They know, in theory, that saving is important, but other savings options that come with higher rates, such as IRAs or 401(k) accounts, usually take priority and that initial deposit is quickly forgotten.
Tax-advantaged retirement accounts are fantastic, but is unlikely that retirement is your only savings goal. When it’s time to buy your next car or plan an exciting vacation, the money in those retirement accounts will be locked up tight. There’s no way to get to it without taking on massive penalties and paying a lot in taxes.
If you want your money to be there when you need it, no matter when “it” is, now might be the time to take another look at a savings account with PrimeWay Federal Credit Union. Even if it’s not your primary savings vehicle, a savings account can offer tremendous benefits. Let’s look at some ways to get the most out of it!