A share certificate is one of the most dependable ways to grow your savings with a guaranteed return. With a fixed interest rate and a set time commitment, certificates offer predictable growth that can support short-term plans and long-term goals.

Share certificates are often a go-to option for seasoned investors, but they’re also a great product if you’re just starting your financial journey. They help you grow your savings safely, predictably, and without needing to navigate complex investment decisions.

At First Financial Federal Credit Union, we’re committed to helping members understand the savings tools available to them, including how a share certificate works and how it can fit into a broader financial strategy.

What Is a Share Certificate?

A share certificate is a type of savings account where you deposit a set amount of money for a specific period of time, called the term. In exchange, you receive a guaranteed interest rate that stays the same for the entire term.

If you’d like to explore certificate options, check out First Financial’s Certificates & Money Markets page to view available products and terms.

Learn more about First Financial’s Share Certificate offerings

How Does a Share Certificate Work?

Here’s a clear breakdown of how a share certificate account works from start to finish:

  1. Choose your certificate term. Terms can range from a few months to several years.
  2. Deposit a fixed amount. Your funds are held in the certificate for the entire term.
  3. Lock in a fixed interest rate. This rate does not change while the certificate is active.
  4. Let your money grow. Your deposit earns interest through the term.
  5. Reach maturity. At the end of the term, you can access the full balance.

This predictable process makes share certificates ideal for members who value stability and clear savings outcomes.

How Does a Certificate Grow Interest?

Share certificates earn interest through a fixed rate applied to your original deposit. Unlike some savings accounts where the rate can fluctuate, a share certificate’s rate stays constant, giving you reliable and predictable growth.

If you’re new to saving or just getting started financially, a share certificate can give your money structure—a set timeline and a guaranteed return—with no complicated investment decisions.

What Happens When a Certificate Matures?

When your certificate matures, the term ends and your funds—including earned interest—are available to you.

At maturity, you can:

You can view all current certificate terms and options on our Certificates & Money Markets page to help plan your next steps.

Can You Withdraw Money From a Certificate Early?

Yes — early withdrawal is typically allowed, but it may result in an early withdrawal penalty. Because of this, certificates are best suited for funds you’re confident you won’t need before the term ends.

Is a Certificate a Good Way to Save Money?

A share certificate can be a strong way to save if you want:

While a traditional savings account offers flexibility, a share certificate’s strength lies in its stability and long-term planning advantages. View our current rates

Who Is a Certificate Good For?

Share certificates are especially helpful for younger members who are building healthy savings habits and want a simple, low-risk way to grow their money. Because certificates offer guaranteed growth over a set timeframe, they work well for mid-term savings goals—big purchases you’re not planning to make immediately, but still want to prepare for.

Here are examples of goals a certificate can help with:

By choosing a certificate term that matches your goal timeline, you can grow your money naturally while reducing the temptation to spend what you’ve saved.

How Long Does a Certificate Last?

Share certificate terms vary based on your goals and available offerings. Shorter terms provide quicker access to funds, while longer terms generally deliver higher earning potential. You can find all current term options on the Certificates & Money Markets page.

How Certificates Fit Into a Bigger Financial Plan

A share certificate is one of several tools you can use to build financial resilience. To explore broader savings strategies, interest basics, and how different products work together, try our free resources available through the Banzai Learning Center.

From interactive lessons to savings calculators, the Learning Center provides hands-on support to help you make informed financial decisions.

Open an Account Today

A share certificate offers a safe, predictable way to grow your money with a guaranteed rate of return. By understanding what a certificate is and how it works—from earning interest to maturity—you’ll be better prepared to make financial decisions that support your long-term goals.

Whether you’re just beginning your financial journey or saving for your next big milestone, First Financial Federal Credit Union is here to help. Visit our Certificates & Money Markets page to explore share certificate products that fit your financial journey.

Building good saving habits doesn’t happen overnight—but the small steps you take today can have a big impact on your financial future. Whether you’re saving for an emergency, a major purchase, or long-term goals, developing consistent habits is the key to success.

At First Financial Federal Credit Union, we’re here to help you strengthen your financial wellness and make saving second nature.

1. Set Clear Goals

The first step to better saving is knowing why you’re saving. Setting clear, realistic goals keeps you motivated and helps you measure your progress.

Ask yourself:

Once you have your “why,” you can create a plan to get there—starting with the right savings account.

2. Automate Your Savings

One of the best saving habits to build wealth is automation. Setting up automatic transfers from your checking to your savings account ensures you’re saving consistently—without having to think about it.

Even small transfers add up over time. Start with an amount that fits your budget, then increase it as your income grows.

3. Pay Yourself First

Treat your savings like a bill you can’t skip. By “paying yourself first,” you prioritize your future before your expenses. This mindset shift can transform your financial habits and help you stay consistent even when life gets busy.

With First Financial’s easy online banking tools, you can make recurring transfers part of your monthly routine in just a few clicks.

4. Make Saving a Daily Habit

Financial wellness isn’t about making big changes all at once—it’s about small, consistent actions that build over time.

Here are some daily habits for better saving:

These simple shifts can free up extra money each month—and when that money goes straight into your savings, you’ll reach your goals even faster.

5. Choose the Right Type of Savings Account

At First Financial, you have options designed to match your goals:

Rates and terms are subject to change at any time as determined by First Financial’s Board of Directors. For current rates, visit our Savings Accounts page.

6. Track Your Progress

Seeing your savings grow is one of the best motivators. Review your account regularly to celebrate milestones and stay inspired. It’s also a great way to check in with yourself, evaluate your spending and saving habits, and make any adjustments that help you stay on track with your goals.

First Financial’s mobile app makes it easy to track balances, set alerts, and watch your savings grow in real time. You’ll see how your habits turn into results—and how close you are to achieving your goals.

7. Build a Savings Safety Net

Strong saving habits aren’t just about growth—they’re about protection. Aim to build an emergency fund that covers three to six months of expenses. This safety net gives you peace of mind and prevents debt when life throws you a curveball.

You can start small: even $25 or $50 per paycheck adds up quickly when you stay consistent.

8. Keep Learning and Stay Motivated

Financial wellness is a lifelong journey, and learning along the way helps you stay in control.

Explore free, interactive resources through First Financial’s Banzai Financial Wellness Center to learn more about budgeting, saving, and setting realistic goals for your future.

You can even access topics like Saving, Financial Planning, and Goal Setting—all designed to help you make smarter money decisions.

Turn Healthy Habits Into Financial Confidence

The best savings habits to build wealth are the ones you can stick with—small, steady, and consistent. Over time, those habits create the foundation for financial confidence.

At First Financial Federal Credit Union, we make saving simple with flexible account options, competitive dividends, and digital tools that make saving part of your everyday routine.

Ready to put your savings habits into action? Explore our Savings Accounts and start building your future today.

Saving money is one of the smartest financial habits you can build—and opening a savings account is the easiest way to start. Whether you’re creating an emergency fund, planning a big purchase, or saving for future goals, understanding how savings accounts work helps you make the most of every dollar. Let’s break down the basics so you can start saving with confidence.

What Is a Savings Account?

A savings account is a secure place to store money you don’t plan to spend right away. It’s offered by financial institutions like credit unions and banks and is designed to help your balance grow over time—thanks to earned dividends (also known as interest).

At First Financial Federal Credit Union, your primary Share Savings Account is more than just a place to save—it also establishes your membership and gives you access to all of our products and services. Once you’re a member, you can open additional savings accounts to fit your goals, from short-term projects to long-term planning.

How Do Savings Accounts Work?

When you deposit money into your savings account, your balance earns dividends based on the credit union’s rate. These dividends compound over time—meaning you earn money not only on your original deposit, but also on the dividends that accumulate.

Here’s how it works in practice:

Plus, your savings are federally insured up to at least $250,000 by the NCUA—so you can rest easy knowing your money is protected.

Because First Financial is member-owned, dividends often outpace those from traditional banks, helping your savings grow.

What’s the Purpose of a Savings Account?

A savings account gives you financial peace of mind. It’s your safety net for unexpected expenses and your launch pad for future goals.

Here are a few common reasons to save:

How Does a Savings Account Help You Grow Your Money?

A savings account rewards you for saving consistently. Even small, regular deposits can grow significantly over time through compounding dividends. The earlier you start—and the more you contribute—the more your savings can grow.

Difference between Checking and Savings Accounts

Both checking and savings accounts play an important role in your financial life, but they serve different purposes:

Checking:

Savings:

Having both helps you manage money more effectively—spending from one and saving in the other.

How to Open a Savings Account at a Credit Union

Opening a savings account is simple. Here’s how to get started at First Financial:

  1. Become a member. Your Share Savings Account serves as your membership and gives you access to all First Financial services. See if you’re eligible and get started.
  2. Provide basic information. You’ll need a valid ID and an initial deposit.
  3. Start saving. Once your account is open, you can deposit funds anytime online, through our mobile app, or at a branch.

Already a member? You can open additional savings accounts—like a Secondary Savings, Holiday Club, or Health Savings Account (HSA)—right from online banking.

Start Building Your Savings Today

Whether you’re saving for tomorrow’s goals or simply want a secure place for your emergency fund, a savings account is the foundation of financial success.

At First Financial, we make saving simple—with competitive dividend rates, easy digital access, and account options designed for every stage of life.

Visit our Banzai Financial Wellness Center to explore interactive lessons on saving, budgeting, and
reaching your financial goals.

Ready to start saving smarter? Open your First Financial savings account today and take the first step
toward financial confidence.

Living in the moment is a feel-good approach to life that boosts mental health and enhances lifestyle in the present. Certainly, people of any age can adopt this approach to everyday living, but it’s especially true among Gen Z. That fact may not be surprising, given that younger generations tend to focus on the short term over the long term.

However, this mentality is resulting in a trend known as “soft saving” – a tendency to put a disproportionately smaller amount of money toward savings goals and more toward lifestyle choices and comforts. That’s definitely living in the moment.

From teens and college students living on after-school jobs to young professionals who have found their footing in a career, a large share of Gen Z would rather put their money toward things and experiences that offer an emotional appeal or a “soft” lifestyle, one that reduces stress and focuses on personal (not financial) growth.

The problem with accepting this soft saving trend without challenging it is that there will come a time when Gen Z will wish they had started saving earlier. Many people find themselves unable to work as long as they expect and consequently need a nest egg for retirement.

Living the soft life while saving

While the soft life is all about a higher quality of life in the present, there are ways to find a balance. Adopting a few simple strategies can help you live well and save at the same time. Here are some ways you can incorporate saving and earning into your current lifestyle:

Is There a ‘Right’ Amount of Emergency Funds to Have Saved? 

Do one thing: If you don’t have a separate emergency fund set up outside of your main checking account, open one and set up an electronic funds transfer to move a specific amount – say $20 to start – from the main account every pay period. 

Despite what you may think, emergency funds are for everyone, not just high earners. So often, we build them up with the best of intentions. Or we think about starting one, but can’t seem to take the leap and open a separate account and move money there on a regular basis. 

Thing is, life can be so much less stressful if you have some cash tucked away just in case something happens. So when that something happens—and it will—you’ll be ready and won’t have to reach for a high-interest credit card to cover the cost of a massive repair bill or an emergency room visit.

If you don’t have a cash cushion just yet, don’t panic. But don’t procrastinate, either. As a group, millions of Americans are deep in debt these days and many have little left after paying monthly bills. Research from the Consumer Financial Protection Bureau (CFPB) found that nearly one-fourth (24%) of U.S. adults surveyed had no savings set back for an emergency, and 39% had less than a month of income held in reserve. 

You can absolutely pay down your debt and save for the future at the same time. The key is baby steps. While sending money to credit cards and other obligations, you can still tuck away a small amount every pay period. Every little bit helps.

How Much Emergency Savings Do You Really Need?

“While there’s no hard and fast rule about how much emergency savings someone needs,” notes Kathryn Kubiak-Rizzone, a certified financial planner in Rochester, NY, there are guidelines. “A good rule of thumb has been to have three to six months of living expenses set aside.”

And when we talk about living expenses, that means the amount you need to cover the basics such as food, shelter, transportation, and utilities. If you lose your job and don’t have other income streams, you’ll need to quickly cut back on those pricey subscriptions, and restaurant dining, until you are back on your feet.

Here’s a breakdown of who typically needs more and who needs less when it comes to emergency funds:

Six to Twelve Months of Savings

The Self-Employed. “People who work for themselves often benefit from having closer to twelve months of expenses in an emergency fund,” Kubiak-Rizzone says. “That way, they don’t have to worry as much about dry spells and they can focus on what’s needed for longer-term growth and sustainability.” 

Multiple Dependents. The number of people who rely on your income is an important consideration when determining how much you need in savings. The more people, the more money needed. “Households with more than one source of income could potentially get away with only having three months of expenses in an emergency fund,” notes certified financial planner Jovan Johnson, adding that “if you depend on one source of income, six to twelve months would be better.” 

“When children are in the picture,” says Johnson, “it is always a good idea to play it safe. Children come with extra costs, unpredictability, and responsibility. So with children, six to twelve months of expenses saved in an emergency fund is ideal.” 

Close to Retirement. Adults who are closing in on retirement may have a hard time finding work if they are unexpectedly let go. That’s why it’s important for them to have access to savings to cover up to a year of lost income. 

Three to Six Months of Savings

Multiple Income Streams. Those with stable jobs who live in households with more than one earner, plus those with an accessible investment portfolio, access to low-interest credit (think home equity line of credit, not just credit cards), and possible family support may be able to get by on a smaller emergency fund, financial experts say. 

Three Months of Savings

The Well Insured. Those with a full portfolio of insurance coverage (short-term and long-term disability) still need to make sure they have adequate cash set aside to cover any periods before coverage starts. “Many long-term disability insurance policies have at least a three-month waiting period before benefits kick in,” says Johnson. “In that case, you want to be sure to have at least three months’ worth of expenses set aside in cash. If you happen to have short-term and long-term disability insurance with minimal gaps in coverage, you might be able to get by with a smaller emergency fund.” 

Less Than Three Months of Savings

Early Career. Those who are new to the workforce and have the ability to find another job quickly if they lose their current one may be able to get by with as little as six weeks of emergency savings. Living with roommates or family members will also help someone stretch a smaller savings pool.  

Article Courtesy of SavvyMoney with reporting by Casandra Andrews