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Get a Jump Start on Your Finances for the New Year



With holiday shopping, parties and family gatherings, December may be the last time of the year when you want to think about finances. However, the sooner you can start thinking about improving your financial situation in the year ahead, the better. Here are a few ways to get ahead, along with some tools to make it happen.


Start Saving Now with Auto Transfers

The sooner you start saving money the better because interest compounds over time. However, we know that many people struggle to put aside a little bit of money each month. They wait until the end of the month to see how much money is left before putting it into savings. Unfortunately, the reality is that for most people, the extra money always seems to disappear.

To combat this problem, Select FCU offers automatic transfers from your checking account into a special account called the Savers Club. This way, the money never appears in your checking account to use and you will end up making due with what you have.


Set Up Accounts with Limited Access

While auto transfers are amazing tools to make sure you are saving each month, there is also a temptation to take money out of savings for impulse buys. To prevent this from happening and stay on track, special accounts can be set up that will limit your access to the funds. Here’s a few that we offer at Select FCU.


Savers Club

The Select FCU Savers Club account is a special account that helps members save for big expenses like the holidays, vacations or property taxes. This account only allows withdrawals between Nov. 1 and Dec. 31 so it’s perfect for limiting your access to the funds. It also pays higher dividends then the regular savings accounts so you’ll make more money over the long term. To learn more, check out the details on the savings page of our website.


Share Certificates

Another great way to save money is by putting the money into a Share Certificate which is similar to CD. This type of account allows you to invest your savings for specific periods of time or “terms” with guaranteed higher dividends. The terms available are 12, 24 and 36 months. The dividends are posted monthly and can be compounded to the certificate for a higher annual percentage yield. To learn more details, visit the savings page of our website.


For more details or personal assistance choosing the right type of account for your needs, contact us at (210) 223-6561.

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210.223.6561

Routing number: 314088666

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