2020 has been a year of uncertainty and many people are uneasy about what the future might bring. One way to ease concerns for yourself and your family is to start saving for the future, 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!
Key Savings Account
This is a basic “no frills” savings account. There is no service charge if you maintain a minimum daily balance of at least $200 or setup a recurring monthly direct deposit. 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 is ideal 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, there is no monthly service charge.
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. Add your savings account to your online banking profile for ease of tracking and e-statement access.
Other Savings Products
Certificate of Deposit (CD)
A certificate of deposit allows you to select the amount and term of your investment. The interest rate is set 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 Account
Club accounts are best for short term saving. The All Purpose Club account matures one year from the opening date. 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 Account (IRA) and Health Savings Account (HSA)
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.
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 and start your money saving plan today.
Whatever your plan is for saving for the future, we have the savings account for you. First Keystone is here to help you with money saving options or we can 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.