As Americans, we’re good at a number of things: backyard cookouts, baseball and hard work just to name a few. However, we aren’t very good at one crucial thing: saving money.
According to data from a 2015 survey done by NeighborWorks America, nearly a third of American adults have no emergency savings. This means that if they lost their jobs, nearly 72 million Americans would be hard pressed for cash.
You may be one of them. How do you fix this situation? The first thing is to have an account specifically for saving money. Here are a few tips for choosing a savings account that will fit your needs and give you the benefits you require:
- What are your savings goals? Short and long-term savings goals are important to know as they help you determine many of the answers to the next two questions…
- How large of a balance do you want to carry? There are minimum required balances on many savings accounts, as well as limitations on earning interest at certain balance levels.
- How accessible do you need your money to be? Remember, this is money that you may need in an emergency, so the more accessible the better. ATM accessibility or the ability to make transfers through online banking or mobile banking are things to look for.
- What services are included? Additional services like online banking or mobile banking that add convenience are a bonus.
- What fees go with this savings account? Withdrawal limit fees, minimum required balance fees, transfer limit fees and other fees may apply, so be sure you know which could apply to you.
Saving money should be a priority, and the right savings account helps you do it effortlessly while offering the amenities and access you need for success. For the best success selecting a savings account at Heartland Bank, call us or stop by and speak to a personal banker at any of our offices today!
Heartland Bank, Member FDIC