Secure Your Financial Future—Open a Savings Account Today!
Posted by LorMet Webteam on Thu, Feb 04, 2010 @ 03:44 PM
Now is the Time to Open a Savings Accont
In the past couple of years, media outlets have reported that government research has found that more Americans have increased their savings. While some feel that this is detrimental since more savings means less money out there circulating to stimulate the economy in the present moment, we think that saving more will really be beneficial in the long run. It is unfortunate that it may have take an economic crisis to get some people to think about saving money, but it is better late than never.
If you have never had a savings account, now is the time to start. And if there are children in your life, you can teach them a valuable lesson about finance by helping them to open savings accounts as well.
LorMet Community Federal Credit Union has more than one option to assist you as you work to secure your financial future.
Savings Account Types
- Regular Savings (Share)
Opening a Savings (Share) Account establishes your membership in the LorMet Community Federal Credit Union. We only ask that you keep a minimum of $5 in the account. With that small investment, you are free to use the products and services that we offer.
- Interest Bearing
If you want your money to earn interest, you need to have at least $50 in the account and the interest will be added on a quarterly basis.
Holiday Savings Accounts
It is never too early to start saving for the holiday season, especially if you really like to do it up at that time of year. Our Holiday Savings Accounts have the same requirements as our savings accounts ($5 to open; $50 to earn interest); however you can only withdraw from this account once a year. And on October 31st, the funds in your Holiday Savings Account are transferred to your regular savings account. Then you can decide whether to spend or continue saving that money.
For more information regarding Savings Account Types offered at LorMet, contact any of our branch locations.