Most likely your checking account is used for direct deposits, bank cards and paying bills, but your savings account may be overlooked. A savings account is important for many different reasons. It’s great to have money in a savings account to curb the temptation to spend, as an emergency fund, and to keep your money safe. Continue reading to learn more as to why you should keep money 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 can spare you of any additional stresses.
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 the comfort of your home. If you are out and about, ATMs will let you withdraw cash from your account in seconds.
No fees– At Westport Federal Credit Union, there are no hidden fees when operating a savings account. All you need is $5 at the time of opening. There are no balances to maintain monthly to avoid any low balance fees so your money stays where it belongs…in your 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 educate you on the importance of a savings account.
Save some green and secure your financial future with us (no luck required)! Visit us at westport.org to open an account online, or stop in.