Savings Accounts Can Be of Great Benefit
Many people know how checking accounts work, but fewer people are aware that there are some great benefits to having a savings account. The following will go over a few of those benefits and help to explain how automatic savings works. Savings accounts are a type of account that can earn a person extra money, and everyone should look into them.
The Benefits of a Savings Account
Everyone should have a savings account. There are multiple benefits to this type of account, and WECU can help individuals start saving for their dreams. Benefits of a savings account include:
Having a safe place to save and store money
Earning interest on the money
Having easy access to funds when needed
Having those savings protected and insured
And having savings become automatic
Everyone Can Benefit from a Savings Account
Who benefits from having a savings account? Anyone who opens one can benefit from this type of financial account. As stated above, savings accounts earn interest. This means that the money a person puts into the account earns more money all on its own.
There are no age limits on this type of account. Everyone from elders to children can have a savings account and have their money earn interest. For those seventeen and younger, a parent or guardian will need to help set up and manage the account. Visit https://www.wecu.com/ to get started.
A Savings Account Can Build Financial Dreams
Many people are curious as to why someone would want to open a savings account. Obviously, a big reason is the interest that the account earns. Another big benefit is that a savings account is the first step to helping a person reach their financial dreams.
What does this mean? Those that dream of going to college, or having their child go to college, can set up a savings account just for this purpose. Other people use savings accounts to save for big-ticket dream items, like a first home, a car, or a wedding. When the child or adult is ready for college or for whatever their big dream is, the money is sitting in the account and ready to make that dream come true. Visit https://www.wecu.com/contact-us/ to learn more.
Automatic Saving is a Great Benefit of a Savings Account
People who have this type of financial account can choose to make their savings automatic, meaning that a specific amount is transferred from their checking account to their savings account on a specific date every month. The person doesn’t have to take any extra steps, and the savings account grows on its own. Automatic saving is a huge benefit for anyone, especially those who won’t remember to transfer money into their savings account every month.
There are many great benefits to having a savings account. The money in the account earns money, which helps a person’s savings grow. People still have easy access to their money, and this type of account can help build financial dreams. Again, this type of savings account is perfect for people of all ages, and people can use automatic savings options if they choose.
WECU has been serving people since 1936. Offerings include checking accounts, saving accounts, credit cards, business credit cards, automobile loans, home loans, cash management, merchant services, and more. Contact us today to see exactly how we can help you manage your money and get you on the right financial track.