Wanting to keep all of your money safely in your savings account makes sense. You’ve worked hard for that money, too hard to risk investing it. But on the other hand, does it really make sense to let your money just sit in an account when you can have it work for you? What if we told you that there are safe investment options that let you have the best of both worlds – invest your money while still keeping it safe?
If you’re not quite ready for the world of high stakes investing but would like to let your money make you some money – we’ve got you covered. These safe investment options will serve as an excellent option for anyone just starting on their investing path or anyone who wants to keep investing risks as low as possible.
Certificate of Deposit
If you have a sum of money that you can currently spare, a Certificate of Deposit might be an excellent place for you to start investing your money. A Certificate of Deposit, or a CD, is a fixed term loan that you are giving to your bank. You agree to let the bank keep your money for a certain amount of time and when that time is done they give you the money back with interest.
CD’s are insured by the Federal Deposit Insurance Corporation or the FDIC so there is no risk of losing any of your money. However, if you need that money before the agreed upon withdrawal, you can be charged with a penalty fee.
Interested in acquiring a Union Community Bank Certificate of Deposit? Check out our CD rates today.
Money market accounts have the flexibility of a savings account – but with a higher interest rate. What makes money market accounts different is that they require a higher minimum balance in order to be maintained. This account is limited to six transfers or withdrawals a month – not counting ones that are made with the teller or at the ATM.
Like a Certificate of Deposit, money market accounts are insured by the FDIC making this another safe investment.
Take advantage of the higher interest rates a Union money market account offers. Check out our money market rates today.
Want to Learn More?
If you are looking for more ways to invest you money, visit your local Union branch location and speak to a Union Trusted Advisor today.