Studies show that 25 percent of Americans have nothing saved for unexpected expenses, and 58 percent of adults have less than $1,000 in total available savings. Greater Nevada Credit Union (GNCU) continues to fulfill its passion to help more people live greater by launching the I Can Save account, designed to establish and build emergency savings.
“This is more than a savings account,” said GNCU Vice President of Member Service Tom Wambaugh. “I Can Save is a simple, yet effective way to establish consistent habits that lead toward greater financial wellbeing. That includes incentives to build an emergency fund and only use it if absolutely necessary.”
According to Wambaugh, the process entails opening an I Can Save account, which requires no minimum deposit; making a deposit up to $200 into the account each month, again no minimum required; and earning a generous interest rate on balances up to $1,000, then the standard interest rate on balances beyond that. To ensure the account is used for needs and not wants, funds can only be withdrawn by closing out the account and there is a two-year waiting period to open another I Can Save account.
“The process, though simple, can have a meaningful impact on someone’s financial health,” said Wambaugh. “Regularly saving money is a habit that can lead to reducing debt and financial stress, improving your credit score, and even building long term wealth by simply feeling more knowledgeable and confident about your household budget.”
GNCU offers other resources to help more people live greater, including an online financial education center with fast, interactive modules anyone can master. Complimentary consultations are also available with a variety of experts. To learn more, visit gncu.org.
https://www.cnbc.com/2018/07/
