It is important for every family to have “liquid savings” in a time of economic difficulty.
What are liquid savings? This is money you have saved somewhere that is easy to access if you need to. If it is in a bank account, make sure it is a bank in which your savings are federally insured, meaning your savings are insured by the federal government, usually up to $250,000, so you don’t run the risk of losing your money if the bank gets into financial trouble. While these accounts don’t pay the kind of increases that can be possible with other more risky funds, the idea is that you have money you can get your hands on quickly in an emergency.
The Federal Reserve sets interest rates nationwide. Sometimes they go up, sometimes they fall and sometimes they stay the same. No matter what action the Federal Reserve takes, your liquid savings account will be impacted. High rates mean you’ll see more of a return on your deposits. But when times are tough and interest rates drop, you can expect less return on your money. Different savings plans offer different types of interest and that can make a big difference in how much money you accrue. You can open a savings account at any local bank or credit union and earn at least some interest.
A minimum balance may be required but this shouldn’t be more than $25 or $50. Money market accounts are also available through your local bank or credit union. These usually require a higher minimum balance than a savings account, but they also earn about twice as much in interest and still allow you to write checks from the account. Be sure you fully understand your bank’s policies before opening any kind of liquid savings account.
Do you know the answers to the following questions about your bank account? If not, talk to someone at the bank to find out the answers.
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1. Is there a limit on the number of transfers I can make?
2. How many withdrawals can I make?
3. Are there fees charged for withdrawals?
4. What is the minimum balance required to keep my account open?
5. Are there any service fees?
6. What interest rate will my money earn?
7. What online account management options do I have?