There is never a shortage of reasons to spend money, from unexpected expenses to buying a car, sending the kids off to college and, ultimately, retirement. Creating a savings plan to prepare for these life events will make approaching them easier. The hard part is starting to save and staying consistent. We are here to help!
At Trademark, you can choose from a variety of deposit accounts to fit your situation. When you are just starting to save, open a basic savings account with as little as $5.00 and then you can set up automatic deposits to make saving a part of your budget. By staying consistent, you might be surprised how quickly your balance grows. Add the interest earned to your growing balance and your money is now working for you!
With time, patience and dedication, your savings account will increase, and you will be able to choose from accounts that offer more options and higher interest rates. With a healthy savings plan, your overall financial life will improve, giving you freedom to do the things that you love.
Below is a list of available deposit accounts. Whether you are at the start of the savings plan, have saved enough money to move into accounts with higher interest rates or are looking toward retirement, we have a deposit account to fit your situation and financial goals. We can help you find the right accounts to make sure your money is working as hard as you do.
If you’re saving for short-term goals, consider using these deposit accounts:
Savings Account – Savings accounts are especially good for emergency funds because they offer fast access to cash if you should incur an unexpected expense, however the interest rate is lower.
6-month Certificate of Deposit (CD) – Locks in your money for a fixed period of time (Trademark offers from 6 months up to 5 years) at a higher interest rate than a regular Savings account. You can withdraw the money early, however you would forfeit a portion up to all of your interest earnings, so make sure to discuss the details with a Trademark representative to find the best fit for you.
Club Account – Clubs offer the same rate as a Savings account, but you can create multiple accounts and label them after the specific thing you are saving for – i.e.; vacation club, heating oil club, motorcycle club, etc. This allows you to separate your money into the specific savings goals you have laid out for yourself – you can even set up direct deposit into each account, so that you don’t ever have to think about it!
Youth Certificates – These are great for helping your little one save! You can deposit into the accounts throughout the year and there are no penalties for early withdrawal, so you can access the funds anytime – AND there is only a $25 minimum balance to start earning money on your funds!
If you’re saving for long-term goals, these deposit accounts might be more your speed:
1, 2, 3 or 5 Year Certificate of Deposit (CD) – This is the same as the 6 month, but the interest rate is higher depending on the length of time you choose. There are penalties for early withdrawal, which can be favorable for people who are tempted to dip into their savings funds – this is a helpful deterrent, while earning you a much higher rate!
Money Market Account – These accounts also earn a higher interest rate than a Savings account, but the rate is dependent upon the balance you have in the account. These are meant for more long-term savings, but you do have fast access to these accounts. Money Markets allow you up to 5 withdrawals out of the account per month; a small fee is incurred for additional withdrawals. So, while you are encouraged to leave your deposits untouched, you are still able to access your funds. If you are good about not dipping into your savings but would like the freedom to do so in emergency situations, this may be the account for you!
Individual Retirement Account (IRA) – Many people rely on their employer’s plan for retirement, but not everybody can, and even those who can like to have more than one option. This is where the IRA comes in! Trademark offers both Traditional and Roth IRAs, so whether you’re looking for pre-tax or post-tax, we’ve got you covered!
As you can see, there are many options for you depending on your goals, but remember, Trademark is here to help! If you are unsure of the best place to deposit your money, give a call and we’ll help you work through it. We’re here for you to make sure you hit your goals!