Piggy bank

Saving money can help you achieve any financial goal. Whether it is buying a new laptop or purchasing a new car, setting money aside will help you reach your financial goal(s) without increasing your debt. Make saving money a priority, figure out what you would like to save for and how much it will cost. Then, set a target date for when you would like to reach you goal(s) and determine how much you will need to save per week or month. Access the savings worksheet to determine how much money you need to save to reach your goals.

  • Types of Saving Accounts

    Basic Savings Account

    A deposit account that allows consumers to earn interest.

    Money Market Account

    Similar to a savings account but offers a higher rate of return and requires a higher minimum balance.

    Certificate of Deposit

    Interest bearing certificate issued by a bank that requires a minimum dollar amount to open the account and remains in the bank for a fixed period.

    • Access your money at any time.
    • Earn interest.
    • Pay no fees if you maintain a minimum balance.
    • Move money easily from one account to another.
    • No check writing services.
    • Access your money at any time.
    • Earn interest.
    • Pay no fees if you maintain a minimum balance.
    • Move more easily from one account to another.
    • May offer check writing services.
    • Earn interest during selected term (one month to 10 years).
    • Must leave the deposit in the account for the entire term or incur an early withdrawal penalty.
    • Receive the principal and interest at the end of the term.
    • No check writing services.
  • Your Best Option

    To determine the savings option that best fits your needs, consider the following:

    • Is there a minimum deposit required to open the account? If so, how much?
    • Is there a minimum monthly balance to maintain? If so, how much?
    • What is the interest rate?
    • How frequently is the interest compounded?
      • The more frequent the compounding, the better the return on your savings.
    • Can funds be withdrawn without penalty or loss of interest?
    • What fees apply to the account?
  • Emergency Fund

    The purpose of an emergency fund is to provide financial security by creating a safety net that can be used to pay emergency expenses. A fully-funded emergency fund is three to six months of your personal expenses set aside in a basic savings account, money market account or certificate of deposit. If setting aside three to six months of your expenses sounds overwhelming, start small and build your way up. Ask yourself how much you need to have tucked away to feel secure, and make that the amount that you save in your emergency fund. Click here to calculate your emergency fund amount based on your expenses.