call them today at 315-732-7200.

Posted in: savings

Stash Cash A Smarter Way

November 7, 2013

Why is it that every year the holidays come at the same time, and somehow, we’re still surprised when they seem to creep up? Like we don’t know they’re coming! And then we scramble to figure out how best to pay for gifts. First Source can help. Why not open a savings account specifically created for discretionary spending? We offer many different savings accounts but our Club Account is geared specifically toward stashing some money away for things like a trip or holiday gifts. You only need to start with $50 in the account and as you add more to your savings, we add some in too via monthly dividends. Now you’ll be ready for flash sales on Black Friday and great deals on Cyber Monday with the money you’ve saved just for this.

Posted in: savings





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