Financial Facts

Where to Safely Stash More Cash

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 is a great time to consider other savings options that can help take your money to new heights.

The following savings vehicles from American Southwest Credit Union can continue to help your money grow while still keeping it safe. Just like a regular savings account, they are NCUA 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.

Term share certificates (TSC). To open a TSC, you'll need to commit a minimum amount of money to the account, and keep it there for a specified term. For example, a deposit of $500 for six months. The dividend rate for TSCs 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. American Southwest Credit Union has a variety of terms available.

Money market accounts. Like a TSC, money you deposit in a money market account is positioned to earn higher dividends than a regular savings account. However, you don't need to commit to a term. The more money you deposit, the higher the dividend rate. Money market accounts at American Southwest Credit Union require a $2,000 minimum deposit to open, and limit you to six withdrawals per month.

Individual retirement account (IRA). American Southwest Credit Union offers traditional and Roth IRAs, two helpful ways to boost savings for your golden years. In addition to helping your funds grow safely, IRAs offer tax benefits.**

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. To learn more about our savings options and view our current rates, give us a call, visit or stop by – we'll be happy to talk with you.

* NCUA 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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