{"id":2518,"date":"2020-09-27T12:04:37","date_gmt":"2020-09-27T19:04:37","guid":{"rendered":"https:\/\/www.dncu.com\/?p=2518"},"modified":"2024-10-29T13:42:25","modified_gmt":"2024-10-29T19:42:25","slug":"when-should-i-open-a-savings-account","status":"publish","type":"post","link":"https:\/\/www.dncu.com\/es\/blog\/when-should-i-open-a-savings-account\/","title":{"rendered":"When Should I Open a Savings Account?"},"content":{"rendered":"<p>Financial institutions offer a variety of deposit products, one of which is the savings account. Unlike most checking options, savings accounts have a limit of six withdrawals per statement cycle as mandated by federal regulations. This means that you have to be careful when managing your transfers, or you could end up with fees or even have the account converted to checking.<\/p>\n<p>With these restrictions, you may wonder if it\u2019s worth opening an account in the first place. The truth is, maintaining a savings account is a vital part of financial health.<\/p>\n<h2>Why Do You Need a Savings Account?<\/h2>\n<p>It\u2019s always a good idea to have some funds stashed away for a rainy day, and savings accounts allow you to profit from funds you\u2019re not using. How do they work? These accounts generate a moderate amount of interest, which means you earn a small percentage of your balance every statement cycle. The more you save, the more you earn.<\/p>\n<p>You may be wondering if you need a savings account when you have credit cards or other loan resources. While you can certainly use a credit card to cover an unexpected expense such as car repair or medical bills, companies charge interest on your balance, meaning you spend more in the long run. Well-maintained savings can act as a buffer between you and debt, sparing you stress and keeping money in your pocket.<\/p>\n<h2>When Is the Best Time To Open a Savings Account?<\/h2>\n<p>If you don\u2019t already have a savings account, you should open one as soon as possible. The sooner you start saving, the more financially stable you\u2019ll be.<\/p>\n<p>If you already have a savings account, it\u2019s a good idea to shop around if you\u2019ve noticed the following:<\/p>\n<ul>\n<li>Your interest rate has gone down in the last year<\/li>\n<li>Any beneficial deals your financial institution was offering have been discontinued<\/li>\n<li>You\u2019ve had the account for a while<\/li>\n<\/ul>\n<p>Interest rates are constantly changing based on the economy and each bank sets their own rates. If you\u2019re not satisfied with your current rate, it\u2019s relatively easy to transfer your account elsewhere.<\/p>\n<h2>How Much Should You Save?<\/h2>\n<p>Most financial planners advise that you try to save <a href=\"https:\/\/www.businessinsider.com\/when-to-open-a-savings-account-financial-planner-advice-2018-6\" target=\"_blank\" rel=\"noopener noreferrer\">20% of your income<\/a>. However, many people aren\u2019t in a position to do so. While this situation is less than ideal, it doesn\u2019t mean you should throw in the towel \u2014 saving what you can is better than saving nothing at all.<\/p>\n<p>Setting a goal is a good way to motivate yourself to set aside more. Experts recommend that your emergency savings account have enough to cover at least <a href=\"https:\/\/www.moneyunder30.com\/emergency-fund-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">six months of expenses<\/a>. This gives you a cushion if you\u2019re laid off or miss work for long-term medical issues. There are many free calculators out there that can help you figure out how much that is.<\/p>\n<h2>What Kinds of Savings Accounts Are There?<\/h2>\n<p>You may be surprised to know that financial institutions usually offer several types of savings accounts. Which you choose depends on your needs and goals.<\/p>\n<h2>Savings Account<\/h2>\n<p>These accounts typically have a lower interest rate, about 0.1% &#8211; 2%. They may have a minimum balance requirement, but these tend to be low.<\/p>\n<h2>Certificate of Deposit<\/h2>\n<p>Also called CDs, this type of account locks in the balance for a pre-agreed amount of time. They tend to earn higher interest, but there\u2019s usually a fee if you need to withdrawal early.<\/p>\n<h2>Money Market<\/h2>\n<p>These are higher-interest earners with the same withdrawal limitations as a traditional savings account. However, they tend to have a high minimum balance requirement, usually a few hundred dollars.<\/p>\n<p><span class=\"bold\">Are you ready to start saving?<\/span> <a href=\"\/es\/\">Cooperativa de Cr\u00e9dito Del Norte<\/a> offers several types of savings accounts, all with competitive rates. To learn more about our financial products or to become a member, give us a call at 818-DNCU (3628) or <a href=\"https:\/\/www.dncu.com\/es\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact us online<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Financial institutions offer a variety of deposit products, one of which is the savings account. Unlike most checking options, savings accounts have a limit of six withdrawals per statement cycle as mandated by federal regulations. This means that you have to be careful when managing your transfers, or you could end up with fees or even have the account converted &hellip; <a href=\"https:\/\/www.dncu.com\/es\/blog\/when-should-i-open-a-savings-account\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>","protected":false},"author":17,"featured_media":10640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[40],"tags":[],"class_list":["post-2518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-save"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DNCU | Savings Account Questions Answered<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dncu.com\/es\/blog\/when-should-i-open-a-savings-account\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DNCU | Savings Account Questions Answered\" \/>\n<meta property=\"og:description\" content=\"Financial institutions offer a variety of deposit products, one of which is the savings account. Unlike most checking options, savings accounts have a limit of six withdrawals per statement cycle as mandated by federal regulations. This means that you have to be careful when managing your transfers, or you could end up with fees or even have the account converted &hellip; Continue reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dncu.com\/es\/blog\/when-should-i-open-a-savings-account\/\" \/>\n<meta property=\"og:site_name\" content=\"Del Norte Credit Union\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-27T19:04:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-29T19:42:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/f3bec255-0e31-4fe2-83aa-f85087ca2a1a.cc10.conves.io\/files\/save.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"447\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Guy Krenn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Guy Krenn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/\"},\"author\":{\"name\":\"Guy Krenn\",\"@id\":\"https:\\\/\\\/www.dncu.com\\\/#\\\/schema\\\/person\\\/9a7e0d0c023d41e260b0605ee328b063\"},\"headline\":\"When Should I Open a Savings Account?\",\"datePublished\":\"2020-09-27T19:04:37+00:00\",\"dateModified\":\"2024-10-29T19:42:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/\"},\"wordCount\":654,\"image\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.dncu.com\\\/files\\\/save.jpg\",\"articleSection\":[\"Save\"],\"inLanguage\":\"es-ES\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/\",\"url\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/\",\"name\":\"DNCU | Savings Account Questions Answered\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.dncu.com\\\/files\\\/save.jpg\",\"datePublished\":\"2020-09-27T19:04:37+00:00\",\"dateModified\":\"2024-10-29T19:42:25+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.dncu.com\\\/#\\\/schema\\\/person\\\/9a7e0d0c023d41e260b0605ee328b063\"},\"inLanguage\":\"es-ES\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"es-ES\",\"@id\":\"https:\\\/\\\/www.dncu.com\\\/blog\\\/when-should-i-open-a-savings-account\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.dncu.com\\\/files\\\/save.jpg\",\"contentUrl\":\"https:\\\/\\\/www.dncu.com\\\/files\\\/save.jpg\",\"width\":670,\"height\":447,\"caption\":\"Saving\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.dncu.com\\\/#website\",\"url\":\"https:\\\/\\\/www.dncu.com\\\/\",\"name\":\"Del Norte Credit Union\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.dncu.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es-ES\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.dncu.com\\\/#\\\/schema\\\/person\\\/9a7e0d0c023d41e260b0605ee328b063\",\"name\":\"Guy Krenn\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es-ES\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/c3a0ef4e98384bb722c89d34d80d7437c079be42a21beaa275de27f6a5ae5585?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/c3a0ef4e98384bb722c89d34d80d7437c079be42a21beaa275de27f6a5ae5585?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/c3a0ef4e98384bb722c89d34d80d7437c079be42a21beaa275de27f6a5ae5585?s=96&d=mm&r=g\",\"caption\":\"Guy Krenn\"},\"sameAs\":[\"http:\\\/\\\/industry-copywriting.com\"],\"url\":\"https:\\\/\\\/www.dncu.com\\\/es\\\/blog\\\/author\\\/guy-krenn-ic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"DNCU | Savings Account Questions Answered","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.dncu.com\/es\/blog\/when-should-i-open-a-savings-account\/","og_locale":"es_ES","og_type":"article","og_title":"DNCU | Savings Account Questions Answered","og_description":"Financial institutions offer a variety of deposit products, one of which is the savings account. Unlike most checking options, savings accounts have a limit of six withdrawals per statement cycle as mandated by federal regulations. This means that you have to be careful when managing your transfers, or you could end up with fees or even have the account converted &hellip; Continue reading &rarr;","og_url":"https:\/\/www.dncu.com\/es\/blog\/when-should-i-open-a-savings-account\/","og_site_name":"Del Norte Credit Union","article_published_time":"2020-09-27T19:04:37+00:00","article_modified_time":"2024-10-29T19:42:25+00:00","og_image":[{"width":670,"height":447,"url":"https:\/\/f3bec255-0e31-4fe2-83aa-f85087ca2a1a.cc10.conves.io\/files\/save.jpg","type":"image\/jpeg"}],"author":"Guy Krenn","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Guy Krenn","Est. reading time":"3 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/#article","isPartOf":{"@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/"},"author":{"name":"Guy Krenn","@id":"https:\/\/www.dncu.com\/#\/schema\/person\/9a7e0d0c023d41e260b0605ee328b063"},"headline":"When Should I Open a Savings Account?","datePublished":"2020-09-27T19:04:37+00:00","dateModified":"2024-10-29T19:42:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/"},"wordCount":654,"image":{"@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/#primaryimage"},"thumbnailUrl":"https:\/\/www.dncu.com\/files\/save.jpg","articleSection":["Save"],"inLanguage":"es-ES"},{"@type":"WebPage","@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/","url":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/","name":"DNCU | Savings Account Questions Answered","isPartOf":{"@id":"https:\/\/www.dncu.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/#primaryimage"},"image":{"@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/#primaryimage"},"thumbnailUrl":"https:\/\/www.dncu.com\/files\/save.jpg","datePublished":"2020-09-27T19:04:37+00:00","dateModified":"2024-10-29T19:42:25+00:00","author":{"@id":"https:\/\/www.dncu.com\/#\/schema\/person\/9a7e0d0c023d41e260b0605ee328b063"},"inLanguage":"es-ES","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/"]}]},{"@type":"ImageObject","inLanguage":"es-ES","@id":"https:\/\/www.dncu.com\/blog\/when-should-i-open-a-savings-account\/#primaryimage","url":"https:\/\/www.dncu.com\/files\/save.jpg","contentUrl":"https:\/\/www.dncu.com\/files\/save.jpg","width":670,"height":447,"caption":"Saving"},{"@type":"WebSite","@id":"https:\/\/www.dncu.com\/#website","url":"https:\/\/www.dncu.com\/","name":"Cooperativa de Cr\u00e9dito Del Norte","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.dncu.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es-ES"},{"@type":"Person","@id":"https:\/\/www.dncu.com\/#\/schema\/person\/9a7e0d0c023d41e260b0605ee328b063","name":"Guy Krenn","image":{"@type":"ImageObject","inLanguage":"es-ES","@id":"https:\/\/secure.gravatar.com\/avatar\/c3a0ef4e98384bb722c89d34d80d7437c079be42a21beaa275de27f6a5ae5585?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c3a0ef4e98384bb722c89d34d80d7437c079be42a21beaa275de27f6a5ae5585?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c3a0ef4e98384bb722c89d34d80d7437c079be42a21beaa275de27f6a5ae5585?s=96&d=mm&r=g","caption":"Guy Krenn"},"sameAs":["http:\/\/industry-copywriting.com"],"url":"https:\/\/www.dncu.com\/es\/blog\/author\/guy-krenn-ic\/"}]}},"_links":{"self":[{"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/posts\/2518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/comments?post=2518"}],"version-history":[{"count":1,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/posts\/2518\/revisions"}],"predecessor-version":[{"id":10641,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/posts\/2518\/revisions\/10641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/media\/10640"}],"wp:attachment":[{"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/media?parent=2518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/categories?post=2518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dncu.com\/es\/wp-json\/wp\/v2\/tags?post=2518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}