Have you checked the stock market lately? To say it’s been volatile is an understatement. In today’s uncertain economic environment, you may be looking for a secure place to put your money that still gives you access and offers a steady return. Whether you’re just starting or looking to optimize your financial future, opening a savings account, checking account, or certificate offers a range of benefits. Each of the three places to park your money in uncertain times serves a unique purpose and can play a critical role in helping you build a strong and secure financial foundation. Here’s why now is the right time to get started or add an account to help you achieve financial well-being
1. A savings account helps you build financial security.
A savings account is one of the simplest ways to begin saving money for the future. It provides a safe place to store funds while earning a yield over time. By opening or contributing more to your savings account now, you’re not only building your financial safety net—you’re doing it in an environment designed to benefit your bottom line. With our Online Savings account, you’ll earn 3.00% APY* with Direct Deposit (2.00% APY without it) – that’s more than 8x the national average!** And a nice hedge against inflation. There is no minimum deposit and no maintenance fees. Plus, you have 24/7 online access to your money – you can withdraw funds anytime.† As with all our accounts, your funds are federally insured by the National Credit Union Administration (NCUA) up to $250,000. Our Online Savings account is a great way to build an emergency fund, save for short-term goals, or create a buffer for unexpected expenses.
2. A checking account offers convenience and flexibility.
A checking account is the backbone of day-to-day financial management. It lets you deposit your paycheck, pay bills, make purchases, and easily transfer funds. Features like mobile check deposit, direct deposit, bill pay, and debit card access make it easy to stay on top of your finances. Opening a checking account now can streamline your spending, reduce the need for cash, and help you manage your budget more effectively. Our High Yield Checking account offers an impressive yield and convenience. You can earn 5.00% APY†† on balances up to $5,000 with qualifying activities. Add Direct Deposit and meet certain activity requirements, and you’ll get $10 per month in ATM surcharge rebates, a rate discount on eligible loans, and a higher yield on eligible Certificates. There’s no minimum balance requirement, unlimited check writing, and your first box of logo-style checks is free. It’s convenience, earnings, and safety all in one account.
3. Certificates offer stability and high yields.
A certificate is a smart option if you’re looking for a safe way to earn a higher return on your money. Certificates typically offer higher interest rates than regular savings accounts in exchange for keeping your money locked in for a fixed term—anywhere from a few months to several years. Certificates are also NCUA-insured up to allowable limits, which makes them a low-risk investment for conservative savers. Whether you’re saving for a car in 12 months or planning for retirement in five years, a certificate offers guaranteed growth without the stock market’s volatility. We offer multiple certificates of varying terms. Here are two we think you’ll like, whether you’re interested in short-term or long-term gains. Our Limited Time 4-Month Certificate earns 4.00% APY‡. There’s no minimum balance to open the account. Check out our Certificate Earnings Calculator to see how much you can earn based on your deposit. To earn more and have the ability to withdraw money, check out our No Penalty Certificate. It’s a 9-month term and you’ll earn 4.25% APY‡‡. Here’s what makes the No Penalty Certificate special: you can withdraw money penalty-free once per calendar month after the first 30 days of funding your Certificate so long as you maintain a $1,000 minimum balance. If an unexpected expense comes your way, you can tap into this Certificate without paying a penalty, and you’ll continue to earn on the money remaining in your Certificate. You get great earnings and flexibility. It’s flexibility and high earnings in one Certificate.
Final thoughts.
Economic conditions can change quickly, and so can interest rates. By opening a savings account, checking account, or certificate today, you can secure current rates and benefits before they shift. Additionally, starting now allows you to build better money habits and plan for big expenses. Whether your goal is to save more, spend smarter, or invest wisely, taking action today puts you on the path to financial wellness.
*APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month.
Rate bonus is for a minimum of $1,000 monthly ACH Direct Deposit or Agent Net Check into a Farmers Insurance Federal Credit Union Checking Account. Rates are subject to change at anytime.
**The national average for this type of account is 0.42% APY, based on rates published in the FDIC Monthly National Rates and Rate Caps accurate as of 01/21/2025.
†No branch or call center access with this account.
††An initial deposit of $20 is required to open any Checking Account. High Yield Checking is an interest earning checking account eligible for up to 5.00% APY interest on the average daily balance in the checking account up to $5,000 (five thousand dollars) and 0.20% APY on balances over $5,000. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. High Yield Checking will earn up to 5.00% APY interest and is eligible for up to $10 (ten dollars) in ATM surcharge rebates per statement cycle subject to the following: 1) $1,000 (one thousand dollars) monthly minimum direct deposit, 2) eStatements, and 3) 10 Debit Card Point of Sale (PIN and Signature based) posted transactions using the Farmers Insurance Federal Credit Union Debit Card. Posted transactions count toward monthly minimums. Interest earned will be credited to the account at the end of the statement period. Additional restrictions apply: I must be a Member in good standing with a valid email address on file with the Credit Union. Qualifying transactions must post and clear the account during the monthly qualification cycle. Should the account not qualify for ATM surcharge rebates and/or the 5.00% APY interest, and for balances in excess of $5000, the account will earn 0.20% APY (twenty basis points) on the checking account balance. Transactions may take one or more business days from the transaction date to post to the account. At the time of the statement cycle date you will verify the combined products and services used since the previous cycle date to determine the qualification for the 5.00% interest and the eligibility for the ATM surcharge rebate. In the event that my monthly $1,000 ACH direct deposit credit does not come in for a 60 day period, the loan discount and the rate bump-up on the certificate will also be discontinued. Current interest rates and the annual percentage yield may be found at the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned, ATM surcharge rebate amounts and qualifying dollar amounts for interest earned are subject to change at any time. APYs, ATM surcharge rebate amounts and eligibility criteria are subject to change at any time. Fees may reduce earnings. Accounts with one calendar month of no activity will be assessed an inactivity fee of $5.
Rate bonus is for a minimum of $1,000 monthly ACH Direct Deposit into a Farmers Insurance Federal Credit Union Checking Account. Rates are subject to change at any time.
‡Limited Time Offer 4-Month Certificate: Rates are subject to change without notice. This is a promotional rate of 4.00% APY. Bonus Rate may not be combined with any other rate increase/bonus. Annual Percentage Yield (APY) is calculated on a 3.93% base rate, no minimum balance, regular share certificate requirement on a 365 day basis. IRA share certificates do not qualify for this promotion. Deposit must be new funds to the Credit Union and may not be transferred or withdrawn and deposited back into the Credit Union from any existing Credit Union account. No additional deposits accepted (other than dividends) during certificate term. There is a substantial penalty for early withdrawal of certificate funds. Fees and other conditions may reduce earnings. The 4-Month promotional certificate will automatically roll over to a regular 3-Month term certificate at maturity. Federal regulations require dividends be paid from available earnings; dividends are contingent upon this regulation. Refer to our TISA Disclosure for terms and conditions. *APY = Annual Percentage Yield. This Promotional Rate is effective March 26, 2025 until further notice. Yields/rates are subject to change at any time. Fees could reduce the earnings on an account.
‡‡Limited Time Offer No Penalty 9-Month Certificate Account / Yields are subject to change without notice. This is a promotional yield of 4.25% APY. Bonus Dividend may not be combined with any other dividend increase/bonus. Annual Percentage Yield (APY) is calculated on a 4.17% base rate, $1,000.00 minimum balance, regular share certificate requirement on a 365 day basis. IRA share certificates do not qualify for this promotion. Deposit must be new funds to the Credit Union and may not be transferred or withdrawn and deposited back into the Credit Union from any existing Credit Union account. No additional deposits accepted (other than dividends) during certificate term. Normal substantial penalty for early withdrawal of certificate funds will be waived as follows: 1) No withdrawals within the first 30 days of setting up the certificate 2) One withdrawal allowed per calendar month after the initial 30 days no withdrawal. Fees and other conditions may reduce earnings. The 9-Month promotional No Penalty Certificate will automatically roll over to a 9-Month Certificate at maturity. Federal regulations require dividends be paid from available earnings; dividends are contingent upon this regulation. Refer to our TISA Disclosure for terms and conditions. *APY = Annual Percentage Yield. Rates and terms are subject to change at any time. Fees could reduce the earnings on an account. No Additional deposits are allowed. No withdrawals prior to maturity date subject to terms; penalties will be waived after the first 30 days.
