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Q&A: Savings & Roth IRA Choices

This post was created to answer a question from a youtuber, yerisawesome. She has great music choices, so subscribe to her if you need some music. We chatted on facebook, so I thought why not share it. This post will be more relevant to those living in Wisconsin.

If you open a Valley Communities Credit Union (VCCU) account, please say CHOUA KHANG referred you.

Who and where did I open my savings and Roth IRA? 
I chose Valley Communities Credit Union (VCCU). Credit Unions generally have a better reputation for their rates and customer service, which I was five years too late. I was with Associated Bank from 16-21, when I got my first job as a bagger and cashier at Pick N' Save. I stuck with them all the way through college.  Then they had too much fee and charged for everything possible. VCCU is only located in central Wisconsin for now.

What kind of accounts do I have?
VCCU requires a savings account with a minimum of $25. So you'll have to do that first. Then you are qualify for all other options; savings, Christmas savings, IRAs, loans, and so much more. I currently have a saving, checking, Christmas, and Roth IRA.
Saving - I only keep $25 in there and don't touch it.
Checking - I do most of my daily transaction and online charges through my Chase bank, so I don't even really touch this. I keep $50-$100 in case I need to charge anything on there.
Roth IRA - I finally opened it this year, and made a deposit 6 months later; read about it here. A roth is basically a saving you can't touch til you're 65+. This is the whole "planning ahead" idea that you can't work at that age and you'll have this to resort to. You're supposed to grow interest from this too, but nothing is promised in life. You're not required to make monthly or any kind of deposits. It's all up to you.
Christmas Savings - This is basically a saving at a higher rate. You can withdrawal this money whenever you want. However, be aware that your bank may limit a withdrawal amount; VCCU's limit is 6/month. If you go over 6, you will get a charge. You're not required to make monthly or any kind of deposits. It's all up to you.

VCCU also offers online banking, e-check, and pretty much what other banks has. They just don't have an app, yet. I could be wrong.

What are their rates?
VCCU Rates. You want to compare the amounts and their rates.
 B-MO rates.
If you want to do some serious savings research, this blog did the work. Out of that list, I currently own a Synchrony card and used to have my loans financed through Sallie Mae. Basically, people are putting money in to gain 1.0%, while they loan that money at 6% and 21+%. It's rigged, stupid, and just wrong, but that's the government we live in; where they loan it for 1% to businesses and those business loan it to the people at a 1000% percent profit rate. Go and watch Money Monster, with actor George Clooney and Julia Roberts. My other issue with some of the option is that I can't meet a real person and tell them my problems. I can't stand getting transferred over the phones, so I chose the best local bank for me.

What's the point of a savings or any of this?
Well, you never know when it's going to rain. Unless you've got money stash somewhere, you'll need it. What if you lose your job? How will you pay rent? How will you have a working phone number so that jobs can call you? How will you pay for a car accident? New tires. A vacation. It doesn't have to be money used for unfortunate events. It's money that'll be there when you don't know you need it. Feel free to ask some questions in this blog.

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