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What Options Do I Have for Savings?

calendar iconPosted: August 24, 2021
person looking into savings and expenses

Whether you want to save for an emergency fund, medical expenses or another goal you have in mind, it’s important to explore your savings options. We offer many choices beyond traditional savings accounts. Selecting the best one for you will depend on how much you want to earn, your timeframe, how much access you need to the money and if it’s for a specific purpose like education or retirement.

Savings Account

Money tucked under your mattress won’t earn you anything, but you can earn dividends with a VIP Savings Account. This is a convenient option if you want to be able to easily access your money while earning a little money. Plus, you only need $5 to open a savings account with Landmark.

Money Market Accounts

A money market account typically offers a higher rate than a traditional savings account. It also comes with checks or a debit card that you can be used at ATMs for a limited number of transactions. In order to earn the higher rates, you’ll need to keep your balance above a certain amount. At Landmark, we offer several money market options to meet your needs.

Certificate Accounts

Certificate accounts are a great option to earn an even higher rate if you know you won’t need to touch the money for a certain period of time. Certificate terms range from 3 months to five years with opportunities to renew at maturity. You need a minimum of $500 to open a certificate account at Landmark.

Education Savings Account (ESA)

If you want to start saving for your child’s college education, you could invest in your state’s 529 plan (Edvest in Wisconsin) or open a Coverdell Education Savings Account through Landmark. You can contribute up to $2,000 a year into a savings account, money market account or certificate account and enjoy tax-deferred growth.

Health Savings Account (HSA)

If you’re covered by a High Deductible Health Plan (HDHP) and meet other criteria, you may be eligible to enroll in a Health Savings Accounts (HSA). This account will allow you to make tax-deductible contributions and tax-free withdrawals for qualified medical expenses. At Landmark we provide free checks, a free Visa® Debit Card and you’ll earn dividends on the money you contribute. There are no minimum balance requirements and you can carry your balance over to the next year.

Individual Retirement Account (IRA)

You can open an IRA with Landmark or transfer your existing account from another financial institution. We offer Traditional IRAs that are a great option if your tax rate will be lower after retirement, Roth IRAs if you want tax-free growth and SEP IRAs if you’re a business owner or self-employed. Choose from savings account, money market and certificate account options. Have peace of mind knowing that your IRA is federally insured up to $250,000 by the National Credit Union Administration (NCUA), separate from your other insured accounts.

We’re here to help maximize your savings. Want to chat more about which options are best for you or open an account? Schedule an appointment at one of our convenient branch locations.

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