Having money helps you create a bright financial future. The average savings plan allows you to set money aside and grows your funds each month through interest earned from your credit union. But what about the money in your checking account? If you choose an interest-bearing checking account, that money could be earning interest, too.
Here are five good reasons to consider opening an interest-bearing checking account today.
An interest-bearing checking account can put your money to work, whether you have a savings account or not. An interest-bearing checking account provides the opportunity for the money in your checking to grow allowing you to meet your savings and spending goals at the same time.
Often, in order to earn interest, you must put money in an account that may limit your ability to make withdrawals. However, with an interest-earning checking account, you always have access to withdraw, deposit and spend your money as you like. The money you don’t use earns interest in the meantime. This liquidity of funds allows you to have greater flexibility while making sure your money isn’t losing value.
Most interest-bearing credit union checking accounts, like those at Coosa Valley Credit Union, are faithfully backed by the National Credit Union Administration (NCUA). Through the NCUA, the federal government ensures the funds in your account.
- Low or No Fees
Many interest-bearing checking accounts offer low to no fees when you open the account. Maintaining a minimum balance ensures smooth sailing as your funds earn interest worry free.
- Special Offers
An interest-bearing checking account provides many other benefits, such as unlimited debit card use, online banking, overdraft protection, access to mobile apps, automatic payroll deductions and more. At Coosa Valley Credit Union, our Checking-Plus account allows you to write checks and gain perks as your account grows.