All Savings Are for Spending

You know what you want. You know how much it costs. Now all you need to do is figure out how you're going to pay for it. And that requires saving.

Your goals often dictate which savings vehicles are best. Are you saving for a long-term goal--college--or for a short-term goal--that sporty new convertible? Is waiting a year or two an option? Here are some savings vehicles and ways you can use them to meet your goals.

Share Savings Account

Regular/share savings keep your money safe and available. Credit union share savings accounts are insured to $250,000 by the federal government. Regular share savings typically pay dividends comparable to or better than interest paid on other financial institutions' savings accounts.

Money Market Account

Money market accounts (MMAs) are insured share savings accounts that offer limited check-writing privileges. They generally pay higher rates than regular savings accounts. Click here to learn more about Harvard Credit Union MMAs.

Certificates of Deposit

Share certificates (CDs) also are insured savings carrying various maturity terms (typically six, 12, 24, or 36 months). Because you leave funds in the account for a fixed time, share certificates pay higher dividend rates than do savings or money market accounts. And the longer the term, the higher the dividend rate. If you withdraw your money before the term expires, however, you'll pay a penalty. HUECU offers a wide variety of CD options. Click here to find out more.

No matter what your goal or choice of savings vehicle, Harvard University Credit Union can get you started through direct deposit and payroll deduction. Your paycheck automatically is deposited to your HUECU account. Then payroll deduction regularly directs a certain amount to your savings account or accounts. And before you know it, you'll have what you need to make that purchase.

And now for a limited time, we're making it even easier to reach your savings goals! In honor of our 70th Anniversary, we're offering great member deals, including special rates on CDs and money back for new members! Click here to find out more and help celebrate 70 years with HUECU!

 

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