General Savings

Financial Products

Banks, credit unions and even the government offer a variety of financial products that can help you save. Find out which one is right for your goals.

Type of Product

SAVINGS ACCOUNT (bank); SHARE ACCOUNT (credit union)

Minimum Initial Deposit

Usually $25-100 but make certain monthly fees are not charged for small balances

Yield

Usually 0.2-0.5%

Safety

Government-insured*

Access to Funds

Immediate

Where to Purchase

At any bank, thrift, or credit union

How to Purchase

In person, online, or by phone

How to Make Deposits

Through tellers, ATMs, or automatic monthly transfer from checking account

Other Features

At many institutions, minimum balance of $100-500 is required to avoid monthly fees or automatic transfers of $5 - $25 a month.
Type of Product Online Savings Account
Minimum Initial Deposit As low as $1 at some institutions
Yield Usually 0.10-2.0%
Safety Government-insured*
Access to Funds Immediate
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
How to Make Deposits By transferring money from a checking account, or through direct deposit.
Other Features Confirm that the online institution is insured.
Type of Product CERTIFICATE OF DEPOSIT (bank); SHARE CERTIFICATE (credit union)
Minimum Initial Deposit At most institutions, at least $500
Yield Usually 0.05-1.5%
Safety Government-insured*
Access to Funds Immediate but interest penalty
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
Other Features Certain financial institution will notify you when CD matures
Type of Product U.S. SAVINGS BOND, SERIES EE

Minimum Initial Deposit

 As low as $25 ($50 for payroll deduction)

Yield

 Usually 1.5%

Safety

 Government-guaranteed

Access to Funds

 After first 12 months, immediate access but loss of 3 months interest

Where to Purchase

 The U.S. Treasury www.treasurydirect.gov

How to Purchase

 Through www.treasurydirect.gov where savers can buy electronic (no paper) savings bonds for themselves or as gifts for others.

How to Make Deposits

 www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds

Other Features

 Cash in after 30 years (no more interest earned after held 30 years)
Type of Product U.S. SAVINGS BOND, SERIES I (with inflation protection)

Minimum Initial Deposit

 As low as $25

Yield

 Usually 0-2%
Safety Government-guaranteed

Access to Funds

 After first 12 months, immediate access but loss of 3 months interest

Where to Purchase

 The U.S. Treasurywww.treasurydirect.gov

How to Purchase

 Through www.treasurydirect.gov where savers can buy electronic (no paper) savings bonds for themselves or as gifts for others.

How to Make Deposits

 www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds

Other Features

 Cash in after 30 years (no more interest earned after held 30 years)

Type of Product

Money Market Account

Minimum Initial Deposit

As low as $250 at some institutions

Yield

Usually 0.10-2.0%

Safety

Government-insured*

Access to Funds

Immediate access

Where to Purchase

In person, online, or by phone

How to Purchase

Ask for a Money Market Account

* Accounts at some credit unions are privately insured.

Take the Military Saves Pledge

Want inspiration and motivation on your savings journey? Take the Military Saves Pledge today and create a simple personal savings plan that works!

General - Cut Spending

Find places to cut your #spending so that you can pay down #debt faster: http://ow.ly/fzT2h  

Check out savings journeys from savers just like you

Early Retirement

Living the Dream: This Military Couple Retired Early

03.18.2021

“Continuous dedication to financial peace pays off,” shares military couple, Denise and Jim. They would know, because at ages 52 and 53, they are already retired. The couple enjoyed life as an Army family for 32 and a half years and started planning for retirement decades ago. Denise shares, “We are not working a paid job, but are volunteering and meeting some personal fitness goals and enjoying some time together after many years spent geographically apart. It can be done!”

How Smart Financial Decisions Can Create Opportunities 

11.22.2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Involving Kids in Family Finances

04.19.2019

One of the best lessons we can share with our kids is about money. By middle school, kids should have a g...

Automatic Savings Retirement Homeownership Savings Military Spouse Military Saves Pledge Travel Large Purchase Six-Figure Savings automatic transfers Military Income Navy Navy Spouse Stack Your Dollars Spending And Savings Tool Military Money

Building a Six-Figure Savings While Enjoying Life

11.13.2020

Does the idea of saving up hundreds of thousands of dollars seem impossible? How about doing it while sti...

Credit Score Shopping Online Scams Homeownership Savings Military Saves Pledge large purchases Military Income Navy Spending And Savings Tool Military Money Shopaholic self-care catfish emotional spending self-respect self-love

From Shopaholic to Saver

01.13.2021

Many of us spend too much money on things we don’t need, but we don’t always know why. It’s easy to get a...

View More Saver Tips and Stories

or

SHARE YOUR SAVINGS TIP OR STORY WITH US

If we feature you in our newsletter, you get $50.