5 Signs It Might Be Time to Take Another Look at Your Savings

It’s common to have money spread across multiple savings accounts or financial institutions. One account might offer a better rate, another might be easier to access, and another might be with the local financial institution you’ve been with for years.

While there’s nothing wrong with having accounts at different institutions, it’s a good idea to check in on your savings from time to time to make sure your accounts are still working for you. Rates fluctuate, fees can change, and what was once the best option for you may not be anymore.

Here are five signs it might be time to take another look at your savings:

1. Your savings account has been sitting untouched.

If you haven’t looked at your savings account in years, it might be time for a check-in. Is the rate you’re earning still competitive? Have balance or activity requirements changed? Are you now paying a fee that you weren’t paying before?

Taking a few minutes to review your account can help make sure your money is still in an account that fits your needs.

2. You haven’t checked your dividend or interest rate in years.

Rates change, and the rate that was competitive a few years ago may not be today.

When reviewing your options, look beyond just the advertised rate. Consider regular savings accounts, money market accounts and certificates of deposit (CDs) to see which option makes the most sense for your goals, access needs and timeframe.

3. You have a large balance sitting in checking.

Checking accounts are generally designed for everyday spending and bill payments, and they may not offer the same earning potential as savings products.

If you have more money in checking than you need for your regular expenses, it may be worth considering whether some of those funds could be moved to an account that earns dividends or interest.

Keeping enough in checking for your bills and everyday spending while putting other funds into a savings option that fits your goals can help your money work harder for you.

4. You have money at several different institutions.

As we mentioned earlier, it’s common to have money spread across different financial institutions. But it’s worth taking a look at the requirements and rates for each account.

Are there minimum balance requirements? Do you need to maintain a certain balance to earn the advertised rate? Are you paying fees on any of the accounts?

Depending on your situation, consolidating some of your savings into fewer accounts could make it easier to manage your money and potentially help you earn more.

5. You have a CD that is about to mature.

When a CD matures, it’s a great opportunity to review your options before deciding what to do with those funds.

You may want to roll the money into another CD if you know you won’t need it for a set period of time. Or, if you expect to need some or all of the funds in the near future, a savings or money market account may provide the access you need.

The important thing is to review your options before your CD matures so you can make a decision that fits your goals.

Savings Options at Leading Edge Credit Union

Deciding where to keep your money is a personal decision, and there isn’t one option that’s right for everyone. At Leading Edge Credit Union, we offer several savings options to help you make the most of your money.

Edge Money Market
Our high-yield savings option with a minimum balance of $2,500 to start earning APY.* Your funds aren’t locked in, so you can access them when you need them.

Christmas Club Account
A savings option designed to help you prepare for the holidays, vacations or other expenses. Funds are locked until October 20, when they automatically transfer to your specified account with us. Funds can be withdrawn before the transfer date for a small fee.

Certificates of Deposit (CDs)
We offer a variety of CD options with different terms and rates. If you know you won’t need your funds for a certain period of time, a CD can be an option for earning a higher rate while keeping your money working toward your goals.

Take a deeper dive into our savings options:
leadingedgecu.org/bank/save/

At Leading Edge Credit Union, we want to help you make the most of your money. Stop by one of our branches or give us a call. We’d be happy to walk you through your options and help you find the savings solution that fits your goals.

*APY=Annual Percentage Yield. Federally insured by NCUA.