The Importance of Saving Money

Saving money (or paying yourself first) is one of the best things you can do for your financial wellbeing. At Allegacy Federal Credit Union, we believe in doing right for your wellbeing and that includes offering solutions to help you make the smartest financial choices for you.

Why is saving so important?

The answer to this question varies depending on your unique situation. Saving money gives you the security to know that you have funds available to you in case of an emergency such as costly repairs for your car or home or maybe even medical bills not covered by insurance. Saving money can also be your ticket to a bucket list vacation spot or maybe throwing a party for your closest friends and family. No matter what the reason, saving money helps reduce your stress so you can enjoy life on your terms.

Where should I save my money?

There are many options to save money. Some are higher risk than others and how much risk you want to take is a personal preference. Funds on deposit at Allegacy are insured by the NCUA up to $250,000 per account holder* so you can rest easy knowing that your money is safe.

Allegacy also offers many types of accounts to hold your money. We have savings accounts that give you access to your money whenever you need it. We also have certificate accounts that typically pay higher dividends in exchange for keeping the money on deposit for a set term.

In a rising rate environment, it’s usually a smart financial choice to keep your money more liquid so you aren’t locked into a lower rate for the long term. From now until March 31, we are offering a special 7-month certificate that pays you the rate you’d expect from a longer term. With a low opening balance, you also have the flexibility to purchase multiple certificates, staggering the availability of funds as time progresses.

Call Member Services at 336.774.3400 or stop by a Financial Center to open an account today!

*Allegacy is federally insured by NCUA. APY = Annual Percentage Yield. The 7-Month Certificate is a tiered rate account. A 7-Month IRA Certificate is also available. 1.15% APY is based on meeting highest tier requirements. Rates are effective as of 1/2/2018 and apply to the initial term of your Certificate. Allegacy may change the dividend rate and APY at any time without prior notice. The tiers are: 0.95% APY balance of $1,000-$9,999.99; 1.00% APY balance of $10,000 – $49,999; 1.05% APY balance of $50,000 – $99,999; 1.10% APY balance of $100,000 – $249,999; 1.15% APY balance of $250,000 plus. Minimum opening deposit of $1,000 will earn 0.95% APY; up to 1.15% APY on balances of $250,000 and more. Certificate funds must be money that is not currently on deposit with Allegacy. Deposits made within the last 30 days qualify as new funds. A penalty may be imposed for early withdrawal. Withdrawals and penalty fees will reduce your earnings. Offer only available with new or existing share accounts. Offer not valid to Business or Non-Profit Members. Limited-time offer. Certain restrictions may apply. All products, services and terms are subject to change without notice. ©2018 Allegacy Federal Credit Union

Third Party Site Disclaimer

 

You are now leaving the Allegacy Federal Credit Union website. The Credit Union does not operate this alternate site to which you are linking and is not responsible for the content of the website nor any transactions performed on this website. Privacy and security policies may differ from those practiced by the Credit Union.

Cancel Accept