Harness the Power of Saving: 4 Benefits of a Savings Account

 Did you know that the concept of saving money has been around since ancient times? In fact, the first recorded instances of saving money can be found in ancient Rome and Greece, where people would save their extra hard-earned money in clay jars or pots. Over time, the act of saving money has evolved and so have the tools that people use to save money. One of those tools is a savings account through a financial institution.

Today, a savings account is one of the most common types of bank accounts and for a good reason. Here are the top five benefits of a savings account:

1. Your money is safe and secure

One of the best improvements that has happened since ancient times is the option to open a savings account through a financial institution. Unlike keeping money in a clay jar or under your mattress at home, a savings account is protected and your funds are safe and insured. At Clark County Credit Union, each account is insured for up to $500,000. While other financial institutions cover your deposits per person, we cover each account so you can have even more peace of mind.

2. Your funds are accessible

Your funds in a savings account are readily available, which means at the time of an emergency, you can withdraw your funds without a penalty or fee.

3. Keep track of your financial goals

Some financial institutions offer goal-tracking tools on a savings account to help set and achieve your financial goals easily. Others have personal financial management tools where you can aggregate your other accounts or investments to see the full picture of your savings goals. You can also set up a direct deposit to your savings account and track your progress over time.

4. Easy and quick to open

Unlike stocks or real estate investments that require a higher deposit rate, a savings account can be opened in just a few minutes online or you can go to a branch if you prefer to speak to a financial officer.  At CCCU, you only need $5 to open a savings account.

Importance of saving money

Financial stress is one of the major causes of anxiety and depression. When you have a savings account, you can help reduce the stress related to money knowing that you have a safety net to protect you. Prioritizing saving money not only helps you achieve financial stability and security, but it can also help you reach your financial goals and dreams.

So, whether you’re just starting out or are already saving for your long-term goals or a rainy day fund, it is never too late to start saving money. CCCU has different savings accounts that suit your needs. Call 702-228-2228 to open your savings account today or click Join Now.