Start Saving Now
Your money will grow over time with Compound Interest--earning interest on interest (in addition to earning interest on your initial investment). See the power of starting to save when you're young:
Scenario 1 - Starting Early
22 years old - save $2,000 per year for 9 years - total investment $18,000: You'll have $313,185 at age 65
Scenario 2 - Starting Later
31 years old - save $2,000 per year for 35 years - total investment $70,000: You'll have $208,541 at age 65
Difference Due to Starting Early: You earned $104,644 more, thanks to compound interest!
And you put in $52,000 less of your own money!
Example assumes 7% Annual Precentage Yield.
Use these Savings Calculators to see how you can put this savings strategy to work for you:
- Savings Builder - See how consistent investing is an effective strategy for accumulating wealth.
- Savings Goals - See what it will take to reach your savings goals.
- Cool Million - Adjust your current savings plan to make you a millionaire.
- Emergency Savings - Compute your emergency savings needs.
- Benefits of Spending Less - Reducing your spending can be worth more than you might think.
- Deposit Insurance Calculator - The National Credit Union Administration's (NCUA) Share Insurance Estimator lets members know how share insurance rules apply to share accounts - what's insured and what portion (if any) exceeds coverage limits.
Don't procrastinate! Open your account online and set up automated deposits - or visit a Westerra branch today!