Press Release
FDIC Calls Upon Consumers to Save
and Build Wealth
America Saves Week is February 21-28
The Federal Deposit Insurance Corporation (FDIC) is calling upon consumers across the nation during America Saves Week to consider establishing a basic savings account or boosting existing savings. FDIC Chairman Sheila Bair said, "One fundamental lesson of the financial crisis is that savings can help families withstand sudden changes in their economic well being. Establishing a savings account in a federally insured institution is a great first step to build wealth and begin a savings habit that will last a lifetime."
The personal savings rate rose to 4.6 percent in 2009 from 2.7 percent in 2008, according to the U.S. Department of Commerce. "I am pleased to see that people are saving more of their hard-earned money and building wealth. Having personal savings for an emergency fund or saving for a future expenditure, such as a college education, can make a big difference in avoiding other costly alternatives. I've always been a big advocate of a back-to-basics approach to financial services; it's my hope that Americans' increase in savings is the beginning of a long-term trend," Bair said.
"Money saved by consumers also provides a stable source of funding for investments in the economy that benefit all Americans," said Bair. "In fact, a country with robust savings generally has more capital to fund investments and support economic growth over the long-term. As demonstrated recently, it is harmful to an economy when consumers spend beyond their means, financed by debt that they cannot afford to repay."
To learn more about America Saves Week and about savings-related resources from the FDIC, please visit the FDIC Website.
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Since June 9, 2009 Choice Bank's Savings Accounts have paid
1.50% APY*.
Why?
Because saving money is a great thing! At Choice Bank we believe that you should receive a fair return on the money you work hard to save. Since we opened our doors in 2006, Choice Bank customers have received some of the highest savings account rates in the market (and we don't intend to change that!)
We also know that the more money customers save at Choice Bank, the more money the bank can lend to small businesses in our community.
"Money saved by consumers also provides a stable source of funding for investments in the economy that benefit all Americans."
-Sheila Blair, FDIC
OPEN YOUR SAVINGS ACCOUNT AT CHOICE BANK TODAY!
* Rate is stated as APY (Annual Percentage Yield). $100 minimum to open. Rate may change after account is opened. Fees may reduce earnings on the account. APY accurate as of 2/24/10.
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