October 12 is National Savings Day. Is Your Bank Keeping You From Saving?
October 2021 Issue
According to the article from The Simple Dollar (thesimpledollar.com), “100 Ways to Save Money Fast,” finding the right bank can be a surprisingly effective way to cut your spending down. “Ideally, your bank should have no-fee checking, a wide ATM network and good online banking services,” writes Trent Hamm, founder and columnist. “If your bank regularly hits you with account maintenance fees or ATM fees, look for another bank.”
Sure, there are many ways to start saving money, from packing your lunch to packing less with a staycation, but a great place to start is picking the right bank. First, take a closer look at the checking accounts your bank offers. Imagine the monthly savings from no-fee accounts, or better yet, a checking account that pays you interest, or gives you cash back or other rewards every time you swipe. The best checking accounts refund out of network ATM fees and have robust digital banking apps that let you stay in touch with your money with a click and pay bills online.
When You Save Effortlessly, Your Efforts Pay Off
Pay yourself first. It’s one of the most frequent—and best—pieces of financial advice you can rely on. And one of the most ignored. You know you need to save, you want to save, but you don’t. That’s exactly why you need an account that makes automatic savings transfers easy. Automatic savings plans have made it less of a hassle to save money and keep it saved.
How do automatic savings plans work? You can set up automatic transfers that work to build your savings effortlessly. This is a fantastic way to steadily build up savings each month, without you even having to think about it. But be sure to open accounts that do not charge monthly maintenance fees or require minimum balances to earn rewards.
Give Yourself The Gift Of Holiday Savings
What can often be the most expensive time of the year? The holidays! Many community banks still offer the old-fashioned Christmas Club Savings accounts. That way you can set aside a little throughout the year for holiday-related expenses. Don’t let this holiday catch you off guard. Give yourself the gift of a stress-free holiday by making deposits at any time, in any amount you feel comfortable with and start the new year with great memories, not debt and stress.
Better Savings Accounts Yield Better Results
To maximize your earnings potential, consider a money market account or a certificate of deposit (CD). While both typically offer more favorable rates than standard savings accounts, each have their pros and cons. Money market accounts follow the market, so the interest rate can go up and down. However, unlike CDs, money markets give you access to your funds like a savings account does with the added benefit of access to digital banking features like a mobile app or online banking. Think of a money market account as a mix or hybrid of a savings account and a checking account. A CD on the other hand, does not offer the same flexibility in accessing your money and comes with a set term and withdrawal limits. However, CDs offer fixed interest rates so your investment is guaranteed for the term you select, usually from 90 days to 60 months.
Give Your Bank A Financial Checkup
While there are many ways to save, the most important step is simply to commit to start saving. “Plan a visit with a representative from a local bank, like PrimeSouth, for an annual performance review,” said Curtis Tumlin, Glynn County Market President for PrimeSouth Bank. “The right bank will help you map out your short and long-term savings goals while establishing a savings plan that works best for you and your budget.” Tumlin also advises that when it comes to everyday banking, you shouldn’t settle for just any checking account. “Inquire if your bank offers no fee accounts; it’s like having a built-in savings account.”
According to Tumlin, it’s easy to glide into saving small sums on a repeat basis. “A lot of people want more savings but don’t know where to start,” he said. “Start with an account like our free Kasasa Cash Checking that earns higher interest, refunds ATM fees and can link to our free Kasasa Saver to build savings automatically.” Tumlin suggests then meeting with a local banker to discuss more high-yield savings products, like money market accounts and CDs or individual retirement or health savings accounts.
“It’s important to have a banking partner that gets to know you and can recommend the right products that match your lifestyle,” Tumlin said. “Community banks often offer more flexibility and personal service with decisions made locally and investments made back into our community.”
PrimeSouth Bank is headquartered in Brunswick, Georgia, with eight convenient branch locations to serve Coastal Georgia and Fernandina Beach, Florida. For more information, or to open an account online go to PrimeSouth.com, or stop by your local PrimeSouth Bank branch today.