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Deciding to start a savings account is one of the most important decisions you can make regarding your finances, but it's only the first. You'll also need to decide what you're saving for before you can start looking for the ideal investment vehicle to help you achieve your goals. Hawaiian Tel Federal Credit Union in Honolulu would like to clear up the confusion by recommending some expenditures that are worth saving for, and what type of account you might want for each.

Depending on your situation, you might decide it's time to start a savings account for:

  • saving accountA New Car: The more you can put down when you buy a new car, the lower your payments and interest rate will be. For these kinds of short-term goals, you'll need a savings account like Hawaiian Tel Federal Credit Union's Share Account, with high interest rates and a very low opening balance.
  • Retirement: It's never too early to start saving for retirement. In fact, the earlier you start saving, the harder your money works for you thanks to the magic of compound interest. A VIP Money Market Account, with tiered interest rates and low minimums, is a great way to get started.
  • College Tuition: The cost of higher education keeps going up, and it shows no sign of slowing down. Fortunately, each state offers families highly effective savings programs designed to help them meet those challenges. Click here to learn more about HI529 and open a higher education savings account.

To find out how Hawaiian Tel Federal Credit Union’s saving accounts will help make your dreams come true, visit their website or call (808) 832-8700 today. You can also connect with the financial pros on Facebook and Twitter.

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