We all remember opening our first savings account as kids, and the pride we felt about having an account that was all ours. But with all the other ways to save money these days, do adults still need personal savings accounts? The short answer is yes. And here’s the longer explanation, including three big reasons why having a savings account makes sense.
1. To help you save for a specific goal or goals. Maybe you’re saving up for a new car or for your first home. Having a dedicated savings account separate from your checking account can help you make real, measurable progress toward your goals.
2. To build a fund for unexpected emergencies. No one wants to think about the possibility of losing their job or having an expensive health emergency. But life happens, and an unforeseen event like this can quickly burn through your wallet. For this reason, most experts recommend building your savings to cover around six months of essential expenses, and a personal savings account can help keep it separate from your day-to-day expenditures.
3. To ease you into a lifetime habit of saving. Besides the obvious benefits of saving money, having a personal savings account can get you into a healthy habit of putting money aside. This will help make other important financial decisions like investing and saving for retirement seem easier and more natural, so you’ll be more likely to stick with them.
Dundee Bank’s Personal Savings account is a great place to start. It has a low minimum balance and competitive interest rates, and since we’re local, we’re always available to help. We love it when you visit one of our branches, but you can also access what you need quickly and easily online or on your mobile device. Learn more here or give us a call at 402.504.4000 at our Dundee location or at 402.932.7755 for the new Blackstone branch.