Guess What? Saving is Back!

Contributed by FCFCU

Americans are savers now. That’s right, saving is back!

There are good reasons for this. Through years of unimpressive savings rates, many people found it made more economic sense to pay off personal debt instead of contributing to their savings accounts. That was smart. The US Federal Reserve reports that the average amount of debt held by Americans has risen slightly over the past five years, but the actual number of people who have debt has gone down dramatically. In other words, a significant number of people have spent the last several years reducing their household debt, which now “frees up” household cash to wisely invest in savings accounts.

That’s very good news because the increase in personal savings indicates that more people are thinking about – and planning for – the future.

It’s simple: savings accounts are the best way to save money. And because the Fed increased interest rates last year, savings accounts are a great way to build for retirement.

Savings accounts are also a safe place to keep your money. No one should do what your great-grandmother may have done: keep large amounts of money at home – it’s dangerous. The money could be stolen or, if there was a fire, it would be destroyed. You’d lose your money with no possibility of recovering it. Savings accounts at banks and credit unions are insured to at least $250,000 by either FDIC or NCUA, respectively.

Before you open your new savings account, make sure you do a little homework first. Find out which institution is offering the best interest rates. Credit unions, in fact, are more competitive today with their savings account rates, and many are offering higher interest rates than banks.

Look for savings accounts that fit your needs. Fresno County Federal Credit Union exclusively offers the “Three Wishes Share Certificate of Deposit (CD)” – it’s a special 24-month share certificate of deposit that comes with a very competitive rate plus three advantages you’ll want to check out:
· Higher returns – You’ll earn more by “bumping up” your interest rate at any one time during the term. In other words, when savings interest rates rise, you can bump up your rate to match.
· Deposit into your certificate – You can make an additional deposit once during the term and earn interest on the entire new balance during the remainder of the term.
· Access your cash – You can withdraw funds once during the term with no fees or penalties. You’ll always have the comfort of knowing you can access your money any time you need it.

Look around and you’ll come to the conclusion that Fresno County Federal Credit Union will enable you to enjoy quality yields on a variety of insured savings accounts.

At Fresno County Federal Credit Union, members have access to a full range of financial services, including no-cost checking and savings accounts, the low rate Visa Rewards credit card, free mobile and online banking with Bill Pay and Mobile Check Deposit, and professional budget management. Members receive highly personalized service, and the essential services needed to manage finances with ease.

For more information about membership in Fresno County Federal Credit Union, visit online at