How to Find the Best Savings Account (Plus 4 Tips to Save Money Faster)
What’s inside: Where your put your money makes all the difference in how fast it grows! How to choose the best savings account to meet your goals faster. Sponsored by PurePoint Financial.
What are you saving for this year? A trip with your family? Your children’s college education?
Here’s what Houstonians said they’re saving for:
- 48% named a dream vacation as their number one savings goal
- 26% are saving for potential medical expenses
- 21% are planning for the future and saving for college tuition
No matter what your goals, there are a few key strategies that can help you get there faster.
Keep reading for four ways to save money faster, plus how you can enter for a chance to win $10,000!
How to grow your savings faster
The best part about these savings strategies is that they are easy to implement. Once you’ve done them, you’ll see incredible results right away!
1. Set savings goals
If you set a concrete goal (i.e. saving $2000 for a summer vacation) versus a vague idea (putting money away for “the future”), you’re much more likely to be successful. Source
Start by deciding the what — what is it that you are saving for? Then move on to the other adjectives that will put you on a path to success. Be as specific as possible:
- What is your goal
- How much money do you need
- When is your deadline
TIP: Writing down your concrete savings goal and your monthly progress will help keep you on track. Grab our FREE ANNUAL SAVINGS GOAL TRACKER to make it easy!
2. Identify your saving’s biggest competitor
What is getting in the way of saving money? For us, believe it or not, it used to be the amount we spent on food and restaurants!
Once my husband and I identified where our money was going, we were able to create a meal planning budget that stopped the money drain. It ended up saving us over $1000 a month — money that we could now put towards our savings goals!
3. Keep savings separate
The saying “out of sight, out of mind” is so true when it comes to saving money!
Always create a separate bank account for your savings. This makes it easy to keep track of how you’re doing and prevents accidentally spending savings on day-to-day purchases.
Worried about your willpower? If you have a debit card for your savings account, leave it at home! That way you won’t even be tempted to tap into your savings.
4. Choose the best savings account for your goals
Many people keep their savings accounts at the same bank they’ve always used. However, you could be missing out on extra cash!
Choosing a bank that is dedicated to helping people saving money will ensure that you’re getting the most for your account.
A savings-focused financial center like PurePoint Financial offers market-leading interest rates, so your money earns more (with no extra effort on your part).
For example, a $10,000 account with PurePoint Financial with an APY of 1.25% could earn up to $125 in interest in one year. The same $10,000 investment would likely earn only a couple bucks in a standard bank savings account with an APY of 0.03% (or less).
That’s almost a 100% difference in how much your money earns!
What sets PurePoint Financial apart from traditional banks?
PurePoint Financial is the modern way to save — new hybrid digital bank for saving. Each PurePoint Financial Center is cashless and streamlined, with a smaller footprint than traditional banks (2,000 square feet on average). This means that all their resources are used to grow your savings.
Three ways PurePoint Financial will help you build your savings faster:
- market-leading rates
- no monthly fees (this is a big one for me because fees eat away at your savings!)
- savings professionals to answer your questions and set you up with the best savings account for your goals
PurePoint Financial Centers are open Mon. through Fri., 9:00 am – 5:00 pm (excluding federal holidays). Sixteen PurePoint Financial Centers are currently open in the Chicago, Dallas, Houston, Miami, and Tampa areas, with others (including New York) slated to open later this year.
Enter to win $10,000 from PurePoint Financial
Yes, you read that right!! To celebrate their Houston launch, PurePoint Financial is giving away $10,000 to one lucky entrant who stops by a Houston-area location to enter through June 16, 2017.
If you visited the Houston Galleria recently, you might have noticed two bright red doors that simply said “Unlock Your Future.”
PurePoint Financial invited me to join them for the opening to reveal what was behind the doors. I’ll admit I was definitely curious!
Each door opened to reveal a vibrant mural by Houston artist Michael Rodriguez, showing what Houstonians are saving for.
What I found out is that as diverse a city as Houston may be, we all seem to have similar goals. We want to make sure our kids get the best education possible, keep our families healthy, and have a little fun while we’re at it.
Be sure to stop in to a PurePoint Financial location this week for the chance to put a huge chunk of money into your savings account!
Enter to win $10,000 at one of three Houston-area PurePoint Financial locations:
- Boulevard Place, 1800 Post Oak Blvd, Houston
- Champions Forest, 5503 FM 1960 Road West, Houston
- Crossing at Tel Fair, 310 S. Hwy 6, Sugar Land
Connect with PurePoint Financial on Facebook and Twitter to stay up to date with the latest savings tips, contests, and more!
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