Opening a savings account at a credit union comes with many advantages. While checking accounts serve a purpose, having money in savings can help you and your family build wealth or save for a rainy day. Here are a few more reasons to open this type of account.

Why You Need a Savings Account

1. Security

If you have less than $250,000 in your savings account, your money is insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is backed by the U.S. Federal Government, so you’ll still have access to your money even if a bank goes out of business.

2. Growth

In a savings account, your money will grow at a specified rate. Even if the stock market crashes, your account balance won’t diminish. Instead, it’ll continue to increase steadily.

3. Accessibility

If your money is in a savings account, you can access it quickly by going to your local credit union or bank. Some accounts come with an ATM card, making withdrawals convenient and easy. Additionally, most savings accounts can be accessed online and transferred to connected accounts with a push of a button.

4. Emergency Coverage

One day, you may be faced with an emergency that requires money quickly. The situation can be anything from a medical expense or immediate roof replacement on your home. If you have money in a savings account, you’ll be covered if a costly surprise ever arises.

5. Convenience

Set up your paycheck to be directly deposited into your savings account, and then have that account linked to your checking, IRA, money market, or other accounts. This way, you can conveniently transfer as much or as little money you want with ease.

If you want to open a savings account, contact Hawaii County Employees Federal Credit Union in Hilo, HI. This reputable credit union has offered banking services to Big Island members for over 80 years, providing automatic bill payments, 24/7 access to account information, and mobile balance updates. To learn more about membership, call (808) 935-2969 or visit their website.