Savings accounts allow you to set aside cash for safekeeping until you’re ready to use it for your various financial goals. While less accessible than a checking account, your money is still available to you while it’s in savings, and there won’t be any fees for withdrawing it in case of an emergency. These accounts are so handy, in fact, that many individuals open more than one.

Why You Should Have Multiple Savings Accounts

1. To Track Your Various Goals 

If you designate an account for each of your savings goals, you’ll be able to track your progress at a glance. You can open one for travel, for example, and another for a new car. You should also have a separate emergency fund. This will provide you with a safety net should your house or vehicle need repairs without dipping into other money that has been set aside.

You might also want a joint savings account with a partner in preparation for buying a house together but want to keep this money separate from your other income.

2. To Automate Your Habits 

With online banking, you can automatically transfer a portion of every paycheck to your savings account. However, what if you only want to contribute to your travel fund once a month, but you want weekly transfers to your emergency fund? Having multiple accounts will make it considerably easier to set up all such transactions. Accounts are fully insured up to $250,000 by NCUSIF.

3. To Save for Education

Education is becoming even more expensive. By setting aside money in Estacado every month for yours or your families educational needs, you open up opportunities to get the degree you need for your future.  

For free savings accounts, turn to Estacado Federal Credit Union. Founded in 1953, this financial institution has been serving individuals and families across Lea County, NM, and Cochran, Gaines, and Yoakum counties in Texas. A not-for-profit credit union, they’re committed to helping members reach both their short- and long-term financial goals. To learn more about their services, visit their website. To enroll, call (575) 393-1596.