Savings accounts don’t get much more basic than this. But, just because it’s basic doesn’t mean it’s not important, and that’s why every Alabama ONE member has a membership savings account. That’s how serious we are about helping you save.
The magical thing about having savings is not only does it give you some breathing room financially, but you can also use your savings to earn more money. And a Money Market account is where that happens. You earn a higher rate than with a basic savings account, but you still — and this is key — have easy access to your funds when you need them.
A Saver’s Club account is an easy way to save. This account is a separate savings account that allows you to save for your special expenses by making deposits by payroll deduction, in person at any teller window or by automatic transfer. The balance of your account will be transferred to your Prime Share or any designated account at the time you specify each year; just in time for a major project you have been wanting to work, remodel, or just have as a savings goal for yourself.
Yes, Christmas Club accounts are still a thing. Why? Because they work. Even if you’re just able to put $10 or $20 a month into your account, you’ll have a nice little bonus you can use at the end of the year to help make the season bright.
And we make it super easy to get money in your account each month: We can deduct a set amount from your payroll direct deposit each pay period, you can make deposits in person or you can transfer funds from your checking account with the mobile app or online banking.
Understanding money at a young age can help build good money habits and hopefully pave the way for smart money management in the future. And that’s the whole idea behind our Little ONE Savings account. It’s a great way for kids 12 and under to learn about money and saving through hands-on, engaging activities.
In addition to paying the monthly bills and setting aside some cash for emergencies, you probably have some personal financial goals in mind. Maybe you want to travel, have the wedding of your dreams or save for a down payment on a house. Whatever it is you want to do, having a dedicated special savings account is a great way to sock money away as you work toward your goal.