Everyone wants to save money and earn high interest. For a lot of Americans, a diversified portfolio is the secret to making money on your savings while minimizing risk. A key component of any diversified portfolio is a savings product that offers a risk-free return that gives savers peace of mind and an opportunity to make some cash along the way.
If you live in Harlem or the Bronx, there is a local community bank that offers a variety of savings products that will help you protect your hard-earned money. Spring Bank offers a number of savings products with variable returns.
Here are five products that Spring Bank offers to help their customers save.
The 15-Month CD
One of the most popular ways to save with no risk is through a certificate of deposit. Spring Bank is currently offering a promotional 0.90% APY on its 15-month CD. The CD requires an initial $250 deposit which must be left untouched for the 15-month term, at which point the saver will receive the principal and interest paid in full.
Spring Bank offers a number of CDs with different term lengths, from as short as 90 days to as long as five years—and the longer you keep your money with Spring Bank, the more return you’ll get in exchange.
High-Interest Checking and No-Minimum Savings
The Club Account
Spring Bank has an interesting product that helps people make a savings plan and stick to it. Their Club Account is a mix between a savings account and a CD. With a Club Account, you can set a monthly amount to automatically save and can voluntarily set a time to hold your money for, without a limit on the frequency or amount of contributions that come with a CD. This is a good alternative for people who have a set savings goal, such as budgeting for a holiday or vacation, and know how much they want to save every month.
Youth Statement Savings
Kids also have options at Spring Bank. The Youth Statement Savings account requires no minimum deposit to open and there’s no monthly minimum balance, but kids aged 18 or younger can enjoy rates just as high as those offered to adults.
Spring Bank offers a wide variety of beneficial savings products that help their members reach their financial goals. Visit a branch today or the bank’s website to get started.