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2022-04-06
Savings
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How Checking and Savings Accounts Can Help With Your Financial Goals

a woman transfers money into her savings account with online banking
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We all have financial goals. And some of them seem easier to achieve than others. As we say goodbye to winter and welcome the spring season, it’s the perfect time to review your financial goals and think about how you can work toward realizing them.

While there are many steps you can take to set yourself up for success, you may be surprised how the two most simple types of accounts -- checking and savings accounts -- can help you on your journey to meeting your goals.

Here are several ways that you can use your checking account and your savings account to help you work toward your financial goals.

Checking: Academy Bank’s Saving Cents Program

With Academy Bank’s Saving Cents program, you can use your checking account to save money … each time you spend money.

Here’s how it works. When you make a purchase, you can round up your debit card purchases automatically and put the change in your savings with Saving Cents. You can choose to round up to the nearest dollar or even up to the nearest five dollars. Every time you make a purchase, we’ll round it up. Each night, all the extra change is transferred automatically from your checking to your savings.

To sign up for the Academy Bank Saving Cents program, call or visit a branch or login to Digital Banking and send us a Secure Message.

Checking: Pay Yourself First

“Pay Yourself First” is a money management strategy that can help you increase your savings -- without even thinking about it. Let’s say it’s payday, and you take a look at your checking account to see that your direct deposit came through.

With Pay Yourself First, before you spend any of that money on bills, other necessary expenses, or anything else … you would transfer a certain amount of that money to your savings account. Many checking accounts do this automatically for you, so there’s no stress if you don’t remember to do it with each pay period. But having that extra money in your savings account can help you meet your financial goals.

Checking: Automate Payments

Just like you can automate your savings, you can often use your checking account to automate payments. Whether it’s your mortgage or rent, phone bill or other utilities, or even your credit card bill, your checking account can help you make payments on time, every time.

Making on time payments means that your credit score won’t be harmed by late or missed payments, and you won’t be subject to the interest that comes with it. When on time payments become a habit, you’ll be in a better position for your financial future and future goals.

Savings: Set Up an Emergency Fund

An emergency fund -- or a “peace of mind” account, as we like to call them is an essential part of a healthy financial life. But unfortunately, many Americans don’t currently have emergency funds.

Emergency funds are there in the case of an unexpected expense, like an unforeseen car repair or a medical bill. Without an emergency fund, you may be more likely to need to dip into another account to pay for these expenses -- which could cause more financial hardship in other areas.

Having a savings account, especially one designated for emergencies, can help ensure your other financial goals aren’t derailed by an unexpected expense.

Savings: Save For Your Dreams

What are your dreams? Whether it’s a vacation, a new home or car, or going back to school, following our dreams is an important part of life.

But you’ll likely need some funds to put your dream into motion.

As a child, you may have had a piggy bank to save up to buy a new toy. You can think of your savings account in the same way -- but with better protections. Take advantage of the benefits that savings accounts can offer as you work toward achieving your dreams.

Your Go-To Option for Checking and Savings Accounts*

At Academy Bank, we offer a variety of checking and savings account options to ensure we fully meet our clients’ needs.

For checking accounts, choose between Simple Checking, Select Checking, Elite Checking, and Student Checking. Each of these accounts comes with benefits such as digital banking with bill pay, free mobile check deposit (Message and data rates may apply. Deposits are subject to verification and are not available for immediate withdrawal. Deposit limits and restrictions apply.), free E-Statements, and debit card controls.

Select and Elite Checking come with additional benefits such as free money orders and free access to 30,000+ ATMs with the MoneyPass Network. Learn more about Academy Bank checking accounts.

Our savings accounts are designed to help you save up for anything -- from vacations to emergency expenses. Features include digital banking with account alerts, source of overdraft protection, and eligibility for our Saving Cents program. Open your Academy Bank savings account now: it only takes 10 minutes to apply.

Working Toward Your Financial Goals, Together

Are you ready to continue your good financial habits and work toward your goals? Academy Bank is by your side.

On top of our savings and checking accounts, we offer a variety of other products, to help you live your best financial life -- now, and in the future.

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