Earlier this year, a Bankrate survey reported that only about 40% of Americans have enough savings to cover an unexpected $1,000 expense – a percentage that has been consistent for the last five years.
It should go without saying, but a savings account – especially one for emergencies – is a critical asset that every American should have at their disposal. And here at NobleBank, we offer a suite of products for both short and long term savings to fit virtually any budget. If you’re lacking a savings account or looking for some different ways to save, read below to learn more about our savings options.
Personal Savings Accounts
Traditional savings accounts are the simplest and most common saving instruments available. Aside from providing a safe and secure place for your money, the funds stored in a NobleBank savings account will earn interest over time. Of course, everyone’s budget and income are a little different. That’s why we offer we offer a variety of savings account options.
The Noble Savings Account is our basic savings options – and one of our most popular! This account requires no minimum balance and earns different levels of interest based on the account balance:
- 0.50% APY* on balances up to $15,000
- 0.50% to 0.25% APY on balances over $15,000 depending on the balance in account*
- 0.10% APY* if qualifications are not met on Noble Interest
Noble Savings also features free online, mobile, and telephone banking, as well as three free withdrawal or transfers per month.
Premium Savings Account
Our Premium Savings is a solid, interest-bearing account that lets you earn 0.05% APY on any balance in the account. While this option includes a $6 monthly fee, we’ll waive it if you maintain a $100 daily balance. Additionally, you need a $100 minimum deposit to open the account.
Interest is paid on the entire daily balance. Earnings are compounded daily and credited to your account on a monthly basis.
Premier Money Market Account
The Premier Money Market Account is a high yield account that pays bigger returns on bigger balances. This specialized savings option features a competitive, tiered system of rates that grow with your balance:
- 0.05% APY on balances from $0 to $14,999.99
- 0.10% APY on balances from $15,000 to $49,999.99
- 0.15% APY on balances from $50,000 to $99,999.99
- 0.20% APY on balances of $100,000 and over
This account requires a $1,500 minimum deposit to open. Some additional perks include:
- Free online, mobile, and phone banking
- No fees on non-NobleBank ATMs
- Unlimited in-person withdrawals
- $8 monthly fee waived with $1,500 daily balance.
Youth Savings Account
Our Youth Savings Account is specially designed for kids 18 and younger. It’s a great option to help your child save money while learning financial responsibility. Like all our other accounts, this account earns interest on the balance, which is credited monthly. The interest rate for the Youth Savings is 0.05% APY on any balance in the account.
There is no monthly service fee for this account, but it does require a $50 minimum deposit to open.
Long Term Savings
At NobleBank, we also offer long term savings products that help you save for retirement, college, or any other financial goals you may have down the road.
Individual Retirement Accounts, or IRAs, are savings accounts with tax benefits where you can store investments, such as stocks, bonds, or mutual funds. You choose where the money in the account will be invested, and returns are based on the performance of the investments themselves. These accounts are a common option for retirement savings, and—depending on how you choose to invest—can be a very secure way to build money over the years.
IRAs are regulated by the Internal Revenue Services (IRS), who set the rules on eligibility, contributions, and distributions. They also determine the tax treatment for different IRA accounts. To date, there are two types of IRA accounts: Traditional IRAs and Roth IRAs.
Traditional IRA contributions are tax deductible on both state and federal tax returns for the year you make the contribution, while retirement withdrawals are taxed at ordinary income tax rates.
Roth IRAs, on the other hand, provide no tax break for contributions, but earnings and withdrawals are generally tax-free.
NobleBank offers both Traditional and Roth IRAs to our customers. These products are federally insured and earn competitive dividends that are higher than regular savings. For more information on the difference between Roth and Traditional IRAs, just follow this link.
CD is short for Certificate of Deposits. Unlike IRAs, CDs can be jointly owned and don’t offer the same tax or investment benefits. These products are more like a regular savings account, except they earn a higher rate of interest, and you can’t access the funds until they have “matured” over a determined period of time (often between 1 month to 5 years, or longer), and which point you receive the accrued interest plus the principle.
CDs are a great option if you’re looking to save towards a particular goal, such as college or a nest egg for a future venture.
If you’d like to learn more about the savings options detailed in this blog, give NobleBank a call today. Our expert team will happily consult with you about the best savings options for your life.
*APY=Annual Percentage Yield. APYs accurate as of 01/01/2020. Rates may change after account is opened. Minimum to open is $25 for Noble Interest and $0 for Noble Savings. For Noble Interest, if qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during monthly qualification cycle will be reimbursed and credited to account on the last day of monthly statement cycle; (2) balances up to $15,000 receive APY of 2.01%; and (3) balances over $15,000 earn 0.10% APY on the portion of the balance over $15,000, resulting in 2.00% – 0.10% APY depending on the balance. If qualifications are not met on Noble Interest all balances earn 0.10% APY. Qualifying transactions must post and settle to Noble Interest account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle account. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. The advertised Noble Interest APY is based on compounding interest. Interest earned in Noble Interest is automatically transferred to Noble Savings each statement cycle and does not compound. Actual interest amount paid may be less than advertised Noble Interest APY. The Noble Interest APYs may be less than Noble Interest APYs. If qualifications in Noble Interest are met each monthly qualification cycle: (1) balances up to $15,000 in Noble Savings receive an APY of 0.50%; and (2) balances over $15,000 in Noble Savings earn 0.25% APY on portion of balance over $15,000, resulting in 0.50% – 0.25% APY depending on the balance. If qualifications are not met on Noble Interest, all balances in Noble Savings earn 0.10% APY. ATM-processed transactions and transfers between accounts do not count as qualifying transactions. ATM receipt may be required for reimbursement of an individual ATM fee of $5.00 or higher. Consumers Only.