If you are one of the millions of people out there in the world without a free savings account, chances are you have trouble with your finances. Maybe you live your life paycheck to paycheck or you are constantly struggling to maintain your credit card bills. You might be up to your neck in debt, or just one financial rainy day away from total disaster. One thing is certain, without corrective action, odds are you will find yourself in a world of financial pain some point soon. While you can not change the destination over night, you can certainly change the direction and start building towards financial security.
Starting a Free Savings Account
Almost all banks offer free savings accounts, these are a great place to put aside a few dollars from every paycheck in a separate place. Before you know it, you will have amassed a serious lump of cash that you can use for paying off credit cards, vacations, or just to have peace of mind that you are financially secure. Most experts recommend putting 10-15 percent of every pay check into a savings account so that you have enough money put aside for any, or all of these scenarios.
Benefits of a free savings account
There are a myriad of benefits out there in the world for opening a savings account with your bank. The most obvious is that the bank account is free to have, and may even pay interest on your money. Secondly, the money is insured through the FDIC, this means that no matter what happens to the bank, your money is safe. Another benefit is that there is no risk, you do not need to worry about things like market fluctuations or bad business choices, your money will always be the same as you left it. Some banks will even let you use your savings as an overdraft protection, meaning if you accidentally miscalculate something with your checking account you can be free from paying Non-sufficient fund fees and returned check fees. Finally, having an account with your bank is the easiest way to start saving, since you can deposit money into your account at the same time you cash your pay checks. There is no extra steps involved, just benefits.
Why you need a free savings account.
Imagine your life today with an extra thousand dollars. Does that take a lot of stress out of your day? While this money will not magically appear overnight you can be on your way towards this financial security by going to your bank and opening up a free savings account. It is by far the easiest way to begin saving money, and with the myriad of benefits to having one you can not afford to be without an account. Best of all, a free savings account at your local bank is completely free!