Earning interest and saving money is easier than you may think. Even if your military pay is from one spouse only, allocating consistent savings from each military paycheck of just $10 or $20 a month adds up over time. Learn about sweeps accounts, money market accounts, and certificates of deposit.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Military Banking

EARNING POWER
Earn Higher Interest on Your Military Money

Here's an interesting adage: interest works for you when you're earning it- and if you're not careful - it will work against you when you're paying it back. When it comes to interest, the rule is to earn high, and borrow low.

Earning interest and saving money is easier than you may think. Even if your military pay is from one spouse only, allocating consistent savings from each military paycheck of just $10 or $20 a month adds up over time. Creating automatic savings from your military paycheck is as easy as contacting your bank , getting your savings account and bank routing numbers, choosing the amount you want deducted from each military pay period, and clicking submit. Instant savings. Now it's up to you to make that money work hard with the highest interest rates possible. You deserve it.

Why not earn the highest interest rates possible on your military savings accounts? It's easy enough. There are bank products that pay you more interest, have no risk, and are readily available.

MONEY MARKET ACCOUNTS

Consider the value of money market accounts. The rate of interest is directly proportional to your deposited assets, making money markets more beneficial as your deposits grow.

The best money market accounts are tiered to pay you the highest potential interest on your balances, and offer flexibility and easy accessibility.

Money market accounts offer you many of the same benefits as certificates of deposit with the same instant access to your money as your checking account. When your military family needs cash on hand, money markets allow easy access, while offering higher interest rates for your deposited assets, often higher than savings or checking accounts. Look for high interest, low monthly maintenance and small minimum balances for your money market account.

Military personnel can open a money market account easily at most banks. Depositing money into your money market account is just like depositing cash to your savings or checking account. Some banks limit the number of checks that can be drawn against the money market account each month.

CERTIFICATES OF DEPOSIT

Extending for terms from 30 days to 5 years, Certificates of Deposit (CDs) offer higher interest rates on your saved money. CD interest rates and annual percentage yields will not change for the term of the CD account, which can be a secure feeling in a time when bank interest rates are falling. At a glance, CDs offer you:

  • Higher interest rates, which vary according to the term
  • Flexible options - receive a check by mail, automatic deposit into your checking or savings account or add it to the principal balance of your CD
  • Fees - take note that a penalty may be imposed for early withdrawals
  • Free Online Banking should allow you to view your CD account as it grows towards maturity

SWEEPS ACCOUNTS

Some types of account can turn your idle balances to hardworking capital, while you're fast asleep.

Have you heard the latest Sweeps information? A Sweeps Account actually lets you earn higher interest on your money while you sleep because Sweeps Accounts can pay higher interest rates overnight. A Sweeps Account invests your checking account balance overnight to earn that higher interest on your money.

Here's how a Sweeps Account works: the bank analyzes your accounts for your daily transaction volume, your peg balance needs and more. They'll invest the remaining balance overnight in a high-level investment fund or secure money market portfolio, offering you a flexible and secure investment while generating the best possible overnight returns.

Make sure your bank offers a Sweeps Account that is one of the highest-rated Sweep Investment Options, and administered through Federated Securities Corp.



RELATED ARTICLES:

Get answers to Your VA Loan Questions
Expert Answers are Ready:
Question Big

Does a VA home loan require an escrow account for taxes and insurance?

In doing my research comparing a VA loan versus a conventional loan, it appears that if you put 20% down on a conventional loan...

How do I restore my VA loan eligibility?

I used by VA home loan eligibility on a home purchase back in the 80's. I paid it off years ago. I want to purchase another home...

Can my military housing allowance be used to buy a home with a VA loan?

I am active duty military and government housing is not available at my base. Can a VA lender can count my BAH income...

more about VA LOANS



VA Loans for Veterans

Sponsor:

Complimentary VA loan pre-approvals will give you the comfort you need to shop for your home with confidence. VA refinance loans available.


VA Home Loans

About Military Hub
Privacy Policy
Contact / Advertise

Copyright © 2008 - 2017
Advertise Military, LLC
All Rights Reserved

Disclaimer: MilitaryHub.com and MilitaryRates.com are private websites that are not affiliated with the U.S. Department of Veteran Affairs, any U.S. government agencies, or any U.S. military branches. Our sites contain basic information about veteran benefits, pay tables, current events, and news for active duty military personnel, military veterans, and their families. You can find additional information on these topics at the official website for U.S. Department of Veteran Affairs.