Embracing the strengths of each account
Different accounts have different pros and cons. You can get benefits from swiping your debit card and higher dividends from your savings account, helping your money grow. By having more than one type of account, you get to take advantage of all that they have to offer.
Keeping your money organized
If you have savings goals, it doesn’t serve you to lump everything together in one account. It can be easy to overspend if you don’t have an easy visual in your online banking portal of what is spending money and what is for emergencies only. By having separate accounts, you make it easier on yourself when it comes to savings.
Increasing your dividend earnings
When you hold a mix of accounts, including a savings account and a checking account, you can maximize your dividend earnings. When you have both, you have all the flexibility that a checking account brings, plus the higher dividend rate of your savings account.
Opening financial doors
It would be difficult to get by in modern society without both account types. We live in a world where having a checking and savings account are a part of daily life and daily business. By opening up both, you can be ready for all the big financial moves life holds for you.
Working around account restrictions
In 2020, the federal government lifted requirements that financial institutions charge a fee for more than six withdrawals from a savings account in a month. But many financial institutions still have this kind of policy in place. It can help banks and credit unions make sure they always have enough reserves, and that’s one of the reasons that savings accounts tend to have higher dividends or interest rates. But the benefit of a checking account is that it has no restrictions on withdrawals, so you can spend, swipe, and take out cash whenever you need.
Maintaining credit union membership
At RMCU, you maintain membership with a member savings account with a minimum balance of $20. By holding this account, you can keep your membership going strong, opening up a world of financial possibilities. Beyond checking and savings, you can open CDs, money market accounts, IRAs and more as a member of a credit union like RMCU, throwing open the doors to your financial future.
As an RMCU member, opening a new account is simple. But if you’re not a member yet, apply today and see if you qualify. A whole world of personal finance is out there, and it starts right at your neighborhood credit union.