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Discover how multiple accounts could help you reach your financial goals.

Have you looked at your savings strategy lately? Having a single account is a great way to save, but having multiple accounts is an effective way to reach even more financial goals.

Let’s take a look at three reasons why you might want more than one savings account.

Save for multiple goals at once

If you’re like a lot of people, you have more than one major goal in your life. Separate savings accounts can help you save for multiple things at once.

Some things that you might be saving toward could include:

• Emergency fund
• Home down payment
• Tuition
• New vehicle
• Start a business
• Vacation
• Income taxes

Make goal tracking easier

When you divide your cash into multiple accounts it’s easier to see progress toward your financial goals. When you can see that you’re just $500 away from fully funding your next vacation, it can help keep you motivated to make wise financial decisions.

Having an earmarked fund means you’re less likely to spend the money on something else. With savings accounts for individual goals, you know where every dollar is going. Additionally, if you have higher-than-expected expenses one month, having separate accounts can also help you prioritize where your money goes.

Take advantage of higher rates

Savings accounts at Consumers are a safe place to keep your money because they are insured by the National Credit Union Administration (NCUA).. In addition to safety, you get unlimited access to your cash and earn a modest amount of interest.

When you have larger sums saved, you can take of advantage of accounts designed for higher balances. For example, the Consumers Liquid Savings Account* currently pays 0.50% APY* for one year so long as you maintain a $2,500 minimum balance.

For many people, saving is fun, especially when they see progress toward reaching their financial goals. With Online Banking or our five-star Mobile App you can create savings goal to help them reach a long-term goal.

*APY = Annual Percentage Yield. Promotional product is available and rates are accurate as of April 29, 2025. Rates are variable and subject to change at any time without notice. During the first 12 months, personal accounts with a minimum balance of $2,500 and a maximum of $250,000 will earn 0.50% APY. Balances of $250,000.01 or more will earn 0.10% APY. After 12 months, the account will earn 0.10% APY. Offer available on personal accounts only. Funds currently on deposit at Consumers Credit Union are not eligible for the promotion. Limit one promotional account per household. Fees may reduce earnings. Federally insured by NCUA.

Tools and resources

As part of the Consumers family, you have free, unlimited access to financial management services.

Learn more