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Yes! It's a great time to save!

Blog Post
2 min read
Savings investment jar with coins inside and a growing chart behind it

Have inflation fears weakened your drive to save money? When goods and services cost more, it can affect your ability to achieve financial goals on your original timeline. But neglecting your savings based on changing market conditions might be a mistake.

Recognize the compelling reasons to stick to your savings habit even during challenging financial times. Here are several worth considering.

  • You still need an emergency fund. Unexpected expenses won’t wait for a convenient time to make an appearance. Without a cash cushion, you might be forced to borrow money at high interest rates, which could further delay your financial dreams.
  • Savings accounts are a low-risk financial tool. Stocks and other high-risk investments might offer the potential for greater rewards in the long term, but they also could expose you to significant financial loss in the short term. Depositing money into a savings account is a low-risk strategy for achieving both short- and long-term goals. And, if you can leave your savings undisturbed—whether it's months or years—a savings certificate can lock in a higher rate with a better yield. 
  • Rising interest rates provide an opportunity to stay on track. As the Federal Reserve raises rates, the interest rates on savings products also increase. Dividends on many savings accounts have more than doubled over the past 18 months.

SAFE offers members a variety of savings accounts to increase their balance faster despite changing market conditions. A few of these options are listed below.

Flexible Savings Account

The Flexible Savings Account is a convenient solution for those seeking additional savings beyond a primary savings account. With a minimum opening deposit of just $1—and the same low amount required to start earning dividends—this account is an easy entry point into savings growth. Additionally, the account has a withdrawal structure that encourages long-term saving: one withdrawal per month is allowed without incurring a fee.

Share Investment Certificates

SAFE's share investment certificates are unlike typical savings or money market accounts. These certificates enable you to secure a specified interest rate over a set period, ranging from three months to five years. That way, you know exactly how much your deposit will yield by the end of your term.

Money Market Checking Account

If you're looking for an attractive yield without sacrificing liquidity, then a Money Market Checking Account could be for you. There's a minimum opening deposit of $2,000 and interest is compounded and paid monthly. If unlimited access to your deposits and earnings is important, then this account is an excellent, low-risk savings option. Especially since there's no penalty for in-person or by-mail withdrawals. 

Holiday Club Savings Account

The Holiday Club Savings Account affords an efficient, effective way for individuals to plan ahead for expected holiday expenses or a much-deserved vacation. As with the Flexible Saving Account, this account requires a minimum opening deposit of only $1, plus a nearly negligible minimum balance of $0.01 to start earning dividends—allowing almost anyone to take advantage of this proactive savings strategy.

Easy Street Club

SAFE's Easy Street Club is a unique service catering to the needs of individuals aged 50 and above. Members can enroll if they have a minimum combined savings balance of $1,000 or have a direct deposit of at least $300. These convenient options provide potential members a flexible way to join the club based on their financial situation.

Belonging to the club offers another cost-saving benefit: a special rate on the two-year Easy Street Investment Certificate with no-penalty withdrawals for medical expenses.

Other Savings Options

If you’d like to explore additional long-term savings options, SAFE offers retirement and investment solutions tailored to you. Visit our dedicated webpage to learn more or to schedule an appointment with a financial professional today.