Three ways to create a disciplined savings strategy
Speak with your advisor for more information.
How do you create a savings strategy for the years ahead? Your savings can do a lot more for you than just protect you from the unexpected. It can help you feel more secure about retirement, purchase a second home or even fund the trip of a lifetime.
1) Be strategic Focus on being strategic and creative with your money—and making sure your cash is earning the most it can—with the right combination of accounts, including:
Certificates of deposit (CDs)
For instance, compare a scenario with actual money market accounts at two different banks and how they affect the interest earned with a $25,000 opening deposit. One bank offers 0.06% APY, and the other 0.70% APY.*
*Source for 0.70% APY: TIAA Direct(r) Website. The Annual Percentage Yield (APY) for the Money Market account depends on the balance in the account. Effective as of 12/01/2016, APYs are as follows: For balances from $0 to $2,499.99, the APY is 0.60%; for balances of $2,500 to $24,999.99, the APY is 0.60%; for balances from $25,000 to $49,999.99, the APY is 0.70%; for balances from $50,000 to $99,999.99, the APY is 0.75%; for balances $100,000 and above, the APY is 0.90%. All rates are variable and subject to change without notice before or after the account is opened. Interest is compounded daily, based on the rate in effect at the end of the day. The minimum opening deposit for a Money Market account is $2,500, which must be made within 60 days of account opening or the account may be closed. Fees could reduce earnings on the account.
The TIAA group of companies does not provide legal or tax advice. Please consult your legal or tax advisor.
Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
Although Money Market funds generally seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a Money Market fund.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or log on to TIAA.org for underlying product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.
Past performance does not guarantee future results.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members
FINRA and SIPC, distribute securities products. Advisory services provided by Advice & Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser.
The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons.
TIAA Direct® is a division of TIAA-CREF Trust Company, FSB. Member FDIC. Equal Housing Lender