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Financial Education

The Importance of Savings Accounts

It’s tough to think about, but imagine having an unforeseen expense hit you out of the blue and having no way of making the necessary payment. A savings account can alleviate the burden of not knowing where the money is going to come from in order to pay for this unexpected expense. If you’re looking for financial stability, a savings account will set you up for success. It will give you the ability to set money aside in a safe and secure place so that you can access funds for future needs. Having peace of mind when it comes to unforeseen expenses is a financial gift. At Picatinny Federal Credit Union, we want our members to experience the gift of peace of mind, which is why we require our members to open a savings account with a minimum deposit of $5 when they join the credit union. We want to set our members up for success and this is the first step in leading them to financial security and stability.

Benefits of a Savings Account

  • Gain financial security: Having money set aside in a safe and secure account will give you the cushion needed to cover those unforeseen expenses such as medical bills or the loss of a job. This will ultimately lead to financial freedom if you prioritize saving.
  • Earn interest: Savings accounts accrue interest, meaning your money grows while set aside in your account. This is a smart way to earn additional funds without having to lift a finger. Interest rates will vary, but credit unions are a great place to receive a competitive rate. View our rates.
  • Set goals: With a savings account, you can set goals for the future by putting money into your account for travel, vacations, a car, etc. Looking to save up for a house? A savings account will motivate you to set money aside to reach that goal. By preparing for major life events, you’ll have the opportunity to achieve your dreams. Use our savings goals calculator to help you plan!
  • Learn financial discipline: Focusing on setting a certain amount of money aside each week or month will train you to form healthy habits when it comes to saving money. You’ll see firsthand how your savings account can grow and flourish, and it’ll encourage you to continue doing so. Depositing money into a savings account could lead to giving you the motivation to learn new ways to invest and grow your money, opening up a whole new world of financial opportunities and strategies that can enhance your wealth and secure your future.

Benefits of a Picatinny FCU Savings Account

At Picatinny Federal Credit Union, our savings accounts are designed to help you achieve your goals and gain financial security and stability. Opening a savings account with a credit union has its perks when compared to traditional banks.

  • Low minimum balance: We require a deposit of only $5 to open a savings account, making it an accessible option for people to get started on their financial journey and kickstart their savings.
  • Competitive interest rates: Our interest rates are very competitive and will help you grow your money efficiently over time.
  • Member-owned: As a member-owned institution, our priority is our members which equates to better rates and lower fees for our members.
  • Several savings options: Picatinny FCU offers various savings options in addition to traditional savings accounts including IRAs, Share Certificates, Club Accounts, and Money Market Accounts.
  • Relationship Rewards program: Members are automatically enrolled in the Relationship Rewards program, which offers additional benefits based on the combined balance of your savings, checking, and loan accounts These benefits include free checking, free online banking, discounts on loans, and more.

Saving money is a financial practice that can set you up for a successful future. It’ll provide you with a cushion for unexpected expenses, help you reach your goals, earn you additional funds over time, and give you peace of mind. If you’re looking for a new way to save or find an institution that will help you achieve your goals and realize your dreams, stop by Picatinny Federal Credit Union and we will get you started with a savings account or you open a savings account online. We want to provide our members a safe and secure way of reaching financial security and stability!

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