by Emily Hechler 
Most people can agree that saving money is a good habit to develop. Many financial institutions offer a variety of Savings accounts and products. But what are the differences between these accounts? What is the purpose of so many accounts? Here is a list of common Savings accounts we offer and how you can best use them.
Primary Savings – Primary Savings accounts are a great place to start building your savings. At credit unions, members must have an active Savings account. This account gives you the basic financial tools you need including access to online and mobile banking and access to over 30,000 ATMs across our shared branch network. Plus, you get a yield on your funds in the account every year.
RollUp Savings – RollUp Savings accounts are designed to help you save money without extra effort. With each purchase, we round up to the next dollar and put the change in a RollUp Savings account. In addition, the funds in this account earn interest to grow your savings even more.
High Yield Online Savings – High Yield Online Savings account are available for members with an active Checking account. With High Yield Online Savings, you can transfer money from your Checking account into this one through online and mobile banking. This account earns a higher yield than the national average.
Health Savings Account – These accounts are for paying for health expenses like doctor’s office visits, prescriptions, long-term insurance, and more. This account has a dedicated debit card to use for your health expenses. In addition, the money in this account is pre-tax, which can help you save more during tax season. Your can fund your Health Savings Account by payroll deduction, electronic transfers, or in-branch deposits.
Holiday Savings – The holiday season often leaves many with substantial credit card debt. A great way to avoid the financial strain of the season is to open a Holiday Savings account. With this account, you can contribute funds throughout the year. In the fall, the funds from this account are automatically transferred into your Checking account. That way, you have access to a stash of money just in time to spend on your holiday shopping.
IRA Savings Account – An IRA Savings Account helps you save money over time for your retirement. After you’ve been contributing to this account for a while, you can open the long-term savings product of your choice. This product will be opened with the money you had previously saved, so you can earn large dividends on your money faster.
Certificates of Deposit – A Certificate of Deposit, or CD, is a special savings product to help you save money fast. When you open a CD, you choose your savings term, which can range from 3 months to 5 years. Your interest rate is locked in, and your savings compound each month. At the end of your term, you can access your stash of savings or renew your CD to save more.
Having a Savings account is key to keeping you financially responsible. Plus, many accounts grow interest, allowing you to grow your money as a reward for not spending it. Whether you’re saving on everyday purchases, saving for the holidays, or saving over time for retirement, the right Savings account will help you achieve your goals. Whatever your savings needs, come to Alltru to start.
