Most likely, your checking account is used for direct deposits, bank cards, and autopay bills, and your savings account may be overlooked. Still, there are plenty of reasons why you should keep cash in a savings account.
Curb the temptation to spend – A savings account encourages you to separate a portion of your money from what you spend every day. This will result in less overall impulse spending since you will be aware and form financial barriers for yourself.
Unexpected Expenses – A savings account is a great place to keep your emergency funds. You will never be able to predict when a medical emergency, natural disaster, car crash, or any other sudden life event will affect you. The event may cause you stress, but ensuring you have finances put aside in a saving account won’t.
Keep your money safe – Having a lot of extra cash around can create the risk of losing it. At Westport Federal Credit Union we are MSIC-insured to protect your money.
Cash is accessible – If you need to spend money, it’s easy to transfer funds into a checking account. Here at Westport Federal Credit Union you can manage your accounts online right from your couch. If you are out and about, ATMs will let you withdraw cash from your account in seconds.
No fees– At Westport Federal Credit Union we don’t charge you anything to open a savings account. All you need is to put $5 in the time of opening and there are no monthly fees associated with this account.
Having a savings account can be beneficial to you now and in the future! You don’t need luck, just a savings account to help manage your finances. At Westport Federal Credit Union we want to make sure you are educated and know the importance of a savings account! Secure your financial future with us! Visit us at westport.org to open an account online, or stop in this St. Patrick’s Day.