As the holidays approach, gift cards remain a popular gift option, but they’re also a target for scammers. These fraudsters use tactics like phishing and tampering with physical gift cards to steal funds before they can be used. To protect yourself and your loved ones this season, it’s important to stay aware of these risks.
Having a well-stocked emergency fund is important. But so is saving for retirement. So how do you know which one to focus on? Well, we’ve got you covered. Here’s what you should know.
Halloween is a time for spooky fun, but it can also bring a scare to your wallet if you're not careful. From costumes to decorations and treats, the costs can add up quickly. Here’s how to manage your Halloween budget and keep your spending under control while still enjoying the festivities.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
We all know that we need to have money saved for a rainy day or for fun things like vacations or nights out! However, there isn’t a one-size-fits-all savings account. There are several ways to save money, and each type of account has different benefits. Understanding all your options is key to making the right decision for your financial needs:
Certificates are designed for longer-term savings goals and typically offer higher interest rates than savings accounts. Like a High Yield Savings account, you earn interest on your balance, but unlike a High Yield Savings, you don’t have access to your funds. Your money is locked in for the length of your term. Term lengths can range from 91 days to five years. Typically, the longer the term the higher the interest rate, allowing you to earn more. When to choose a Certificate: You know you can live without the money for the length of the term and are looking for a higher interest rate.
High Yield Savings Accounts offer a higher rate of return but can sometimes require a larger minimum balance to qualify. Unlike certificates, your money is not locked in and you have access to it whenever you need it. As your balance grows, you can earn a higher interest rate. A disadvantage with this savings account is the rates can fluctuate: they can increase (which is great) but can also decrease. When to choose a High Yield Savings Account: You have a larger amount of money that you want to earn interest on and still maintain access to.
Traditional savings accounts are more flexible and allow you to access your money quickly if needed. Most savings accounts can grow interest, but the rates are a lot lower than other accounts. Savings accounts are great for a short-term goal because you have immediate access to your money whenever you need it. When to choose a Traditional Savings Account: You are trying to build your savings and want access to your money.
MVCU can help you find the account that works best for you! Learn more about our certificates and High Yield Savings accounts.