Members reviewing their savings within digital banking

Do More with Your Savings

There’s more to saving than putting money aside.

Whether you’re focused on financial goals for the near future or further down the road, getting the most out of the money you’ve saved is crucial. A savings account is a great first step, but there are other options.

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CDs

If time is on your side and you feel comfortable waiting while your money grows, a CD could be the right choice. This stable savings vehicle offers a fixed rate for a set number of months or years.

The main drawback is that you can’t access your money without a penalty until the term is completed.
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Money Market Accounts

You may consider a money market account if you’d like to earn higher interest than a regular savings account while keeping larger balances accessible. Plus, you typically earn a higher rate as you deposit more money.
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IRAs

Specifically focused on retirement savings, an IRA gives you the choice between pre-tax Traditional and after-tax Roth plans. You should think of the money you add to an IRA as untouchable until you reach age 59½, as early withdrawals will incur penalties.

With these account types in mind, the next step would be finding the right mix for your personal goals.

Get to know your options with help from Vantage!

 

Sign up to speak with a Vantage financial coach about growing your savings, and take the next step toward a car, house, college education or other major expense.

 

 
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