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Savings goals are like snowflakes – no two are alike. With dozens of New Year’s resolutions floating in the air, a few financial resolutions may be among them. “Save more.” “Budget better.” “Improve your financial health.” These blanket statements don’t speak to your individual goals, nor do they offer any direction on how to achieve them. Saving is not a “one size fits all” approach. Remember the snowflake. Your approach should be unique to you, tailored to your particular needs. To help you kickstart your savings journey, we’ve rounded up a few savings techniques to consider this year.

REWARDS SAVINGS ACCOUNTS

Ideal For: People needing access to their money on occasion, but wanting to safely store/build their savings for an upcoming or long-term goal.

Savings accounts are the tried-and-true option when it comes to saving. With withdrawal access, minimal requirements, and the ability to earn interest on your balance, savings accounts are the default choice for a reason.

However, if you want to level up your standard savings account, Rewards Savings is a great way to grow your savings while earning rewards on everyday purchases or other potential incentives. Typically, you’ll see higher interest rates with a Rewards Savings account if qualifications are met. Valley Credit Union’s Rewards Savings offers high dividends, no monthly service fee, automatic savings, and free digital banking services. Not to mention, qualifying is so easy – you’re probably already doing it!

CERTIFICATE OF DEPOSITS

Ideal For: Those wanting a guaranteed return and are capable of setting aside money for a set amount of time.

Possibly one of the biggest appeals of opening a Certificate is the dependability. Rates are fixed, which can be a pro or con depending on changes in the economy over the course of your Certificate’s term, but this guarantees you’ll earn your locked-in rate at maturity. Whether you’re saving for your children’s college education, your retirement, or another future goal, Certificates are ideal for those wanting to steadily move towards their savings goals as you won’t be able to access your deposit for the set term without risking early withdrawal penalties.

Valley Credit Union offers several Share Certificates with competitive, fixed rates that beat standard savings and offer a wide range of terms to fit your needs.

MONEY MARKET ACCOUNTS

Ideal For: People wanting flexibility with their savings and easy access to their money.

Money market accounts are similar to general savings accounts in that they give you a safe place to grow your balance, allow you to earn interest, and have requirements to open. However, one key difference is the amount of access to your savings. While it’s encouraged to leave your savings untouched as much as possible, money market accounts offer more flexibility when it comes to accessing your funds, including direct checks or even debit cards. They also typically require higher deposits than a standard savings account. Check out Valley’s Money Market Account for competitive, tiered rates and no monthly service fee!

AUTOMATED SAVINGS

Ideal For: Everyone with the means to put aside extra cash on a daily, weekly, or monthly basis.

This may seem simple, but it can drastically affect your consistency and overall progress. Once you’ve determined an amount you’d like to set aside for various goals (401k, emergency fund, etc.), you can set up automatic contributions to disperse the requested funds on a regular basis. The funds can come from a variety of places – your paycheck, your checking account, or even a savings app. Valley’s Rewards Checking can automatically transfer earned rewards to your Rewards Savings, allowing you to grow your savings behind the scenes!

While all these methods can help you achieve your saving goals, these are just the tip of the iceberg to a flurry of savings possibilities when it comes to building out your detailed, personalized plan! For assistance with customized or complex financial plans, always reach out to a professional financial advisor.