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Secure Your Savings with O1ne Mortgage

If you’ve recently come into a substantial sum of money—whether through an inheritance, a work bonus, or you’re nearing retirement—finding a safe place to store your cash is crucial. At O1ne Mortgage, we understand the importance of protecting your funds while ensuring they work for you. For any mortgage-related needs, feel free to call us at 213-732-3074.

1. Savings Account

A savings account is a reliable option for safeguarding your money. Typically held at a bank or credit union, these accounts accrue interest and are protected by federal insurance up to $250,000. This insurance is provided by the Federal Deposit Insurance Corp. (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for credit union accounts. Always verify the insurance status of your financial institution before opening an account.

Savings accounts are ideal for keeping your emergency fund or short-term savings goals, such as a wedding, vacation, or home renovation, separate from your everyday spending cash. There are two main types of savings accounts:

• Traditional Savings Accounts: Offered by brick-and-mortar banks or credit unions, these accounts typically pay lower interest rates, sometimes as low as 0.01%.
• High-Yield Savings Accounts (HYSAs): These accounts offer significantly higher interest rates and are often available at online banks, which can afford to offer higher rates due to lower overhead costs. However, they may have more restrictions, such as higher minimum balance requirements or transaction limits.

Savings accounts are a great option for the following reasons:

• Liquidity: Unlike CDs and government bonds, you can usually withdraw your money from a savings account anytime, although some accounts may restrict the number of monthly withdrawals.
• Interest Rates: Many online banks offer high-yield savings accounts with interest rates at or above 4%, providing growth with minimal risk.
• Low or No Fees: Many financial institutions offer accounts with low or no monthly fees, ensuring your interest gains are not diminished.

2. CD Account

A Certificate of Deposit (CD) account is another low-risk financial product that pays a fixed interest rate for a specific term, such as six months or five years. In exchange for keeping your money in the account, the bank typically offers a higher interest rate than a standard savings account. However, withdrawing funds before the maturity date usually incurs penalties.

There are several types of CDs to consider:

• Bump-up CD: Allows you to increase your interest rate once per term if rates rise.
• Liquid CD: Also known as no-penalty CDs, these allow early withdrawals without penalties.
• Jumbo CD: Requires a higher minimum deposit, usually $100,000 or more, and offers higher interest rates.

3. U.S. Government-Backed Bonds, Bills, and Notes

The U.S. government offers three classes of fixed-income securities: Treasury bonds (T-bonds), Treasury bills (T-bills), and Treasury notes (T-notes). These investments are attractive for their safety, as they are backed by the U.S. government.

Here’s a brief overview:

• Treasury Bonds: Long-term investments with maturity periods of 20 or 30 years, paying interest every six months at a fixed rate.
• Treasury Bills: Short-term investments ranging from four weeks to one year, bought at a discount and redeemed at face value upon maturity.
• Treasury Notes: Intermediate-term investments with maturities of two to ten years, paying interest semiannually.

You can purchase these securities through the TreasuryDirect portal or via your bank or brokerage.

How to Keep Your Money Safe

Protecting your money involves more than just choosing the right savings vehicle. Follow these best practices to safeguard your accounts from scams, identity theft, and other forms of fraud:

• Don’t share account information with others.
• Create strong, unique passwords for your accounts.
• Use multifactor authentication (MFA) for added security.
• Be cautious when using public Wi-Fi and consider using a VPN.
• Regularly update your computer and devices to fix security vulnerabilities.

The Bottom Line

Choosing a safe place to save money is essential for protecting your savings. As part of your financial well-being, don’t forget to monitor your credit regularly. For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you secure your financial future.

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