What is the Suncoast savings account interest rate? To answer that question, we have created this guide for you.
If you are a Suncoast member, you will enjoy some perks and discounts when it comes to saving, including flexible terms, higher dividends, as well as any other service or product you need to make your saving extremely easy.
What is the Suncoast Savings Account Interest Rate 2021?
Currently, the Suncoast savings account has an interest rate of 0.05%.
The credit union has a variety of other money-saving accounts, including money market accounts and CD rates in addition to their regular savings account.
Recommended guide: Suncoast Credit Score Guide.
What are the different types of Suncoast savings account?
Suncoast has six (6) types of savings accounts, namely Student Savings, Save Automatically, IRAs, Health Savings Account, and Education Savings Account.
If you want your child to start saving early in their life, you should consider opening them the Student Savings Accounts with Suncoast.
This savings account attracts higher returns and comes in different forms.
For instance, there is Regular Share Membership, which is the account you get immediately become a member of Suncoast.
It requires a $5 deposit to open and offers you comprehensive access to all other products and services provided by the credit union.
Dividends on this savings account are compounded and credited monthly.
Another type of Savings Student account is called Special Share.
It allows you to save for things like holidays, vacations, or just about anything else you want to separate from other savings accounts.
It also offers dividends at a regular share rate and doesn’t have a minimum balance.
The Health Savings Account is what you think it is.
If you or a family member is covered by any type of high deductible health insurance, this savings account can help you cushion the cost.
Once you open this account, you qualify for tax-deductible contributions as well as tax-free distributions for your qualified medical costs.
Health Savings Account can also help you with your medical costs while in retirement.
On the other hand, Education Savings Account (ESAs) is a savings account offers by Suncoast to help you save for the education of your child.
See also: Suncoast Credit Union spring Hill FL.
How To Use The Suncoast Savings Account Interest Rate To Your Advantage
With this account, you can save up to $2,000 every year for your child until they turn 18.
Though your contributions are not tax-deductible, the interest rates they earn are tax-free as long as they pay qualified education expenses.
College Savings Calculators is another helpful feature you can enjoy if you open a savings account with Suncoast Credit Union.
It allows you to have in place a long-term plan for your child’s education.
You can start early with your saving using this calculator.
You can fine-tune your savings plan easily and make sure you are on course to achieving your goals.
This tool is important for any parent saving for their children.
With the education costs increasing exponentially with inflation, starting saving early appears to be the most sound thing to do.
With the savings account at Suncoast attracting high-interest rates, this tool can help you determine exactly how much you really need to save for your child’s college monthly.
Related guide: How To Redeem ANZ Rewards Points.
Suncoast Credit Union IRA
Last but not least, Suncoast Credit Union also offers IRAs to members to help them save for their retirement and benefit from tax reliefs.
When it comes to IRA, it is never too early to start thinking about your life post-work, and Suncoast, with its IRA options, can help you achieve some peace of mind and financial security in retirement.
You can enroll in a traditional IRA or Roth IRA.
The traditional IRA is simply a retirement savings account that comes with some tax benefits.
The money you contribute towards a traditional IRA can be tax-deductible.
If you opt for a Roth IRA, it is also a post-work savings account that comes with plenty of tax benefits and has no age limits.
That is what you need to know about the Suncoast savings account interest rate for 2021.