Personal savings account options
When you’ve reached the comfort zone of having a little extra money every month, you’re probably thinking about a savings account and longer-term savings plan. You can potentially earn more in dividend-bearing accounts, and have a safe place to build your assets over the long term. If you’re not sure how to get started (or where to put it), you’re not alone.
Many of our Members come to us for help setting up a budget, and creating a savings plan for both the short and long term. We’re here to help.
From deciding how much to spend or save, to how to take advantage of online savings plans, to what accounts will get you started, we’ll begin by talking with you about your dreams and goals, and work with you on a custom savings plan made just for you. A variety of accounts help you save for health costs, education (including college), children’s savings, joint savings, retirement, and personal savings.
What Types of savings accounts are there?
We have a number of savings accounts to choose from:
- Regular Share for the perfect beginning, and part ownership in First Source FCU!
- Share Certificates for longer-term earnings
- Money Markets for higher dividends with withdrawal options
- IRAs for a great way to start planning your comfy retirement
- Club Accounts for holiday or rainy day planning
- Youth Accounts to get the kids started saving in a fun way, with prizes and more
- Investments as our friends at Choice Investments work with you on bigger plans
So how do you choose the best savings accounts for you and your family or business? We’ll work with you on a savings plan to help make your life easier, and give you more control over your financial future.
How do you get started with savings?
Opening a regular savings share at First Source solidifies your part ownership of the credit union. We are a member-owned organization, and this account affords you your share. With a $5 minimum deposit and by meeting the membership requirements, you can become a Member, open your account, and start earning dividends on your savings today.
What are you saving for?
Having a savings plan is a good idea, but everyone’s needs are different, so where do you start? We like to start with what you’re saving for.
- Are you saving for immediate needs that you’ll want easy money access?
- Maybe a comfortable cushion to have on hand for emergencies?
- Something specific like a vacation or new furniture?
- What about longer-term needs like college, buying a home, or retirement?
Most people have a combination of these or other needs, and require a savings plan—not just a single account—to meet all their needs. Once we know what you want to save for, we create a plan customized for you and your needs.
What is a Custom Savings Plan?
Whether you’re opening an account for your children to teach them the importance of savings, building a nest egg for retirement, or any need in between, we can build a Custom Savings Plan around your budget and goals. We’ll help you learn about the different account types; dividend rates, risks, and guarantees; distribute your savings into each account according to your budget, needs, timing, and the accounts’ earning potential; set up a regular deposit schedule; and show you how to monitor your savings. We can meet as often as you like to assess your plan and accounts, and make adjustments according to changes in your financial situation, account yields, and timing. Your Custom Savings Plan is a dynamic one, ready to be fine-tuned as conditions change.
Savings Goal Calculator
Check out our helpful savings goal calculator below, to help you figure how much you need.
Get started on your custom savings plan today by submitting the form below, or call 315-735-8571 to make an appointment today.