High-Yield Savings Accounts

Standard savings accounts are the default for many consumers, but a high-yield option could earn you 10x or more than the national average. Your cash is still liquid and fully accessible, making a high-yield savings account ideal for an emergency fund or other big financial goal.

Key benefits

• Maximized earnings
• Flexibility

Certificates of Deposit and Share Certificates

CDs and Share Certificates are an ideal compromise when you want to earn higher-than-savings-account rates but don’t want your money tied up in longer-term investments. These tools are great for short- to medium-term savings goals, like a down payment on a house, where you want a guaranteed return.

Key benefits

• Guaranteed fixed return
• Commitment to savings (money is locked down for a specific period; this is helpful if you struggle to keep money in savings accounts)

The Ladder Strategy

If you want a portion of your money accessible every few months, consider the Ladder Strategy. Open multiple CDs or Share Certificates with staggered maturity dates—for instance, one 6-month, one 1-year, one 18-months. You’ll get the higher rates these accounts are known for, but still have the money accessible to you on a revolving basis.

Financial Coaching

Many financial institutions offer free financial coaching to all their clients—not just those with a high net-worth or in financial distress. This coaching can help you create a budget, develop a debt payoff strategy, or even plan for a major purchase. Your financial institution may even host local workshops and seminars focused on specific needs.

Key benefits

• Personalized guidance
• Objective, non-judgmental

Online Financial Tools

Online tools like your financial institution’s Wellness Center offer powerful tools that teach about important financial topics. Utilize calculators, Coaches, articles, and more to learn about everything from avoiding identity theft to planning for retirement, and get customized advice, too.

Automatic Savings “Roundup” Programs

Remove the mental effort required to save money by enrolling in a roundup program, if your financial institution offers one. They work by rounding up any debit purchase to the next whole dollar and depositing the difference into your savings account. These programs are especially great for people who are just learning how to save.

Key benefits

• Effortless saving
• Requires limited willpower
• Compounding consistency

Credit Card Features: Warranties, Purchase Protections & More

Cash back or rewards points get much of the hype when it comes to the benefits of using a credit card, but the built-in insurance and protection features on many cards can be just as valuable. These are hidden safety nets that can protect you from accidents, theft, sudden changes in plans, and more. Not every card carries all these benefits, but many do. Check your Card Benefits overview or call customer service for the card for clarification.

Key benefits

• Extended warranty
• Cell phone protection
• Purchase protection
• Travel insurance
• Rental car collision coverage

Part of being financially savvy is making the most of what you’ve got. That includes using financial tools you already have access to, thanks to your financial institution. Take the time to learn more about the specific programs and services available to you, and pick one tool to start with. Whether it’s setting up an automatic roundup program or calling your credit card company to ask about extended warranties, every step builds your financial foundation and can unlock significant value.