investing in your future
Before You Select a Savings Plan
It pays to shop around and compare before you decide where to put your savings. Which of these questions will help you decide which savings option will best meet your needs?
- How safe will your money be -- will it be insured?
- Is the institution where you’ll be keeping your savings convenient?
- What Annual Percentage Rate (APR) or Annual Percentage Yield (APY) does it pay?
ALL of these are important. Also consider how interest will be compounded, what special features and benefits are included, and if the institution makes it possible to access and manage your account online. Whichever option you choose, regularly check how your account is performing. Be aware: Interest rates can change frequently. If the option you’ve chosen doesn’t yield the amount you expected, take a look at other savings vehicles. Regularly review your account statements. If information on the statement doesn’t add up, contact your financial institution.