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Whether you’re saving money to make a purchase in the near future, or you have a long-term savings goal, putting your money aside is important.
Blue Sky Bank has a savings option to help you reach those financial goals. Contact us today to explore your options.
Savings accounts are federally insured accounts that can help you meet long-term goals of saving, such as buying real estate. Using a savings account allows you to create distance between short-term, everyday spending money that’s easily accessible in your checking account, and money that’s reserved for a later date, like vacation savings or a large purchase.
Opening a Blue Sky Bank Savings Account
Blue Sky Bank customers who are 18 years and younger, as well as customers 62 years and older, can open a special savings account. This account requires only a $1 minimum balance to open.
Money market accounts are interest-bearing accounts that typically pay a higher interest rate than savings accounts. Because they also allow account holders to write checks, money market accounts are able to offer the account holder the benefits they would receive from both savings and checking accounts.
Opening a Blue Sky Bank Money Market Account
Certificates of deposit, or CDs, are federally insured savings accounts with fixed interest rates and a fixed date of withdrawal. CDs are different from traditional savings accounts in one key area: savings accounts let you deposit and withdraw funds relatively freely. However, with a CD, you agree to leave your money in the bank for a set amount of time. During this time, you can’t access the funds without paying a penalty. The longer you commit to keeping your money in that account without touching it, the higher the interest rate you’ll earn.
CDs are best for account holders who are certain that they won’t need to withdraw those funds for the duration of the term length.
Opening a CD (Certificates of Deposit) at Blue Sky Bank
Rates and terms of your CD account will vary depending on the amount of your deposit and the term length of your account.
Talk to a New Accounts Representative today to open a CD account:
IRAs are accounts that allow account holders to save for retirement. They allow you to invest your money in stocks, bonds, mutual funds, and other products. Because IRAs differ on how and when your money is taxed, you can save thousands of dollars in tax benefits over the account’s lifespan.
Traditional IRAs: These accounts have an upfront tax deduction. Contributions made to traditional IRAs are tax-deductible in the year they are made.
Roth IRAs: Withdrawals from Roth IRAs in retirement are not taxed. These accounts have fewer restrictions for retirees, and make it easier to pass funds to your family members.
Blue Sky Bank offers both Traditional IRAs and Roth IRAs. We place all of our IRA accounts into CDs (Certificates of Deposit) to maximize growth with FDIC insurance.
Whether you are making a normal yearly contribution, a transfer, or rollover, Blue Sky Bank has custom solutions to fit your IRA needs.
Contact us to learn more about Blue Sky Bank’s savings products and services and start investing your money today.