Your questions, answered.

At Breda Savings Bank, we know you have questions about your finances. We’re here to make sure you know everything you need to, every step of the way.


What is a money market account?

A money market account is an interest-bearing account that you can open at banks and credit unions. They are very similar to savings accounts, but they offer some checking account features as well. Money market accounts are different from money market mutual funds.

Money market accounts pay competitive rates and are a safe place to save your money. You may want to open a money market account if you want a predictable yield and a federally insured account.

Credit Ratings

What’s the best way to increase my credit rating?

Time is the ultimate answer, however, there are things you can do to help speed up the process.

  • Try to avoid balance transfers between your credit cards and stay away from cash advances.
  • Strive to maintain a higher “debt-to-income” ratio (i.e. more coming in than going out).
What is considered a “good” credit score?
  • Excellent: 800+
  • Very Good: 740-799
  • Good: 670-739
  • Fair: 580-669
  • Poor: Below 580


What is a recommended amount to include in an emergency fund?

You should try to have somewhere between 3-6 months of living expenses covered in your emergency fund.


What is the proper amount of insurance so my family will be taken care of if needed?

Some financial experts recommend purchasing 10-15 times your annual income in coverage, however your personal number may be higher or lower.