If you’re like most people, you probably use your credit card for everything. But did you know that there are other ways to save money? Sure, it might be more challenging to build up a savings account than using plastic; however, it’s not impossible if you know what tricks are available. Below are seven ways to open up a high interest savings account with Great Southern Bank that can help you save more money and make more progress toward your goals:
High interest means big savings.
You should also look at the fees charged by your high-interest savings account. Fees can be a big source of money, so you want to find an account with low fees and a good rate of return. Some banks will charge monthly maintenance fees and other smaller fees, such as ATM access or overdraft coverage.
If possible, compare different banks’ rates on high-interest savings accounts. Remember: the higher the interest rate offered by one bank compared with another, the better deal it is going to be for you!
Have a goal for your savings
You should have a goal for your savings. It can be anything you want, but this goal must excite and motivate you. If the thought of saving money fills you with dread, then it’s time to reevaluate how much interest rate matters concerning your overall financial health and whether or not saving up for something is worth the effort.
The first step toward achieving any long-term goal is knowing what it is (or isn’t). Do not let yourself get distracted by other things happening in life; stay focused on getting started!
Set up automatic transfers
If you want to save more money, set up automatic transfers from the high-interest savings account to your checking account. This will help keep your balances in sync and help prevent overdrafts or fees.
You can also set up automatic transfers from the high-interest savings account to your savings account:
- Automatic monthly direct deposit (this is what most people like)
- Automatic weekly direct deposit
Build your savings without feeling it
One of the best ways to save more money is by setting up automatic transfers. This can be done in your checking account or savings account, but either way will work.
- Automatic transfers are easy and convenient because they happen without you having to do anything. You simply ensure you have enough cash (or make sure the money is available) before making an outgoing payment or transfer. That way, when it comes time for one of these transfers, whether it’s from your paycheck or other income sources like Social Security benefits, it happens immediately!
Increase your savings with each increase in income
The more money you earn, the more money you can save. If your income increases by $1000 per month and that increase are spread out over 12 months, then your new savings target will be $200 higher than it was before.
The same principle applies if your earnings increase by 1% every month: as long as they’re consistent (and don’t go up or down quickly), this one percent figure would result in an extra $200 coming into your account each year.
Take advantage of higher interest rates.
When comparing different accounts, it’s important to consider how much interest they offer. If a high-interest savings account offers more than an average one, it could be worthwhile to open that one instead.
To find out what interest rates specific banks and credit unions offer, check their websites or call them directly.
Once you know which bank has the best rate for your needs, start taking advantage of it by opening multiple accounts with them so that all your money is kept under one roof!
A high-interest savings account has many perks to help you save money more easily.
You can earn more interest: Some banks offer better rates on their savings accounts, but not all do. If you’re looking for a good deal, several online banks offer higher rates and lower minimum balances than traditional brick-and-mortar institutions.
You can save more money: With the right tools in place, it’s easy to squirrel away big chunks of change into a high-interest savings account without even realizing it!
There are so many benefits to opening up a high-interest savings account with Great Southern Bank, especially when it’s easy to start one. A high-interest savings account is the way to go if you want to save more money! With these seven tips as your guide, we hope this article will help you start building up your stash of cash.