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Savings: What Works for You?

What Are Your Savings Needs?

Whatever your savings needs are, there is a savings account for you. The following questions will help you get a feel for what kinds of savings products might suit your needs.

  • Do you need access to money quarterly? Monthly? Weekly? Daily?
  • Are you saving for a particular goal? If so, how much will you need, and when?
  • Do you want to receive your interest periodically or allow it to stay in the account and compound?
  • Would you like banking machine access? Online Banking, Telephone Banking or Online Bill Payment?
  • What do you feel comfortable with? A traditional Passbook? A monthly or quarterly statement? A certificate of deposit?
  • How much can you afford to save?
  • Do you have a lump sum to start with, or do you need to gradually build your savings?
  • Do you think that an automatic savings plan would help you to be a more disciplined saver?
  • Is saving for retirement in your plans?
  • Would it be convenient for you to have a savings account linked to checking?
  • Would limited check writing capabilities help you manage your finances better?

Basic Savings Plans

Passbook and Statement Savings make great starter accounts. They're good for teaching children the value of savings. They also make sense for short-term, smaller ticket savings goals, or if you aren't able to put a lot of money aside right away.

Passbook Savings

  • Easy and affordable
  • No service charges or penalties
  • Savings history kept in convenient record booklet (Passbook)
  • Withdraw or deposit at any Dollar Bank office by presenting your Passbook

Statement Savings

  • Unlimited withdrawal options
  • 24 hour account access via ATMs or debit card, Telephone Banking and Online Banking
  • Monthly statement detailing account transactions and interest earnings
  • Ability to link to a Dollar Bank checking account

Higher Interest Savings Plans

If you like to keep your savings simple, but prefer to earn a bit more interest than the basic savings plans provide, check out Everything Savings and Everything Savings Plus.

Everything Savings

  • Competitive interest rates
  • No monthly service charge
  • No minimum balance
  • 24 hour account access via ATMs or debit card, Telephone Banking, Online Banking, App and Text Message Banking
  • Requires linked Everything Checking Account

Everything Savings Plus

  • Competitive interest rates on higher balances
  • Convenient withdrawal options
  • 24 hour account access via ATMs or debit card, Telephone Banking, Online Banking, App and Text Message Banking
  • Requires linked Everything Checking Account

Specialty Savings Plans

Perhaps your savings needs are a bit more complex; you have a variety of goals and may need several different savings plans to make them work. Dollar Bank offers a variety of specialty savings plans to suit your particular needs.

Certificates of Deposit

  • Safe, secure investments with a guaranteed return
  • Fixed rate
  • Select term of choice (3 to 120 months)
  • Growth and income options
  • CD Ladders available for those who may need access to their funds sooner
  • Larger deposit required to open a CD than a traditional savings account
  • Penalties for early withdrawals

Holiday Clubs

  • Spending plan for holiday savings needs
  • Regular monthly deposits can be automatically transferred from your Dollar Bank checking account
  • On your specified payout date, you will receive a check for the amount saved/interest earned

Individual Retirement Accounts

Although there may be many uncertainties about planning for retirement - how long you'll live, where inflation is headed, what the income tax laws will be - one thing is certain. It pays to start early. Everyone should be making provisions for retirement, even people in their twenties. 

An Individual Retirement Account is an important part of your savings mix. In combination with your company savings plan and Social Security, it should work to provide you with a comfortable retirement. Dollar Bank offers a variety of IRA investments, including a wide range of time deposits. And for your convenience, you can handle your reinvestment instructions by phone.

Insured Savings

Each depositor at Dollar Bank is insured to $250,000 by the FDIC. Depending upon how accounts are titled, and based on family size, coverage may be expanded. This level of protection is not offered by many alternative investments. It means that the full faith and credit of the United States government is behind your deposit.

Only you know for sure which savings plan or combination of plans is right for you. Talk to a Dollar Bank representative about your savings needs. Call 1-800-828-5527 for assistance, or visit a Dollar Bank office.

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