Savings Calculator

Opening a savings account allows you to:

• Store your money safely and securely
• Earn interest
• Access your money easily as needed through checks and debit cards

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Yes. At United Community Bank, you can open any of these savings accounts online:

• Savings
• Money Market account
• Savings accounts for students
• Savings accounts for kids and teens

For CDs, schedule an appointment at your nearest branch.

A Money Market account (MMA) is a type of savings account that typically earns higher interest than a personal savings account in exchange for a higher minimum balance and a limit on the number of withdrawals you can make each month, usually six withdrawals.
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The best option for you will depend on a few factors:

• The amount of the minimum balance
• How often you’ll need access to your money
• How much interest you’d like to earn

With a Money Market, the minimum deposit and interest earned tends to be higher, but access is limited. You can only make a certain number of withdrawals in a month, usually six withdrawals.

With a savings account, the minimum deposit and interest earned tends to be lower, but access is unlimited.

Certificates of Deposit (CDs) are savings accounts that earn a fixed interest rate in exchange for not withdrawing the funds for a certain period of time, which can be months or years depending on what you need. As a general rule, the shorter the term, the higher the rate. United Community Bank offers four term options:

• Seven months
• Nine months
• 11 months
• 23 months

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Savings accounts for students aim to help them learn how to set financial goals and save to achieve them. Student accounts tend to have lower minimums and fees than other savings accounts to make it easier for them to get started. At United Community Bank, students can open a savings account with as little as $5.

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Get savings tips: Inventive Ways for College Students to Save Money

Savings accounts help kids, teens and grandchildren learn the fundamentals of saving, earning interest and managing a bank account.

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Check out this article to learn more: Talking to Kids about Money.

If you’re enrolled in a high-deductible health plan (HDHP), you can use an individual or family HSA to save for qualified medical expenses like deductibles and prescriptions while gaining tax advantages. With HSAs:

• Your contributions are taken out of your paycheck before taxes
• You don’t pay taxes on the interest you earn
• Withdrawals you make for qualified expenses are tax-free

401(k) plans allow employees to contribute a portion of their salary before taxes are taken out. Employers may also match employee contributions, up to a certain limit. The money in a 401(k) account grows tax-deferred, meaning that you don't pay taxes on the contributions or the earnings until you withdraw the money in retirement.

There are two main types of retirement savings accounts:

• Employer-sponsored 401(k) or 403(b) plans offered by companies to employees
• Individual retirement accounts (IRAs), which include traditional IRAs and Roth IRAs

A Traditional IRA allows you to contribute pre-tax earnings to your account, so you are able to see immediate tax benefits. Once you reach retirement age and begin to make regular withdrawals, only then are your contributions taxed as current income. This is often the choice of people who expect to be in a lower tax bracket post-retirement.

Roth IRA contributions are taxed before they go into your account, and once you reach retirement age, you can make withdrawals that are not taxed. You may not see immediate tax benefits, but down the road, all the money from your account goes directly into your pocket.

Take a look through these articles to learn more:

• What is an IRA?
• Retirement Savings: How Much Is Enough?
• Avoid these 5 Retirement Planning Blunders

Find your nearest United Community Bank branch or reach out to a United banker.