Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Financial Savings For Individuals in Central Texas

28. March 2025 sadmin Blog (0)
A savings account is a financial tool for individuals looking to grow their money while enjoying easy access to it securely. It offers a safe place to set aside funds for future goals, whether for emergencies, a planned purchase, or long-term savings. With interest rates that allow for gradual growth, a savings account helps protect your money and encourages disciplined saving.

The following are savings options available to individuals in Central Texas through a credit union, offering flexible and secure ways to save money while earning competitive dividends:

  1. Regular Share Savings Accounts: A Regular Share Savings Account is one of the most basic and accessible options for individuals looking to save money. These accounts typically require a low minimum deposit, making them ideal for those who want to start saving without an initial commitment. While they may offer lower interest rates than other savings options, they provide liquidity, meaning members can easily access their funds when needed. The key benefit of a Regular Share Savings Account is its simplicity, making it a good choice for building an emergency fund or saving for short-term goals.
  2. Share Certificates of Deposit (CDs): A Share Certificate of Deposit (CD) is a fixed-term savings account that offers a higher interest rate than a regular savings account. In exchange for this higher rate, the member agrees to keep money in the account for a set period, which can range from a few months to several years. Share CDs are a good option for individuals who do not need immediate access to their savings and are looking for a secure way to grow their funds over time.
  3. Individual Retirement Accounts (IRAs): An Individual Retirement Account (IRA) is a tax-advantaged account to help individuals save for retirement. There are two main types of IRAs: Traditional IRAs and Roth IRAs. A Traditional IRA allows for tax-deferred growth, meaning the contributions may be tax-deductible in the year they are made, while the earnings grow without being taxed until they are withdrawn during retirement. A Roth IRA offers tax-free withdrawals in retirement, as contributions are made with after-tax dollars.
  4. Club Accounts: Club accounts are specialized savings accounts that allow individuals to save for specific goals, such as holidays, vacations, or other events. These accounts come with features that encourage regular saving, such as automatic transfers from checking accounts or scheduled deposits. Club accounts offer competitive interest rates, which help boost savings over time. They are ideal for people who want to set aside funds for specific purposes and prefer a structured way of saving that aligns with their goals.
For more information about savings accounts by credit unions in Central Texas, visit Greater Central Texas Federal Credit Union, 3305 E. Elms Rd., Killeen, TX 76542, or call (254) 690 - 2274. You can also browse www.gctfcu.net and connect on Facebook and Instagram.

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GCTFCU Blog | Buying A Car- Should You Buy New Or Used?
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Buying A Car- Should You Buy New Or Used?

21. May 2013 Administrator (0)

One of the most perplexing decisions that any car buyer is faced with at the beginning of his purchase, is whether to opt for a new car or a used one. While some people are very sure about which way they want to go, the following compilation of the pros of going either side should help the rest of you decide-

Pros of buying a new car-

  • One of the major advantages of buying a new car is that you can get exactly what you want, custom-made to meet your needs. This saves a lot of time, along with ensuring optimal satisfaction for you as a buyer.
  • Another obvious advantage is that you do not have to worry about where the car you are driving has been, or who owned it before you did. You are the first driver, and you decide how you wish to keep it.
  • The warranty that you get with a new car is also an advantage, since it comes with the car and you do not have to pay extra for it.
  • Chances of getting better financing rates with a new car are high, since the car has not yet depreciated, and hence inherently costs more.
  • A new car is likely to be equipped with the latest gizmos, safety measures, and mechanical advances. This means better efficiency, increased safety, lower emissions, and a generally more pleasant driving experience.

Pros of buying used-

  • The biggest advantage of choosing to buy a used car is the cost saving involved. Not only is the overall price of the car a lot lower than its new counterpart, but you can also easily get a cheap auto loan on a used car
  • A used car also offers the advantage of undergoing minimal depreciation. While this might sound counterintuitive, it is true, since all cars undergo maximum depreciation in the first few years, losing as high as 40% of their value in the first year. 
  • Chances of getting low insurance rates on used cars are high. All that you need to do is shop around and stay away from insurance sticker shock. 
  • Used cars offer a wider range of financing options, and with some amount of research, you should be able to get a great deal on the lowest used car loan in your area. 
  • Finally, choosing to buy a used car increases the options that fall within your budget greatly, making it possible to consider buying a dream car that you otherwise wouldn’t have been able to afford.
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