What’s Your Savings Strategy?

How to Choose the Right PFFCU Share Account for You

Wherever you are in your financial journey, knowledge makes the best travel companion. Understanding all of your savings options lets you map the surest path to reach your goals. As a PFFCU member, you’ll earn more than you would at the big banks.

So, which Share Account suits you and your savings goals? Let’s take a closer look at four options to see which savings strategy is right for you.

Savings: Building a Foundation

Just getting started at building your nest egg? A Savings Account can get you on the path to a successful savings strategy. You’ll have access to your funds while earning a competitive yield on balances. A PFFCU Savings Account has a $5 minimum balance requirement, which you’ll need to keep in your account at all times to be a member in good standing.

With Online/Mobile Banking, you can easily transfer money to your Savings Account on a set schedule; it’s a smart way to steadily build your financial foundation. Even just a few dollars every week or paycheck will add up over the long run.

Checking: Everyday Transactions and More

Savings Accounts are designed to help you save funds for a major expense or for a rainy day. For everyday spending, you’ll want a Checking Account.

With a Checking Account, you have multiple ways to pay for items like groceries, utilities, and other common expenses. Checking Accounts typically come with a Debit Card, which you use like a credit card, only it draws directly on your available funds. You can use your Checking Account to pay bills online or, if you prefer, with paper checks sent via mail or overnight carrier.

At most big banks, the basic Checking Account accrues no interest. To have your money pay you a return, you’ll need to maintain a minimum amount, often in the thousands, every single day. Go below that minimum just one day, and you may even be charged a fee.

A PFFCU Checking Account has no minimum balance requirement and no monthly maintenance fees. Plus, your money will grow with an APY that’s typically much higher than the rate you’d get from a big bank’s Checking Account. You can view our current Checking Account APY to compare for yourself.

PYA: Earn More, Stay Flexible

Once you make strides with your basic Savings Account, consider opening a Premium Yield Account (PYA). Your money will grow faster with a higher APY, and you’ll still enjoy some flexibility to access your money if needed.

With balances of $2,500 or more, a PFFCU PYA earns a higher yield than comparable money market accounts at other financial institutions. Maintain a balance over $50,000, and your money will grow even faster with our Jumbo APY. Take a look at our current PYA and Jumbo PYA rates, and the choice becomes clear.

Like all PFFCU Share Accounts, your PYA comes with no minimum balance fee and no maintenance fees.

Certificates: Secure Investing for Maximum Yields

Are you ready to grow your money with a longer-term investment? First, it is important to have a solid foundation in savings. The standard recommendation is that you have access to money for three to six months of essential expenses; in the event of a setback, you’ll have your home and basic needs secured while you get back on your feet. Once you have that core nest egg put away, you may be ready to step up to Certificates.

For as little as $1,000, PFFCU Certificates give you access to the highest yield structure. You’ll need to commit to terms as short as three months or as long as five years. Larger deposits and longer terms will pay you higher yields. Check out our rates for Certificates and Jumbo Certificates to see how you earn more at PFFCU at every stage of your savings journey.