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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.
 

Top Uses for Home Equity Loans

March 19, 2014


While a home equity loan or line of credit can be used for just about anything, the top uses in our area are primarily:

  • Debt Consolidation
  • Home Improvement
  • College Costs
  • Investment Properties

The reason that this type of loan is so appealing is that you may be eligible for a tax deduction (consult your tax advisor) by using your home as collateral, and the rates are generally lower than other loan types or credit cards. Home equities also offer the option of getting a loan or taking out a line of credit to best fit your needs. Bring your bills and come see us. We’ll be happy to see if a home equity option can save you money. Click the set up an appointment button below to get started.

Posted in: Investment

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