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Saving for the Future

2020 has been a year of uncertainty and many people are worried about what the future might bring. One way to ease concerns for yourself and your family is to start saving money now, in case 2021 brings another “unprecedented event.” To get you on the right track, First Keystone offers a number of deposit products that will help you put money away for a “rainy day” and beyond. Let’s take a look at these products, so you can choose the one that’s right for you!

Savings Accounts
  • Key Savings Account: This is a basic “no frills” savings account. Maintain a minimum daily balance of at least $200 or setup a recurring monthly direct deposit and the $4 monthly service charge is waived. Also, there’s no fee for accountholders under age 23, so this is a great tool to teach your child the benefits of saving.
  • Keystone Savings Account: This savings account is paired with a Keystone Cash or Keystone Cashback Checking Rewards account. It features a higher interest rate when qualifications are met in the checking account. There is no minimum balance or monthly service charge. If you already have a First Keystone Rewards checking account, this is a great option to set aside funds for when you really need them.
  • Key Money Market Account: This savings product has a tiered interest rate, so the more you save, the higher the interest rate you’ll earn. It’s best suited for high balance savings. It also features check writing ability to make it more accessible. If you maintain a monthly balance of at least $2,500, the $10 monthly service charge is waived.

All three of these accounts can be linked to a checking account for overdraft protection, added to a debit card with ATM access, or just an ATM card. Your savings account can also be linked to your online banking profile for ease of tracking and e-statement access.

Other Savings Products
  • Certificates of Deposit (CDs): A certificate of deposit allows you to select the amount and term of your investment. The interest rate is locked in at the time of funding. This provides a guaranteed rate of return, as the interest rate will not change during the life of your CD (with the exception of CD specials that may establish a variable interest rate).
  • Club Savings Accounts: Club accounts are designed for short term saving. The All Purpose Club account will mature one year from the date it is opened. This is ideal for saving for taxes, vacation, home improvements, etc. The Christmas Club account matures in October of each year, just in time for the holiday season!
  • Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs): IRAs offer a tax-advantaged* way to save for your future. Depending on which type of IRA you choose, you could see those tax benefits today or during your retirement. Our IRAs are even insured by the FDIC. HSAs are a tax-advantaged* way to help save for and manage health care expenses for those who qualify.
Financial Services

First Keystone’s Financial Services Department is here to assist with your future financial plans. They offer Trust and Estate Planning, Individual Retirement Plans (IRAs), Investment Advisory, Custodial Investment Accounts, and assistance with your Power of Attorney. To get in touch with one of our Financial Service Officers, give us a call at (570) 802-8200 to get started with your plan today.

Whatever your goals for saving money, we have the account for you. First Keystone is here to help you get started with your savings options or review your current accounts to help you choose what works best for you and your family. Visit your local branch or call us at 570-752-3671 to speak with a friendly Keystone Banker today!

* Consult your tax advisor.

Written by Teresa Sterner

Teresa is the Sales and Marketing Coordinator for First Keystone Community Bank. Her experience in Customer Service, Marketing and knowledge of our products and services allow her to share valuable information with our customers.

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Posted On:

October 6, 2020

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