As you focus on your financial future, you may be looking for ways to grow your savings. There are many options to consider as you build your financial plan, so it is important to understand how each account can support your goals.
A traditional savings account can be a smart place to keep money you may need to access quickly. As you look beyond everyday savings, Money Market and Certificate of Deposit accounts can also help you grow your money. The right choice depends on when you expect to use the funds and how much flexibility you need.
Money Market
A Money Market account may be a helpful option if you want to earn dividends while maintaining easier access to your money. It can work well for savings you may need to use sooner, such as an emergency fund or other short-term goal.
At VyStar, Money Market accounts have rates that are designed to increase with a higher balance, and dividends are calculated daily, compounded daily and credited monthly. You can withdraw dividends or let them continue earning.
While a Money Market account can offer flexibility, members who do not need immediate access to their funds may want to consider whether a CD better supports their savings goals.
High-Yield Certificate of Deposit (CD)
A Certificate of Deposit, or CD, can be a strong choice when you want to set aside money for a specific period of time and earn a competitive rate. Because CDs are built around fixed terms, they can be especially useful for funds you do not plan to use right away, such as savings for a future purchase, a planned expense or a longer-term financial goal.
VyStar’s high-yield CDs offer dividends that are compounded and paid monthly, terms ranging from three months to five years and an 18-month Step-Up Certificate for added rate flexibility. CDs can be opened with as little as $500, with no maximum balance, and members can withdraw dividends at any time with no penalty or let them continue earning.
Another benefit of a CD is predictability. Enjoy the confidence of knowing exactly how much interest you’ll earn at the end of your term, no matter how the market changes. Since your money is set aside for a selected term, you can plan around a known savings timeline and reduce the temptation to dip into funds intended for a future goal.
Before opening a CD, use VyStar's CD Calculator to estimate how much your savings could grow based on your initial deposit, term and APY. This can help you compare options and choose a CD that aligns with your timeline and goals.
How Do I Know What Account Is Right for Me?
If you want easier access to your money, a Money Market account may be the better fit. If you are comfortable setting funds aside for a fixed period of time, a CD may help you grow your savings faster and stay focused on a specific goal.
Not a VyStar member yet? Become a member today to open a Money Market or CD account.
Already a VyStar member? Log in to Online & Mobile Banking to apply for your new Money Market or CD account by selecting Menu, then Open a New Account.
As always, if you have any questions or need more information, the VyStar team is here to support you.