Nest egg. Rainy day fund. Sock drawer. Whatever you call it, we all know that having money set aside for unexpected expenses or major purchases is an important part of financial well-being. But with rising inflation and skyrocketing interest rates, building substantial savings isn’t as easy as it sounds. Especially when most banks only offer their best return rates on savings accounts with massive minimum balances, usually $10,000 or more. So, Vantage West decided to change that and provide our most competitive rates to Members who are just starting to build their savings.
Launch Money Market is a different kind of savings account designed to help Members who are new to saving get more bang for their buck. Keep reading to learn how Vantage West can help fuel your savings journey.
Savings 101
Let’s talk about what happens to your money once it lands in a typical savings account. Spoiler: it doesn’t get locked away in the bank vault. Instead, your bank will use the money in your account to help issue loans to other people and businesses so that they can pay for big expenses like houses, cars, and business operations. Those borrowers pay the bank interest to borrow the money, and then the bank pays you interest on your savings and keeps the difference.
Most traditional savings accounts offer minuscule returns and some banks even charge a monthly service fee on their accounts. If that’s the case then there’s a good chance you are currently paying your bank to “use” your money. When you do the math, this type of traditional savings account isn’t a great way to compound your best interest. But there’s a better way to save.
A New Way To Save
The Launch Money Market savings account is built differently. It’s what is more commonly known as a reverse tier money market account. This is just a complicated way to say that you earn larger returns on smaller amounts and smaller returns on larger amounts. Sure, it might be a little counterintuitive, but you don’t have to be a rocket scientist to utilize this new savings tool. Launch Money Market is designed to help boost your savings balance, so you can take your money further, faster.
Initiate Launch
Vantage West will continue to utilize your deposits to fund loans and support your local community. But instead of earning pennies in interest, you’ll receive a bigger piece of the pie. Opening a Launch Money Market account is easy and with as little as $100 you can jumpstart your savings journey with 5.00% APY on the first $1,000 you save.
Ready for liftoff?
