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Where to Safely Stash More Cash

January 2, 2019

Financial experts recommend having three to six months’ worth of living expenses in a regular savings account in case of emergency. If you’ve followed this advice and have reached your savings goal, don’t stop saving! Now’s a great time to consider other savings options that can help take your money to new heights.

The following savings options from PeoplesBank can continue to help your money grow while still keeping it safe. Just like a regular savings account, they are FDIC insured.* Plus, you can keep tabs on these savings options just as easily as you can with your regular savings account. Here’s how they work.

Certificates Of Deposit – To open a certificate of deposit (CD) you’ll need to commit a minimum amount of money to the account plus keep it there for a specified term. For example, deposit $500 for six months. The interest rate for CDs tends to be higher than regular savings, which helps your money grow faster. There is a penalty for early withdrawal before the term ends, so make sure you are comfortable with the term you choose. PeoplesBank has a variety of CD terms available, learn more here.

Money Market Accounts. Like CDs, money you deposit in a money market account is positioned to earn higher interest than a regular savings account. You don’t need to commit to a term. The more money you deposit, the higher the interest rate. Check out our current Money Market account rates here.

Individual Retirement Accounts (IRAs). PeoplesBank offers several IRA options to boost savings for your golden years. In addition to helping your funds grow safely, IRAs offer tax benefits.** Learn more about our IRA offerings here.

Helping You Save More

Opening other savings accounts with us combines safety with convenience. You can easily check your balance with online banking and make transfers between accounts. Learn more about our savings options and view our current rates, or give us a call at 888-846-1970 – we’ll be happy to talk with you.

* FDIC insurance covers $250,000 per depositor, per legal account category.

** This financial institution does not give tax advice. Consult your tax advisor for information specific to your situation.

 

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