As you look at your bank account and try to figure out what may be best for your situation, you want to be sure that you are smart about your money. How do you save money like everyone else seems to be?
Now, if you go to a bank like Columbia Bank Voorhees Township, or to their website, you’ll see a whole bunch of places to put your money. Most people don’t want to bother with these, but, if you take the time to learn about them, they really are worthwhile. Here are your options.
|900 White Horse Rd, Voorhees Township|
|NJ 08043, United States|
|Phone: +1 856-772-9300|
Money Market Account: These provide a lot of flexibility. They require a minimum deposit, usually around $500, and often have a similar interest rate to short term CD’s. The interest rate fluctuates with the economy and is reevaluated on a regular basis. Unlike a CD, you can take from this account whenever you need to, and it’s fine unless you go below the required minimum for the account.
Vacation/Christmas Club Accounts: Saving for Christmas presents or Vacation? These accounts allow you put a certain amount of money in monthly, and release the funds to a specified account on a certain date, usually vacation accounts are in April and Christmas accounts are in October. Like a CD, you get a penalty for early removal, but these are good ways to save up all year for times that can be more expensive.
IRA’s and other ‘specific savings’ accounts: Individual retirement accounts, or IRA’s, are, obviously, for the purpose of saving for one’s retirement. Some banks offer other kinds of savings accounts that are similarly earmarked. These can be certificate accounts, like CD’s, or they can be savings accounts, and work the same. The primary difference is you can see exactly what that is meant for.