Basic Savings Account
A deposit account that allow 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.
Saving money can help you achieve any financial goal. Whether it is buying a new iPod 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
- 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- Can funds be withdrawn without penalty or loss of interest?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.
- Mobile Money Saving Apps
- ATM Hunter
- Avoid ATM fees.
- Bill Minder
- Help avoid late fees by reminding you when bills are due.
- Campus Special
- Coupon book that uses your phone's GPS to locate restaurants and businesses around your college campus.
- Repair Pal
- Provide car repair estimates and a list of car repair shops in your area that can complete the repairs.
- Find the lowest price of gas in your area.
- ATM Hunter