Dec 22, 2022 / Money Tips
With so many savings options out there, how do you know which account is right for you? That all depends on your specific savings goals. Selecting the best savings account often comes down to timing—that is, how long you want to keep your cash in each individual account. Consider these three accounts for your short-term, medium-term, and long-term savings goals.
Most people don’t put a lot of thought into where they save their everyday spending money. They put their cash in an ordinary checking account without thinking too much about how much they can earn in the short-term. But this short-term savings approach is shortsighted. Why not earn extra money from your everyday account? With a Utah First Dividend Checking account, you can earn up to 2% APY. It’s an ideal account for those who tend to keep balances in their checking account. Plus, you’ll earn extra rewards (including a cash back option) for every dollar you spend using your debit card.
Medium-term savings goals might include tuition, tax payments, or saving for a down payment on a car or a home that you plan to buy within the next several months to a year. You want to earn interest on this type of savings, but you also want to have fast access to your cash. Luckily, there’s a happy medium-term savings account that can give you the best of both worlds. With a Utah First money market account, you can earn up to 2.75% APY. It’s one of the best money market accounts in Utah. You’ll get returns that are head and shoulders above the big banks and easy access to cash with unlimited deposits and withdrawals.
If you’re saving up for something a little farther down the road, or you just have money that’s been sitting around in ordinary savings for years, why not open a long-term savings account to earn even more interest? A term deposit account from Utah First is a safe way to invest your money. You pick a term and an amount to save, and you earn guaranteed returns when your term deposit matures. It’s a simple way to save and get even more from your money. Right now, you can even earn up to 5% APY on 22-month deposits. That’s more than 4-times the current national average, but it’s only for a limited time!
No matter your savings goals, Utah First has the perfect savings account to help you earn even more for your money. It’s time to break open those piggy banks and get excited about savings again. Visit us online or come talk to one of our savings specialists to pick the perfect account