Back in the old days when you had to go to a physical bank in order to withdraw, deposit, or do anything with money, you probably had a single savings account and a checking account. You might have put some money into a CD at the bank, but for the most part, the accounts you had were limited. But what about now? Well, opening a new account is about as easy as logging onto Facebook. But are there real reasons for multiple savings accounts? Absolutely. Here are some of the benefits of opening more than one savings account.
High Yielding Accounts
There are some savings accounts that provide you with a high yield. These high yield accounts will offer you a significantly higher interest rate than what you will receive with a traditional savings account (typically). Sometimes these kinds of accounts have minimums you need to maintain, or the number of withdrawals you make might be limited, but if you want a secondary savings account that will earn more interest, this is a viable option.
Separate Your Savings
Perhaps you want to start saving for something, but you don’t want to cross your money over between accounts. Maybe you’d like to have a vacation fund, and you have moved past stuffing dollars into a glass jar on top of the fridge. With a separate savings account, it is easier to keep that money safe and away from the rest of your accounts. Of course, it doesn’t need to be a vacation account; it can be for anything. But with a separate savings account, you’ll find it easier to keep track of everything.
Start A Savings Account For Your Child
It’s never too early to begin a savings account with your child. You can teach them the benefit of saving money. Maybe you put a small amount of their allowance into the account. It’s a great teaching tool which will help them later in life.
Maintain Your Savings Accounts
Opening a new savings account is easy. It also allows you to stay on top of your money easier, as well. So, if you’re interested in saving up for a vacation, putting money away for a rainy day, or just want to separate your money, you have this option.
To learn more about Heritage Bank’s saving accounts, click here.
Tom serves as the Financial Consultant for Heritage Bank. In partnership with LPL Financial Services, he assists individuals, families and business owners with all aspects of financial planning including retirement.
LPL Financial Consultant • 678-284-3302 • [email protected]