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The economy is volatile - where can you safely save your money?

How to safely save your money
Posted at 1:54 PM, Jul 27, 2022
and last updated 2022-07-27 15:54:31-04

With the economy being so volatile, many Americans are wondering where they can safely save.

We got some advice from Jeremy Blair, Vice President of Finance at Mountain America Credit Union.

He said you may want to consider a certificate. Blair explained that a certificate is similar to a certificate of deposit (CD).

It enables members to set aside funds for a set term—between 6 and 60 months—and in return receive a higher dividend rate than traditional online savings accounts offer.

Certificates are insured up to at least $250,000 by the National Credit Union Association (NCUA).

Certificates are a simple way to boost savings and prepare for your financial future.

Certificates can be opened here. They can also be opened at any of Mountain America's 101 branches or through the Mountain America mobile app.

Blair says rising interest rates presented Mountain America with an opportunity to give back to members through better dividends on certificates.

These certificates offer members a safe place to put their money, especially in the current market.

It is a 36-month certificate with a 2.65% annual percentage yield (APY), based on a 2.62% dividend rate.

There is a $500 minimum balance required to open and maintain standard, IRA and Roth IRA certificates, with no maximum amount.

There is a $5 minimum balance required to open and maintain Growth and Youth certificates. Growth and Youth certificates are each limited to $100,000 on deposit in any one, or combination of, Growth or Youth certificate accounts per primary account holder, respectively.

Standard limits apply and can be found here.

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