Save Up for End-of-the-Year Festivities

Choosing the Right Account for You Makes it Easier

An effective way to manage holiday spending is to plan a budget and save beforehand, rather than charge your purchases at the last minute on credit and pay interest. Even if you’ve tapped into your savings already this year, or if budgeting is a habit you’d like to start, there’s still time to set some money aside for holiday shopping.

A variety of savings products are available, with credit unions typically offering low or no fees, and higher dividends. Since each product is designed for a different purpose, it’s important not to choose an account solely based on dividend rate.

Consider how soon you’ll need to access your money, how often, how much you plan to keep in the account, and how much risk you want to take while building your savings.

Here are two basic savings products you could use to start putting aside money, today.

Traditional or Share Savings Accounts

At credit unions such as Travis CU, this account is federally insured by NCUA up to $250,000. You pay few or no fees, and earn interest.
It’s a good choice if you:

  • need to access funds often (check for withdrawal restrictions).
  • want to earn interest, with your deposits insured.
  • want to save for a specific goal by making periodic contributions.

Money Market Accounts (MMA)

A Money Market Account is a cross between a certificate and a checking account. It typically pays a higher interest rate than a regular savings account and includes check writing privileges. MMAs also have no, or limited, penalties for withdrawals. The interest rates on these accounts are variable, so they rise or fall with inflation. The funds are liquid so a member can withdraw them at any time.
MMAs are a good choice if you:

  • have very little to open the account or have a large deposit.
  • want to withdraw money at any time (check for withdrawal restrictions).
  • want to write checks.
  • want to earn a higher interest rate than from a checking or savings account.

Choosing An Account

These accounts (Savings or MMA) offer quick and easy access to your money. Other accounts such as Certificates often have a specific term, limiting your access to your money but offering higher interest.

For more advice on savings options that fit your goals and life stage call (800) 877-8328 or chat online at with one of our knowledgeable representatives. Or, if you’re ready, open an account online today!

Open An Account

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