Reasons Why You Need a Savings Account: Perks and Benefits
- Savings accounts perks and benefits
- Best banks for savings accounts
- The bottom line
Savings accounts perks and benefits
You'll earn interest
Access to funds
- Emergency fund (3 to 6 months worth of funds in the event I should lose my income)
- Vacation fund
- Business taxes (as a freelancer, I have to pay quarterly taxes and I use this bucket to set aside the funds until the tax period due date)
- Pet fund (just in case there is an emergency)
Automatic transfers make saving money easier
- It’s convenient. Who doesn’t want to make their life easier? Through automatic transfers, you can save without thinking about it. It’s one fewer thing to get done on your to-do list. Automatic transfers are convenient and make saving a breeze.
- Helps you ditch excuses. When left to your own devices, you might make excuses on why you can’t save. You forgot, you can’t afford it this month, you don’t want to, etc. When you set up automatic transfers, you get rid of the mental work of deciding to save money. Automatically saving means one less decision to make and you get out of your way to ensure your financial future is taken care of.
- Creates a habit. Once you set up automatic transfers, you’ll realize saving money is easy and you don’t have to think about it. More importantly, you’re creating a habit by doing something over and over again. Saving money is a habit that is like building a muscle — you need to keep doing it again and again. Automatic transfers help you build the habit of saving easily.
Deposits are FDIC-insured
Low to no startup costs
Best banks for savings accounts
Marcus by Goldman Sachs
Bank of America
The bottom line
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