Saving money is vital for financial stability and long-term goals. Saving money can be difficult at times due to lack of discipline, temptation to spend, or forgetfulness. That’s why UCCU offers an innovative product called Savings Goals. It helps automate savings and track your progress effortlessly.  

The sections below will dive into the benefits of automating your savings with UCCU’s Savings Goals. As well as explore money market accounts and savings certificates to optimize your saving potential to put and keep more money in your pockets. 

3 Ways to Automate Your Savings with UCCU  

1. Understanding Savings Goals: Savings Goals is a helpful tool that enables you to set goals for anything you want to save for. We commonly see goals being used for emergency funds, vacations, taxes and large purchases like downpayment savings.  
2. Features of UCCU’s Savings Goals:  One key feature of UCCU’s Savings Goals is automated transfers. By setting up automatic transfers from your checking or savings account, you can contribute to your savings goals consistently. This drops the risk of forgetting or delaying savings, making it easier to reach your goals.  Savings Goals supplies a clear view of your progress. Through an intuitive interface, you can watch how close you are to achieving each goal. The visual representation of your progress serves as a motivating factor and encourages you to stay committed to your savings plan.  
3. Benefits of Automating Savings: Automating your savings offers several advantages that contributes to your financial success.   
   • Consistency and discipline: By automating transfers, you set up a consistent saving habit, reinforcing discipline in managing your finances. It cuts the temptation to skip savings or spend the money on impulse purchases.  
   • Simplify and save time: With automated transfers, you avoid the hassle of manually moving money between accounts. This convenient feature allows you to focus on other aspects of your financial well-being. 

Exploring Money Market Accounts  

Money Market Accounts are another valuable tool to consider when seeking higher returns on your savings while supporting convenience and liquidity.  

1. Definition and Features of Money Market Accounts: Money market accounts are a type of high yield savings account offered by credit unions and banks that normally supply higher interest rates compared to regular savings accounts. They combine the benefits of both savings and checking accounts, allowing you to earn interest on your deposited funds while still having the flexibility to access your money when needed. They often come with $500 minimum deposits.  Previously, Money Market Accounts limited the number of withdrawals and deposits per month, but with federal changes, withdrawals and deposits are now unlimited! 
2. Advantages of Money Market Accounts: Money market accounts offer two main advantages of higher interest rates and liquidity and availability.
   • Higher interest rates: Money market accounts typically yield higher interest rates than traditional savings accounts. This allows your savings to grow at a faster pace, helping you achieve your financial goals sooner.  
   • Liquidity and Availability: Unlike certain investments that impose penalties or restrictions on early withdrawal, money market accounts supply greater liquidity. You can conveniently access your funds without incurring large fees. 

Savings Certificates: Boosting Your Savings Potential  

Understanding Savings Certificates: With Saving Certificates, you have another valuable option to complement your savings goals and money market accounts. They allow you to securely lock in your savings for a set period and enjoy guaranteed returns. During this time, the funds are held by the financial institution, and in return, you receive a fixed interest rate.  

Benefits of Savings Certificates  

Savings Certificates offer several benefits and options that can enhance your savings strategy.  You can also read more about these on our Savings Certificates Blog.

1. Higher interest rates: Savings Certificates generally offer higher interest rates compared to regular savings accounts and many Money Market Accounts. This means your money can grow at a faster pace, maximizing your savings potential.  

2. Discouraging impulsive spending: By locking in your funds for a specific term, Savings Certificates discourage impulsive spending. The ease of these savings is the fact that your money is not easily accessible, which helps you reach your financial goals faster.  

3. UCCU’s Savings Certificate Options: UCCU supplies a variety of Savings Certificate options tailored to different timelines and financial goals. If you’re seeking short-term savings (3-12 months) or long-term investment options (1-5 years) UCCU offers certificates with highly competitive interest rates and flexible terms to meet your needs.  

How to Get Started with UCCU’s Savings Goals  

Now that you know the advantages of automating your savings with UCCU and the potential of money market accounts and Saving Certificates, it is time to act.  

1. Opening an account with UCCU: If you are not already a member of UCCU, you can easily open an account online or visit one of their branches. UCCU offers a range of account options, including savings accounts and checking accounts, which you can link to your Savings Goals.  

2. Set Goals: To set up Savings Goals, simply access the feature within your UCCU online banking or mobile app after creating an account. Follow the prompts to create your savings goals, specifying the target amount and the target date for achieving them.  

3. Customizing your savings plan: UCCU’s Savings Goals allow you to customize your savings plan according to your preferences. You can choose the frequency and number of automatic transfers, aligning them with your income and budget.  

4. Monitoring and adjusting your progress: Regularly watch your progress by checking your Savings Goals dashboard. Celebrate milestones along the way and adjust if needed. You can increase or decrease your savings amounts or change your target timelines based on changes in your financial situation.  

Automate your savings with UCCU’s powerful Savings Goals for financial success. Use automatic transfers, track your progress, and explore Money Market Accounts and Saving Certificates for higher interest rates. Secure a brighter tomorrow by taking control of your financial future today. By using automated savings, Money Market Accounts, and Savings Certificates into your financial strategy, you can maximize your savings potential and accelerate your progress towards achieving your financial goals. Make the most of UCCU’s offerings and take control of your financial future today. 

Here is another resource for more information on Automating your Finances.

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