The holiday season brings lots of festive joy. It can also bring lots of frustration when your available funds don’t match your desire to give. It’s never too late to plan ahead with a holiday savings account. In Overland Park, contact us at Cornerstone Bank to be your ho-ho-home for seasonal saving.
Savings Accounts to Save Santa
If your inner Santa is looking fiscally lean, a savings account can build up the funds to bestow the fun on that special morning.
Cornerstone Bank has a personal savings account you can use to start building your yuletide nest egg. To build the most for the following holiday, you’ll want to pick a savings account that earns interest.
Related: find out how a home equity loan works for the holidays
Savings Accounts Which Earn the Most
For your interest-earning holiday savings account in Overland Park, you might choose these high-yield options:
Certificate of Deposit (CD)
A CD account allows you to deposit money safely and earn interest that’s higher than a more basic savings account. The caveat? You’ll need to leave the money alone in the account for specified amounts of time, or you’ll incur early withdrawal penalties.
You’ll need $1,000 to open a CD. Interest is compounded daily and credited quarterly, which you can add back into the CD to start earning interest on those earnings along with your personally deposited amounts.
Personal Money Market Accounts
With this account you can earn an elevated interest rate on deposits without worry about length of terms. A money market account works as a variable rate account, so the interest rate and annual percentage yields are subject to change at any time.
Interest accrues daily and is credited monthly. The interest rate isn’t as high as a CD, but is higher than a regular personal savings account.
NOW Checking Account (Split Rate)
Here’s a nice surprise: you can earn interest in a checking account! The Cornerstone Bank NOW Checking account pays elevated interest rates on your balance up to $25,000. Anything over $25,000 and the $25,000 gets a higher rate, and the overage gets current money market rates.
Please keep in mind there are other details that could impact the growth in these accounts, including possible minimum daily balances, service fees, and more—so please don’t hesitate to contact us for more information. We’ll help you discover the best personal banking solution for your goals!
The Key to Success: Keep It Separate
For a holiday savings account in Overland Park, each option outlined above allows you to save money outside of your regular checking and/or savings account. Why would you want it separate?
Because out of sight is out of mind.
This account should live outside of the ones where you pay all your bills. It should be ignored, except for deposits, until you’re ready to use it for the holidays. Only then should you access it and use those funds for holiday cheer!
It’s a gift to yourself, too, because you’ll thank yourself for putting in the effort to keep it safe.
Use Your Direct Deposit for Your Holiday Savings Account in Overland Park
We can’t recommend this enough! First, this special holiday savings account exists outside of your most commonly accessed accounts. You won’t really notice it (except when you get electronic statements show ho-ho-how it’s growing).
Then, when you use direct deposit through your paycheck service, you can allocate a certain amount to go into your holiday savings account. Again, this is a “out of sight/out of mind” strategy because you don’t have to take it out of your main checking or savings account.
It’s done automatically, effortlessly, and continuously. You can build a lot of cheer in a year when you direct deposit for your holiday future.
Related: what home equity is & how you might borrow from it
For the Holidays or Any Day
Our team loves helping customers save for the holidays, for rainy days, and for future days ahead. Cornerstone Bank can help you plan for your goals. Contact us, and use our loan tool to investigate possibilities. Check out our rates right now, and see how you want to grow.
Cornerstone Bank has helped the Kansas City area grow since 2001. We’re the community bank you’ll come to know and trust for your personal banking and business banking needs. We’re not the typical bank on every corner. We’re your Cornerstone Bank.