Financial Products

Banks, credit unions and even the government offer a variety of financial products that can help you save.  Find out which one is right for your goals.

Savings Account
Online Savings Account
Certificate of Deposit (CD)
U.S. Savings Bond, Series EE
U.S. Savings Bond, Series I
Money Market Account

Type of Product

SAVINGS ACCOUNT (bank); SHARE ACCOUNT (credit union)

Minimum Initial Deposit

Usually $25-100 but make certain monthly fees are not charged for small balances

Yield

Usually 0.2-0.5%

Safety

Government-insured*

Access to Funds

Immediate

Where to Purchase

At any bank, thrift, or credit union

How to Purchase

In person, online, or by phone

How to Make Deposits

Through tellers, ATMs, or automatic monthly transfer from checking account

Other Features

At many institutions, minimum balance of $100-500 is required to avoid monthly fees or automatic transfers of $5 - $25 a month.

 

 

Type of Product Online Savings Account
Minimum Initial Deposit As low as $1 at some institutions
Yield Usually 0.10-2.0%
Safety Government-insured*
Access to Funds Immediate
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
How to Make Deposits By transferring money from a checking account, or through direct deposit.
Other Features Confirm that the online institution is insured.

 

Type of Product CERTIFICATE OF DEPOSIT (bank); SHARE CERTIFICATE (credit union)
Minimum Initial Deposit                               
At most institutions, at least $500
Yield Usually 0.05-1.5%
Safety Government-insured*
Access to Funds Immediate but interest penalty
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
Other Features Certain financial institution will notify you when CD matures

 

Type of Product U.S. SAVINGS BOND, SERIES EE

Minimum Initial Deposit

As low as $25 ($50 for payroll deduction)

Yield

Usually 1.5%

Safety

Government-guaranteed

Access to Funds

 

After first 12 months, immediate access but loss of 3 months interest

Where to Purchase

 

The U.S. Treasury www.treasurydirect.gov

How to Purchase

 

Through www.treasurydirect.gov where savers can buy electronic (no paper) savings bonds for themselves or as gifts for others.

How to Make Deposits

 

www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds

Other Features

 

Cash in after 30 years (no more interest earned after held 30 years)

 

Type of Product U.S. SAVINGS BOND, SERIES I (with inflation protection)

Minimum Initial Deposit

As low as $25

Yield

Usually 0-2%
Safety Government-guaranteed

Access to Funds

 

After first 12 months, immediate access but loss of 3 months interest

Where to Purchase

 

The U.S. Treasury www.treasurydirect.gov

How to Purchase

 

Through www.treasurydirect.gov where savers can buy electronic (no paper) savings bonds for themselves or as gifts for others.

How to Make Deposits

 

www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds

Other Features

 

Cash in after 30 years (no more interest earned after held 30 years)

 

Type of Product

Money Market Account

Minimum Initial Deposit

As low as $250 at some institutions

Yield

Usually 0.10-2.0%

Safety

Government-insured*

Access to Funds

Immediate access

Where to Purchase

In person, online, or by phone

How to Purchase

Ask for a Money Market Account

* Accounts at some credit unions are privately insured.

Tip of the Day

  • Develop a long-term plan for financial readiness by creating financial goals and striving for milestones. Positive outcomes usually start with a goal and a vision. http://ow.ly/sCvQQ

Pledge to Save

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Pledge to Save

Saver Stories View all »

One That Almost Got Away

Brody Lockwood - Like a typical fledgling, I started down the track of financial indebtedness. Nineteen years old and nothing to lose. Credit - who need it? Savings - that was for older people with responsibility. Debt - my parents were in debt ergo it must be OK. When I was eligible for reenlistment, I reenlisted for a multiple of 3 worth $15K. I was happy to pay off my debt, but would I be able to stay out of debt?

Read more...

Regular Savings is the Key to Success

My name is Chris Strong. I joined the Air Force on 25 March, 1985. On that day, my financial life changed forever. I was introduced to saving bonds in Basic Training. Savings bonds were the big thing back then just like the Thrift Savings Plan is today. A Colonel gave us a briefing. I cannot remember his name but I can remember the 100 savings bonds he had posted to a piece of card board. He gave us a speech on the importance of saving money and how it can change your life. He inspired me to save.

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Money on the Side

Camp Arifjan, Kuwait -- A colonel in the 1st Theater Sustainment Command has money on his mind.

Army Col. George Fields, the Chief of Intelligence, or G2, has been teaching a free "Managing Your Money" class here in his spare time. More than 400 students have attended his six week-long class to learn more about increasing their own finances.

"All I did was sit down and listen to a guy one day who showed me what he was doing" said the colonel as he explained how he became interested in what he calls, "becoming financially free."

Read more...