Everyone wants a safety net of savings in their bank account, but why would a person put so much money in a savings account if it doesn't earn interest?
Michael Markey, the co-founder and owner of Legacy Financial Network, shares why joining a credit union is the best say to grow a savings account.
According to Markey, it's best to have a safety net of $5,000 in savings and checking accounts, but why would a person put that much money away if it's going to do just that? It doesn't have to sit around in a vault collecting dust, it can earn interest by putting the money into an account through a credit union.
However, in order to earn interest on the account, there are four requirements:
- Sign up for online statements.
- Check online balances four times a month.
- Have an auto deposit into the account.
- Use debit card 10 or more times a month.
By following these requirements for a credit union account, the total in the savings account will earn 3 percent interest each year. The best part about the investment is there's no risk, so it's a great way to grow a savings account.
If you would like to more information on how you can fireproof your finances, visit www.legacyfinancialnetwork.com or call 1-855-LFNETWORK.