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Supercharge Your 2024 Holiday Savings with O1ne Mortgage

As the holiday season approaches, it’s never too early to start planning and saving for the festivities. Whether it’s gifts, travel, or decorations, having a solid savings plan can make your holidays stress-free and enjoyable. At O1ne Mortgage, we understand the importance of financial planning, and we’re here to help you make the most of your savings. Call us at 213-732-3074 for any mortgage service needs.

High-Yield Savings Accounts

High-yield savings accounts (HYSA) are a fantastic way to grow your holiday savings. These accounts typically offer much higher interest rates compared to regular savings accounts. As of November 2023, some HYSAs offer interest rates as high as 5%, compared to the average 0.5% offered by traditional savings accounts.

For example, if you save $200 a month for 10 months at a 4.5% interest rate, you’ll have $2,041.72 by the end of the period. This can significantly boost your holiday budget. Remember, HYSAs may have minimum deposit requirements and withdrawal limits, but they are insured by the FDIC or NCUA, ensuring your money is safe.

Pros:

• High interest rates
• Easily accessible
• FDIC or NCUA insured

Cons:

• Interest rates may fluctuate

Certificates of Deposit (CDs)

Certificates of Deposit (CDs) are another excellent option for holiday savings. CDs offer guaranteed interest rates and are a great way to ensure your money grows over a fixed period. For instance, a nine-month CD started in January will mature by October, just in time for holiday shopping.

While CDs may have minimum deposit requirements and penalties for early withdrawal, they are also insured by the FDIC or NCUA, making them a secure choice for your savings.

Pros:

• Guaranteed interest rates
• FDIC or NCUA insured

Cons:

• Penalties for early withdrawal
• Possible minimum deposit requirements

Money Market Accounts

Money market accounts combine the benefits of savings and checking accounts, offering higher interest rates and limited check-writing capabilities. These accounts are ideal for those who want to earn more interest while maintaining some liquidity.

However, money market accounts may have minimum balance requirements and monthly maintenance fees. They are also insured by the FDIC or NCUA, ensuring your funds are protected.

Pros:

• Attractive interest rates
• FDIC or NCUA insured

Cons:

• Minimum balance requirements
• Temptation to use funds for non-holiday expenses

Christmas Club Accounts

Christmas Club accounts are a traditional way to save for the holidays. These accounts allow you to set aside a fixed amount of money each month, which is then available for withdrawal in early November. While the interest rates on these accounts may not be as competitive as other options, they offer the benefit of automatic transfers and are insured by the FDIC or NCUA.

Pros:

• Automatic transfers
• FDIC or NCUA insured

Cons:

• Non-competitive interest rates
• Possible fees for early withdrawals

Start Saving Early for a Stress-Free Holiday Season

With the memory of 2023’s holiday expenses fresh in your mind, now is the perfect time to start planning for 2024. By creating a holiday budget and starting your savings early, you can ensure a more enjoyable and less stressful holiday season. Evaluate your spending from the previous year to determine what brought you joy and what you can do without, and use this information to guide your savings plan.

At O1ne Mortgage, we’re committed to helping you achieve your financial goals. Whether you’re looking to save for the holidays or need assistance with mortgage services, we’re here to help. Contact us today at 213-732-3074 to learn more about how we can assist you.

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