With 2024 still brand new, it’s a great time to focus on increasing your savings. Fortunately, as a member of Justice Federal, you have so many ways to save! Let’s take a look at some of the ways can make wise decisions about your savings goals and strategies this year.
Savings account
A savings (aka “share”) account is a secure place to store your money for short- or long-term financial goals. It provides a no-cost option with easy access and liquidity, which makes it a good choice for holding your savings and for building an emergency fund.
When opening a savings account, you want to choose one that offers most competitive rates and has little or no fees. Enter our new high-yield Freedom Direct Savings Account. This account can earn you a high 4.20% Annual Percentage Yield (APY)* when combined with Freedom Direct Checking. Simply set up a direct deposit to your Checking and make regular transfers to your savings to watch your funds grow. You’ll have easy access to the funds whenever you need it, with no withdrawal fees, no monthly service fees, and no minimum balance requirement. That’s freedom!
To learn more and open your Freedom Direct Savings, visit jfcu.org/FreedomDirect.
Share certificate
A share certificate, also known as a certificate or savings certificate, is an insured savings account that typically has a fixed dividend rate through a fixed date of maturity (term). Share certificates offer a low-risk investment with higher dividend rates than typical savings accounts.
When opening a certificate, you’ll be given a choice for the maturity term, which typically range from three months to five years. In general, certificates with longer maturity terms will earn a higher rate.
At Justice Federal, you can open a 7-Month Certificate starting at 5.20% APY** or a 17-Month Certificate starting at 5.00% APY** with as little as $500. With all Justice Federal certificates, you can earn an even higher APY when you have a Justice National or Beyond the Badge Account.***
If a certificate sounds like the perfect choice for you, visit jfcu.org/Certificates today to learn more and open your account online in just minutes.
Dividend-earning accounts
Consider exploring other dividend-earning accounts to take your savings to the next level. These accounts, which include money market accounts, offer higher interest rates in exchange for a fixed-term commitment, and Coverdell Education Savings accounts, which is intended as a long term investment to help parents pay for a child's education at any level — from kindergarten through high school and beyond.
Saving tips
- • Set up automatic monthly transfers from your checking account to savings account.
- • Set clear goals for both long- and short-term savings.
- • Create a timeline for your savings.
- • Build an emergency fund with three-to-six months’ worth of living expenses.
Make this the year you master your savings! Use the tips here to choose the perfect place for your funds and get your money working for you!
