Establishing a savings account may seem impossible when you are starting from zero. Let us help you along your savings journey with small, manageable steps that can help you grow over time.

Start Where You Are

To establish how much you can save, start by creating a realistic budget. You can use the budget calculator on our Financial Literacy page to track your income and expenses and identify areas where you can cut back and save.

Create an Emergency Fund

Ideally, an emergency fund should have three to six months' worth of living expenses. Keeping this fund separate from other accounts allows you to have a financial safety net in the event of job loss, injury, or other life event.

Automate Your Savings

An easy way to save is by using accounts like the Tyndall First Spend and Save account that round up each purchase and automatically moves the change into your savings account.  Even these small deposits build over time.  If you do not have automatic round-up savings you can set up automatic transfers from your checking account to your savings account on a schedule that works for you.

Take Advantage of High-Yield Savings Accounts

High-yield savings accounts offer better interest rates than traditional savings accounts. For instance a Money Market Account can earn more while you are continuing to contribute and save without additional investment risk.

Deposit Funds in a Certificate Account

Funds placed in a Certificate Account earn a fixed-rate dividend for a fixed period of time. Your funds remain in the account for that set time period and are not accessible without penalty. Because these funds are "locked," you generally earn a higher rate on the account than you do on a Regular Share or Money Market. Unlike investments in the stock market, your funds are not at risk.

Employer-Sponsored Retirement Plans

If your employer offers a 401(k) or similar retirement plan, contribute enough to take full advantage of any matching contributions. This is essentially free money and a valuable step toward long-term financial security.

Diversify and Consult a Professional

Regardless of the investment types you choose, diversification can reduce risks and enhances potential returns. When you are ready to move beyond Money Market accounts, Certificates, Employer Contributions, and manual savings, consult a professional to help guide you

Remember that small steps today can help build a financially secure future. Stay consistent, be patient, and watch your savings transform into substantial investments.

Open a New Savings Account