Do you believe your money is working for you? If the answer is no, the next question is why not? Many people fall victims to commercial banking each year, yielding average accounts with average benefits. Some banks offer no benefits at all for the money you invest with them, keeping your life subpar and your money goals, a far-off dream. Imagine your funds just sitting there doing nothing when that money should be accumulating monthly interest and working to earn you more. With an account from Volt Credit Union, there are many benefits we offer by investing and trusting your financial goals to us. If you have not opened an account with Volt yet, in today’s blog, we explain how a high-interest savings account will benefit you.
Let Your Money Work For You
You can earn dividends by opening a savings account with Volt. A savings account dividend is another term for interest payments the banks pay you monthly for the use of your money. Dividends are passive forms of income earned every month. Most banks have a set percentage for their interest rates. Depending on who you bank with, the rates range from 0.05% to as high as 0.60%. Investing your money with Volt Credit Union will accelerate your goals far beyond what conventional banks offer. In as little as a few months, you will start to see a positive change in your financial statements. The more money you hold in your savings account, the more interest you earn. If you do not have a high interest savings account with any bank, Volt Credit Union is at your service.
Compounding refers to generating earnings from previous earnings. In the world of finance, a high interest savings yields monthly interest that is added back to the principal cash in the account. When you compound your interest, your earnings build on top of what you initially invested. If you invest $5000 in your savings account that earns an interest of 0.60% monthly and every month you contribute an additional $50 to your savings, within the year your total will yield $5,630 dollars for the year.
Bonus Club Savings
Save during the Christmas season as a member of our Volt Holiday Club. At Volt Credit Union, we offer additional perks and bonuses to help your finances grow. The Holiday Club was designed to help you save all throughout the year. Every month, we automatically transfer a small portion of your earnings from a primary account to your special holiday one. Watch your holiday savings grow so you don’t have to break your budget once the season rolls around.
A high-interest savings account offers you flexibility throughout the year. Although other plans yield higher earnings, those accounts are typically retirement funds you can not touch for 20 to 30 years or more after you invest. If you invest money for a certain period of time and require access to it due to an emergency or other life event, evidently you will have to break the contract by showing life hardship or proof of need. Even in circumstances like these, the banks are not obligated to break the contract and doing so will result in penalty fees that may take a great portion of your accrued interest. A Volt Credit Union savings account does not bind you to a contract that forcibly holds your funds for years on end. Enjoy earning money monthly and withdraw if necessary without any hassle.
Support from a Retirement or Emergency Fund
A high-interest savings plan offers flexibility to allocate your funds the way you please. Although we offer retirement and IRA plans, there are contracts in place to hold your money for up to several years. As a supplement to your retirement fund, your savings account can also act as your go-to account in the event of an emergency. Emergencies can happen at any given moment, putting pressure on your checkings and setting you back financially. Opening a high-interest savings account allocated for emergencies is the proper choice. A high-interest savings will lift the burden of having to use your primary funds and offer additional support for any unexpected occurrence.
Achieve Your Saving Goals With Volt Credit Union
Make your savings a priority with Volt Credit Union. Our high-interest savings plans offer the flexibility and support you need to grow your finances and climb the monetary ladder. We have automation technology designed to transfer funds right into your savings. Set your financial goals today, contact us for more information, or call (417) 862-0471