Grow Your Savings Beyond Your Savings Account
January 30, 2018 |
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Whether you’re saving for a specific goal (like a car, house, or dream vacation), for retirement, or just to make sure you can cover the basics should something unexpected happen, making the most of your savings can seem hard.
How can you increase your savings when the Average Percentage Yield (APY) on your savings account is so low? At Dime, we make it easy for you to save money, and to make that money work harder for you. Here are a few ways to help not only increase your savings account, but also other options for growing your savings.
Most people who have direct deposit from their jobs have their paychecks dropped into their checking accounts, and then after the bills are paid, transfer what’s left into their savings account. If you’re looking to save more though, you might want to consider having a specific amount of your paycheck automatically transferred into your savings account each payday. This will help you increase your savings and avoid overspending each month.
If you know you have less in your account, you may be less likely to spend. If you can’t split your direct deposit between your checking and savings accounts, consider having the entire paycheck deposited into your savings account, and then transfer only the money you need into your checking account.
Take a hard look at your current account
If you don’t already bank with Dime, take a hard look at the terms of your current savings account. Do they charge you maintenance fees to hold your money for you? What is the current interest rate on your account? At Dime, we pride ourselves on offering a competitive interest rate to help you increase your savings. Check out our current interest rates to see how they compare to yours.
If you’re saving for the long-term, you might want to look into putting some of your money in a CD, or Certificate of Deposit. You’ll usually need a minimum amount to open the account, and the money will be held for a predetermined amount of time, but the interest rates on these accounts are usually higher. If you know you won’t need the money right away, this is a great option to help increase your savings with higher interest rates. Learn more about Dime’s CDs and check out our current interest rates to see if this is the right option for you.
Money Market Accounts
Offering one of the highest rates of return for your money, a Money Market Account with Dime is similar to a savings account but with a much higher interest rate. You just need $1000 to open a money market account with Dime, which is one of the lowest amounts in the industry.
And our interest rate of 1.35% is one of the best you’ll find in the country. You’ll be earning interest from day one, all with no monthly fees and up to 6 withdrawals a month. And you can add funds to the account to help it grow whenever you want. Dime’s Money Market Accounts are one of the best options to help make your money work for you.
Looking for more ways to get even more out of your cash? Call 1-800-321-DIME (3463) today and speak with one of our team members.