How Coastal Can Help You Save Money This Year

Liza Deckelbaum

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Published on 05-28-2019

Categories: Member Tips

Save Money Infographic

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 earn money while you save. We’ll explain how.

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. So, not only are you saving your hard-earned cash, but you’re also earning on it…winning!

It gets better. Did you know? Coastal offers the best certificate rate in the Triangle at 2.75% APY1. This rate is so good that it’s only available for a limited time, so you’ll want to act fast. 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. It is easy to open one and it’s worth doing since it offers the highest yield in the Triangle at 3.00% APY2. 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. But Coastal’s Go Green Checking and Money Market bundle offer goes a step above by boosting your dividend rate as high as 1.75% APY3 when you use your Coastal Go Green Checking Debit Card 30+ times a month.

That means you will earn 3.00% APY2 on money in your Go Green Checking account and 1.75% APY3 on money in your Go Green Money Market account. It’s a win-win situation.

The key difference between money markets and certificates is accessibility to your money. However, both are very safe investments because they are backed by the government, which means you are guaranteed to get your money back (with dividends) no matter what.

Not exactly what you were looking for? Coastal offers a variety of more traditional savings accounts, so be sure to compare your options and choose which account is best for you at the bottom of this webpage. And, Coastal’s Go Green Checking accounts come with a “Tap to Save” feature to make transferring money to your savings account easy and seamless.

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. However, experts at AARP say it’s best to plan on saving up about 10 to 12 times your current income for retirement. According to other recent studies, only about one in three Americans are on track to accumulate enough money to continue their current
lifestyle when they stop working. Don’t worry, though. 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, but you’ll pay no taxes when you withdraw funds. 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. Refinance a Mortgage or Auto Loan
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:

  • Coastal’s auto loan refinancing can either lower your monthly payment by $100 or can give you one percent cash back on the amount financed through Coastal.4
  • You’ll get flexible payment terms for up to 84 months with no pre-payment penalties. You may be able to refinance with an APR4 as low as 3.64%.

The best part – if Coastal can’t save you a good amount of money when refinancing, you can get cash back on the amount borrowed up to $5005. There is nothing to lose if you decide to check this option out. Now, you can put the money you would have spent on a higher auto loan payment toward a new savings account each month instead.

Next, let’s discuss refinancing a mortgage and how it can help you save money this year. It could pay off for you to renegotiate your mortgage terms. You could potentially save hundreds in monthly payments or “cash out” and get extra money for other things. Here are some things to consider first: Have interest rates dropped since you got your current mortgage? What is the current balance and length of time left on your current loan? How long could it take for you to recoup the closing costs on a new loan?

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

In addition to these savings strategies at Coastal Credit Union, our team of CFS Financial Advisors at Coastal Wealth Management can offer strategies with potentially higher returns for those willing to assume more risk. Connect with an advisor near you to discuss today, by visiting www.coastalwealthmanagement24.com*.

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.


  1. APY – Annual Percentage Yield. 2.75%APY is based off of 18 month certificate. Certificate requires $250 minimum to open and will automatically renew at the end of the term. Fees may reduce earnings on account. Rates subject to change without notice. Penalty for early withdrawal. APY is accurate as of the last dividend declaration date.

  2. APY = Annual Percentage Yield. APY is variable, and is subject to change after the account is opened. APY is accurate as of the last dividend declaration date. $100 is needed to open an account. Minimum balance required to earn APY is $0.01. Premium Tier and Standard Tier rate are applied to daily average balances up to $10,000. Base Tier rate will apply to the portion of the balance exceeding $10,000. For more details, see the Truth-In-Savings Disclosure and Rate Table. Fees may reduce earnings. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. There is a limit of one Go Green Checking account and one Go Green Money Market account per Social Security number.
  3. APY = Annual Percentage Yield. APY is variable, is subject to change after the account is opened. APY is accurate as of the last dividend declaration date. Minimum balance required to earn APY is $0.01. Fees may reduce earnings. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

  4. APR- Annual Percentage Rate. Based on a $25,000 loan amount, 48 monthly payments of $560.46.

  5. Maximum cash back cannot exceed 1.0% of the balance refinanced or $500 whichever is less.

*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


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