How to Capitalize on Great Rates & Increase Your Savings

In a picture-perfect world, let’s say that you have done everything the financial experts recommend — you regularly add to your 401(k), pay off debt, and have three to six months in emergency funds. Congratulations! But where do you go from here? One easy option is to put your additional funds into a Certificate of Deposit (CD).

Before selecting a financial institution to invest your savings, compare the Annual Percentage Yield (APY), especially for CDs. Pay close attention to limited-time offers and lock in top rates. In some instances, you could earn over double the savings.

While CDs are a great, low-risk vehicle to build toward long-term plans, like retirement or purchasing a home, they also can be used to grow businesses. As a small business owner, you can utilize CDs to invest toward big goals, like replacing equipment or acquiring a new office. You work hard for your money, and with the right CD rate and term, all you would have to do is sit back as your money does the work for you.

Although CDs come with a laundry list of perks, like fixed and predictable returns, it is worth mentioning that a customer cannot make a withdrawal before the end of the term. For business owners looking for a more accessible account while still earning great rates and interest, a business savings account is a logical and safe first step. The Stearns Bank BusinessSmart Market Savings Account, for example, allows business owners to capitalize on great rates while maintaining constant access to funds.

As a business owner, you don’t need another reminder about the importance of being prepared for everything from crises to opportunities. The Stearns Bank BusinessSmart Marketing Savings Account empowers you to do more with all the features you want while earning the strong interest rates you deserve. It’s a safe, reliable interest-earning cash flow tool built to help you prepare for tomorrow.

If you plan to open a business savings account, you most likely will need an account for checking too. Instead of sorting through a long list of choices that overwhelm your decision, it’s best to streamline all your accounts through one financial institution. The Stearns Bank BusinessSmart Checking Account allows you to keep all your business banking connected. Not to mention, it comes with some of the best features in the industry, like no minimum balance, no opening balance requirements, and no hidden fees – along with a whole host of digital banking services, including mobile deposit and wire transfers, and invoicing through Autobooks.

Whether you want to grow your personal savings or build a business, you shouldn’t have to sacrifice great service for strong interest rates. Ultimately, the best way to maximize your savings is to partner with a financial institution that commits to helping you do more with your money.