Utah Saves Week is in full swing. This week is dedicated to educating Utahns on the savings and banking resources available to them. The focus of this year’s Utah Saves Week is building financial confidence.
Utah State Treasurer Marlo Oaks explains that building financial confidence comes in a number of ways, including saving automatically, paying down debt, saving for the unexpected, saving for a major milestone, and saving at any age. Cyprus Credit Union has to tools to help you build a healthy financial life by accomplishing each of these.
Save automatically with a Dream Certificate
Start small and save big with a Cyprus Dream Certificate. With the flexible terms and high yields of a traditional certificate, this account is a great way to save for a big purchase, vacation, or life event. Simply set up a monthly, automatic deposit of at least $10 from your Cyprus Dream Checking account at opening. Learn more about how our Dream Certificates can help you save more today.
Pay down debt with help from SavvyMoney
SavvyMoney is Cyprus Credit Union's free credit-tracking service and is available to all members with checking accounts. This tool provides 24/7 access to your TransUnion credit score and report, and alerts you to any changes made on them. With SavvyMoney, you can track debt more easily and understand how it affects your credit standing. Plus, it includes informative educational resources to help you on your financial journey.
Save for the unexpected with a Share Savings account
Most financial experts recommend having a minimum of six months’ worth of savings in your account. This can provide enough funds to live off of in case of job loss, an emergency, or any other of life’s curve balls. No matter how much you’re starting out with, our Share Savings account is the perfect home for your savings. This type of account is opened upon becoming a member of Cyprus Credit Union. Dividends are declared, paid, and compounded monthly. Your money is available to you at any time with no withdrawal penalties. A minimum deposit of $5 is required at opening.
Save for a major milestone with a variety of Cyprus savings products
Saving for something specific? Open a Special Share account to house money you’ve earmarked for a specific purpose. Save for a vacation, upcoming event, a down payment on a home, or anything else you can think of. Must have a preexisting Share Savings account to open. Call Cyprus at 801.260.7600 (option 4) or visit any Cyprus branch to open your Special Share account.
Other savings account options include money markets and certificates. Depending on your balance, a money market may offer higher dividends than a Share Savings account while offering the same high liquidity. This type of account is great for storing larger short-term or emergency savings.
For larger long-term savings, a certificate or Dream Certificate account offers high dividends and flexible terms with lower liquidity.
Save at any age
Savings doesn’t just start once you reach adulthood. Introduce your child to the financial world with a Dollar Dog youth account. This is the perfect way to teach kids aged 12 and under the value of saving money and the power of interest. For youth under 18 years old, our Teen Accounts offer a place to save for the future while practicing good money habits.
Looking ahead to retirement? Our individual retirement accounts (IRAs) are a powerful tool for your long-term savings plan, with both traditional and Roth options available. Learn more about our IRA accounts here.
Whether you have a long-established savings account or are just starting out, Cyprus has the savings resources you need for every stage of life. Learn more about our other great accounts and products at CyprusCU.com. You can also learn more about Utah Saves Week at UtahSaves.org. Utah Saves Week runs from February 27 until March 3, 2023.