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When it comes to managing your finances, choosing the right savings account is crucial. GPO offers a variety of personal savings accounts tailored to meet different needs. Here’s a comprehensive look at the options available:

1. Share Savings (Regular Savings Account)

The share savings is a foundational options, perfect for those looking to establish their membership with GPO and a straightforward way to save. This account offers competitive dividends and requires a low minimum balance ($5) to open. It’s ideal for everyday savers who want to grow their funds steadily over time.

Key Features:

• Competitive interest rates
• Low minimum balance requirement
• Easy access to funds

2. Term Share Certificate (CDs)

If you’re aiming for long-term savings with guaranteed returns, Share Certificates also known as Certificates of Deposit (CDs), are worth considering. These accounts require you to lock in your funds for a specific period, ranging from a few months, to several years, in exchange for a higher interest rate.

Key features:

• Fixed interest rates for the term of the certificate
• Various term lengths available
• Don’t miss out! 15-Month Term Share Certificate Special for 5.00% APY* throughout August 31, 2024. Call us today!

3. Money Market Account

For those looking to earn higher interest rates while maintaining liquidity, the Money Market Account is an excellent choice. This account typically offers better rates than a regular savings account and allows for anytime withdrawals.

Key features:

• Higher interest rates
• Tiered interest rates based on balance
• No monthly service fees

4. Special Purpose Savings

For unique savings goals, Special Purpose Savings Accounts offer flexibility and customization. Whether saving for a wedding, a new car, or any specific purpose, these accounts help you stay organized and on track.

Key features:

• Specifically set aside funds to directly pay GPO Loans
• No minimum deposit to open
• No monthly service fees

5. Kids’ Cash Savings

GPO also offers a Kids’ Cash Savings Account designed to help young members start saving early. This account comes with educational resources to teach children and teens about the importance of saving money and all things financial literacy.

Key Features:

• Age-appropriate educational resources
• Competitive interest rates
• Includes plenty of fun – like prizes, contests, and financial lessons

6. Seasonal Savings Account

To help members save for specific goals, such as a holiday expense or vacations, GPO provides specialized club accounts (Christmas Club Account and Vacation Club Account). These accounts encourage regular saving by allowing you to set aside funds throughout the year, which are then disbursed in October for the Christmas Club Account and a date of your choice for the Vacation Club Account.

Key Features:

• Purpose-specific saving
• No minimum balance requirements
• Competitive earnings

7. Individual Retirement Accounts (IRAs)

Planning for retirement is essential, and GPO offers Traditional and Roth IRAs to help you save for your future. These accounts provide tax advantages and are designed to help you build a nest egg for retirement.

Key Features:

• Tax-deferred or tax-free growth options
• Various investment choices
• Long-term savings for retirement

8. Health Savings Account (HSAs)

For those with high-deductible health plans, HSAs offer a tax-advantaged way to save for medical expenses. Contributions to a HSA can be used to pay for qualified medical expenses, and the funds roll over year after year.

Key Features:

• No minimum deposit to open
• Free Visa debit card to access your funds
• No monthly service or maintenance fees