How Coastal Can Help You Save Money This Year

by Lauren Beichner

Marketing Specialist

6.6.2022
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Articles

We want to help you capitalize on your hard-earned money this year and the best way to do that is to save. We’re not just talking about a savings account. We’re also including ways you can save money while even earning money, too. With Coastal, it’s easy to grow your money while you save. We’ll explain how.

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How Coastal Can Help You Grow Your Money

1. Coastal Certificates

Certificates let you deposit your money for a set timeframe in return for a fixed rate of dividends. At the end of the timeframe, you get to collect your money with the dividends that it’s earned.1 So, not only are you saving your hard-earned cash, but you’re also earning on it… now that's a win!

You can grow your money with Coastal quicker with dividends compounding daily, while many other financial institutions only compound interest monthly, quarterly or annually. There are also no maintenance fees and you need as little as $250 to open an account.

2. Go Green Checking + Go Green Money Market Account

Another great way to earn on your savings is by opening a Coastal Go Green Checking account. Once your Go Green Checking account is set up, you’ll be excited to learn that your Go Green Checking debit card carries more clout than you might think.

Enter Coastal’s Go Green Money Market account. Money market accounts are already an excellent deal as they generally offer higher dividends rates than standard checking or savings accounts without any added financial risk. 

The key difference between money markets and certificates is accessibility to your money. However, both are very safe investments because they are federally-insured by the NCUA. 

Learn More About Coastal's Go Green Checking

3. IRAs

IRA stands for Individual Retirement Account and it’s another great way to start saving money this year. Maybe your goal isn’t to save for retirement quite yet, but here’s why it should be. When it comes to retirement, it all depends on how you wish to live once it’s time to stop working. Your friends at Coastal are here to help you get on the right path to financial wellness.

Coastal’s IRAs are savings and investment accounts that provide you with a stream of money upon retirement and specific tax advantages (please consult your tax advisor). Traditional IRA contributions are tax-deductible in most cases, but distributions are taxed when money is withdrawn.

Roth IRA contributions aren’t tax-deductible and qualified distributions aren't taxable. Coastal also offers IRAs specifically designed for self-employed individuals. At Coastal, you can count on having lower minimum IRA balances than most banks and higher returns on deposits. You can even set up automatic transfers for current-year contributions to IRA savings.

4. Auto Loan Refinance

Refinancing might not sound like a traditional tactic for saving money, but it’s certainly an option you should consider. Let’s start with refinancing an auto loan. You can shift your savings into gear by refinancing with Coastal. Here’s how:

  • If we can’t save you $100 per month on your auto loan payment, we’ll give you $200 on the refinance you fund with Coastal2
  • You’ll get flexible payment terms for up to 84 months with no pre-payment penalties. You may be able to refinance with an APR3 as low as 2.50%.

Ask yourself these questions and then use Coastal’s refinance calculator to help you determine if it’s the right time to refinance.

5. Mortgage & Cash-Out Refinance

What Is Refinancing?

When you refinance your mortgage, you replace your current mortgage with a new loan. The new loan might have different terms — moving from a 30-year to a 15-year term or an adjustable rate to a fixed rate, for example — but the most common change is a lower interest rate. Refinancing can allow you to lower your monthly payment, save money on interest over the life of your loan, pay your mortgage off sooner and draw from your home’s equity if you need cash for any purpose

What Is "Cashing-Out"?

When you decide to refinance your mortgage, you may be able to decrease your monthly mortgage payments, negotiate a lower interest rate, adjust the loan terms, and/or remove or add borrowers from the loan. A cash-out refinance is a mortgage-refinancing option that lets you convert your home equity into cash. A new mortgage is taken out for more than your previous mortgage balance and the difference is paid to you in cash. In the end, choosing the right option depends on what your financial needs and goals are at the time. It is important to weigh the pros and cons of each before you decide.

Interested In Connecting With A Mortgage Loan Officer To Get Your Questions Answered?

Coastal has the expert advice that you need. Connect with a Mortgage Loan Officer to help you find the best mortgage options for you, discuss rates, terms, and answer all of your top questions.

How Our CFS* Financial Advisors Could Help You

In addition to these savings strategies at Coastal Credit Union, our team of CFS* Financial Advisors at Coastal Wealth Management could offer strategies with potentially higher returns for those willing to assume more risk. 

Connect With An Advisor Near You

 

Regardless of what option you choose, you can count on Coastal to help you save money this year. These incredible opportunities are just another way we help you save better at Coastal. 

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1. Early termination/withdrawal is subject to a penalty.

2. Savings of $100 each month may not be available to all applicants. $200 will be credited to the members share/checking account between 0 and 5 days of the loan origination date.

3. APR = Annual Percentage Rate. Oldest vehicle Coastal will finance is a 2011 model. Your rate may vary and is determined by your credit qualifications, amount financed, collateral, and loan terms. Other rates and terms available. All rates and terms are subject to change without notice. Existing Coastal Credit Union auto loans are not eligible. Interest accrues daily. All loans are subject to approval. For a $25,000 loan amount, a term of 48 months with a 2.50% APR fixed, the monthly payment will be $547.85.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor.  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal.  Investment Representatives are registered through CFS.  Coastal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Trust services available through MEMBERS Trust Company.  CFS and Coastal Credit Union are not affiliated with Members Trust Company.

Sources: https://www.aarp.org/work/retirement-planning/info-2015/nest-egg-retirement-amount.html