Saving money is always a good idea, whether it’s stashing cash in your sock drawer or parking funds in long-term investments. But with so many options to choose from, sometimes it’s difficult to decide which savings vehicle will deliver the optimal payoff for your needs.
Money market and investor accounts may offer higher returns but often come with strings attached, like large opening balance requirements and withdrawal limits.
Similarly, certificates offer high returns, but you often have to lock up your money for a specified amount of time.
And your sock drawer dividends are holding steady at 0% APY.
Enter SELCO’s revamped Cultivate High-Yield Savings. Unlike some of the aforementioned savings options, with Cultivate you don’t need a lot of money to get a great rate. You truly can make every dollar count with these rate tiers:
- If your balance is under $1,000: You’ll earn our highest available savings rate of 5.00% APY while you grow your money.
- If your balance is between $1,000-$49,999: Your entire balance earns a competitive 3.25% APY. Plus, you’re eligible for an additional 0.50% APY by meeting a few simple requirements, including small deposits to Cultivate and a checking account each month. (You must maintain a balance of at least $1,000 to earn these bonus rates.)
Note: At this time, Business, estate, and community donation accounts are ineligible for Cultivate.
By comparison, the current national average APY for other popular savings accounts is considerably lower:
- Less than 1% for traditional savings and Money Markets
- Hovering around 2% for certificates
Not only will your money grow faster with Cultivate, but high-yield savings accounts are a safer option than stocks, bonds, ETFs, cryptocurrency, and other investments that fluctuate with the market. And just like your regular checking and savings accounts, the money you store in a Cultivate account is insured by the NCUA up to $250,000.
So, just how much can you expect to save with Cultivate? Let’s do the math.
With a starting balance of $1,000 and by fulfilling the requirements for the two 0.25% APY bonuses, you'll start earning 3.75% APY. With just a $100 auto deposit each month, you would have close to $5,000 in your account after three years, earning over $300 in dividends along the way.
That may not seem like much over 36 months, but keep in mind, all you had to do was sit back and watch your money grow. Bump that up to $200, even $300 per month, and your savings will continue to balloon.
Maximize your savings even more by attaching your Cultivate account to Link Digital Checking and enjoying a round-up savings perk and monthly round-up match. Every little bit counts when your dividends continue to compound. Chart your own goal with our handy savings calculator on the Cultivate High-Yield Savings Account page.
Whether you’re starting with a few bucks, rolling over a certificate, or need a place to park your tax refund, Cultivate High-Yield Savings is a great way to grow your savings.
