Whether you’re laying awake at night worrying about affording the rent, or sitting at the kitchen table discussing how you’ll pay for your or your child’s education, building your personal savings account is an excellent way to relieve your stress.
Even if you only have $5 left at the end of the month to save, you can save with the help of Sentry Bank! Our personal savings accounts and certificates of deposit (CDs) are great ways to start your savings accounts and we have plenty of other ways to help when you’re ready.
Contact us when you’re ready to start saving, and want some tips on how to get started!
Personal Savings Account
A personal savings account is the foundation of your financial health. Everyone should have a personal savings account in which to save for your hopes and dreams, and in which to dip when those dreams are threatened by unexpected expenses.
A personal savings account allows your cash to be accessible, so you can use it at any time, unlike a CD below. They are also excellent for saving for big purchases, so you can build up the capital you need in a secure place.
While personal savings accounts don’t have a very high interest rate, they’re a safe investment to hold money while you determine how to either invest it further or spend it.
Certificates Of Deposit
The right CD can play a very important role in your financial future!
CDs are a way of building wealth with a higher interest rate than a savings account, but the money is only accessible after the term ends. Terms can run from 3 months to 5 years, depending on the CD you choose. The interest rate you earn will be higher the longer term you choose.
Types of CDs include:
- variable-rate CDs, which are tied to a certain driver like a Treasury bill or the prime interest rate, and allow you to benefit from potential future rate increases;
- low/no-penalty for early withdrawal CDs, which give you greater access to your money but provide lower rates of return than traditional CDs and require you to maintain a minimum balance;
- IRA CDs which is a regular certificate that is held in a tax-advantaged individual retirement account, or IRA.
When you’re ready to start saving for your future, contact the experts at Sentry Bank to open your account and get more tips!