How Military Families can Grow their Savings

Embarking on the adventure of parenthood is both thrilling and daunting, especially when it comes to managing your family’s finances. Being a military bank, we at Armed Forces Bank understand the unique needs of military families and offer a range of saving solutions designed to ease the journey.  Let’s dive into how you can take advantage of Armed Forces Bank’s products and plan for your growing family’s future.

Saving Cents Advantage

The Saving Cents¹ program is a simple and easy tool designed to help you save money effortlessly by rounding up your debit card purchases and transferring the difference into your savings account.^* Customize the pace of your savings growth by choosing to round up in increments ranging from $1 to $5. Every night, your trusted military bank will transfer the extra change from your checking account^* to your savings. This means you can gradually grow funds without altering your spending habits. You can also track how much you have saved by checking your monthly bank statement. Every cent counts, and with the Saving Cents program, you can watch your savings grow steadily over time.

Savings Accounts: Your Financial Safety Net

A savings account^* serves as a secure location for your family’s financial resources. It offers a convenient way to set aside money for unexpected expenses, future goals, or family emergencies. Our savings accounts offer competitive rates and easy access through the mobile app.² They also provide the flexibility and peace of mind essential for growing families.

Certificates of Deposit (CDs)

For families with long-term financial goals, Certificates of Deposit³ (CDs) offer a strategic savings option. By depositing funds into a CD for a fixed period, you lock in a favorable interest rate, shielding your savings from market changes. Want to estimate how quickly your money will grow? Plan ahead with our Certificates of Deposit calculator. This can help you decide how much money you want to invest and how long you want the term to last. Armed Forces Bank’s CDs cater to various term lengths, allowing you to tailor an investment strategy that aligns with your family’s aspirations and timelines.

Want to brush up on the basics of Certificates of Deposit? Learn how they work and why you should open a CD.

Financial Calculators: From Rainy Days to Mortgages

Armed Forces Bank wants to help families stay on track with their financial goals, so we created a wide range of financial calculators to help. It’s impossible to predict when a “rainy day” will impact your finances, but it is possible to stay prepared with resources like emergency savings calculators. These help families assess their current financial situation and determine an appropriate savings target for emergencies. Additionally, our mortgage calculators empower families to explore home financing options and estimate their mortgage payoffs based on variables like loan amounts, interest rates, and terms. These tools enable families to make informed decisions about homeownership and plan their budgets accordingly. With Armed Forces Bank’s financial calculators, we can provide military families with the insight and guidance needed to make key financial decisions and achieve their long-term goals.

Military Families are Saving at Armed Forces Bank

As your family grows, so do your responsibilities and aspirations. At Armed Forces Bank, we understand the unique challenges military families face and provide the tools necessary to navigate life transitions with confidence. By leveraging the Saving Cents¹ program, utilizing a savings account,^* opening Certificates of Deposit,³ and using resources like financial calculators, you can lay a solid financial foundation for your growing family. Whether you’re saving for your child’s education or planning for daycare, we are committed to supporting you every step of the way. Begin your journey towards financial security today with Armed Forces Bank’s comprehensive saving solutions. Your family’s future deserves nothing less than the best!

Does your family have a variety of financial goals? One solution might not cut it. Dive into our blog, Master Your Money With Multiple Bank Accounts, and discover how having diverse accounts can propel you toward those milestones.

 

 

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^*Opening deposit required. Monthly service charge applies. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

¹Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.

²Message and data rates charged by your mobile phone carrier may apply.

³$500 minimum opening deposit. A penalty may be imposed for early withdrawal. Fees charged to the account could reduce earnings on the account.