While your checking account is great for paying your bills and day to day expenses, it’s not always ideal for savings. If you’re ready to start saving, opening one or more savings accounts is what you need. Here are three important reasons to open both a checking and savings account.

Why You Need Checking and Savings Accounts

1. To Better Organize Your Money

When your funds are lumped together in one checking account, you don’t know what is savings versus spending money. You can solve this problem with savings accounts. Whether you’re starting out as a student with a free savings account or looking for a high interest-paying money market account, banks have options for you.

When you separate your savings from your checking, it will be easier to see if you’re saving enough to meet your goals. To further organize your money, you can open up a main savings account plus one for the holidays and one for vacation savings.

2. To Earn Interest on Your Savings

Some savings accounts pay interest. For instance, you can find savings accounts that are just for Christmas or Vacation that offer up to 1% interest. While this isn’t a huge amount, every little bit helps when you’re saving toward a yearly goal.

3. To Create Strong Savings Habits

If you’re ready to make this year your financial best, you need to develop strong savings habits. This will help you create an emergency fund and meet your future financial goals such as saving for a down payment on a house or new car.

Start by adding a small deposit to your savings or money market account each time you receive your paycheck. Make those deposits automatic each payday and increase them as you see fit. 

 

If you’re looking for a bank that offers multiple checking and savings account options, visit Havana National Bank in Havana, IL, or one of our 5 nearby branches in Lewistown, Manito, San Jose, Green Valley, or Virginia. We are a locally owned community bank that has been serving the area since 1875. Our friendly staff would be happy to help you open up a new account of your choosing. We also offer loans, safe deposit boxes, a mobile banking app, and much more. Give us a call at (309) 543-3361 with any questions you have.

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