If you’re one of the millions of tax filers anxiously awaiting their refund, now’s the time to start planning what to do with it. Like many Americans, you might be tempted to take it as a reward and splurge on something you’ve been holding off to purchase.
But here’s another option. Save it, don’t spend it – you can turn that refund into revenue! Let’s look at three savings options at PSECU.
Certificates – the credit union version of certificate of deposits - are a smart option if you don’t need instant access to your money and want to earn higher dividends (interest) on your money than you can with a traditional savings account. A certificate’s fixed rate of return makes it easier to estimate your money’s growth.
We have lots of terms and rates available to help your refund grow. Your choice depends on how long you can go without access to that money.
Money market accounts allow you to earn a higher dividend when you maintain a certain minimum balance. Unlike a certificate, however, there are no restrictions as to when or why you withdraw funds from the account, and no penalties for doing so.
See Current Money Market Rates
A Regular savings share is the cornerstone of PSECU membership. And only $5 is required to establish and maintain it (additional savings shares have no minimum balance!) You can even give your savings share a nickname like “vacation fund,” “holiday shopping,” or “wedding” so you’re reminded exactly what you’re saving for.
Saving money puts you in control of your financial future. Can money buy happiness? Conventional wisdom says no. But saving it for future goals can give you something else you can’t buy - peace of mind.
Choose the option that works best for you and your financial goals. No matter what you choose, you’ll be ensuring you achieve more with your PSECU membership.