Savings Made Simple: Which Account is Right for Me?

You may have the goal of saving money in common with another person, but it does not mean that the same account type will suit both your needs. At any bank or credit union, there are various savings account offerings, each with different terms and rates. To help you determine which account type best aligns with your financial situation, we have broken down each savings account offered at Navigant Credit Union.

Statement Savings Accounts: The account only requires you to keep a $10.00 minimum balance and gives you free on-site ATM access with no service charge. Interest is paid to the account and is compounded monthly. Members can receive either quarterly or monthly statements. This account is great for those who need access to their funds on a frequent basis.

Money Market: With a minimum balance of $2,500, the Money Market account allows you to earn a premium interest without tying it up in a long-term investment. Members can receive monthly e-statements and interest is compounded daily and credited monthly. This account may be best for you if you prioritize earning interest and can meet the minimum balance.

Relationship Money Market: Similar to the money market account, is the Relationship Money Market account, which earns a higher interest rate, but maintains a $5,000 minimum balance. Members can receive monthly e-statements and interest is compounded daily and credited monthly. If you want to maximize interest without tying your money up completely, this type of account may be the right choice for you.

Certificates of Deposit (CD): CD terms range from six months to five years, so if you can afford to not touch your money for a period of time, this is the right account for you. By maintaining a $500 balance, you can watch your interest compound monthly and transfer that interest to your savings or checking account.

Kickstart Savings: If you want to open an account for any of your children, aged 12 or younger, the Kickstart Savings account is a great way to save for their future. Navigant will credit $5.00 every year on their birthday until they are 12.

IRAs: IRAs offer members a fee-free way to save for life’s major milestones, whether that’s retirement or your child’s college education. Navigant offers Traditional IRAs, ROTH IRAs, and the Coverdell Education IRA. All you need to start planning for the future is a $500.00 opening deposit.

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