4 Reasons to Start a Savings Account

October 23, 2020 | Porte Team

You’re working hard to secure the bag, but you need an idea of how to keep some of the money, too. That’s why you might want to think about another option.

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Why You Should Open a Savings Account

A savings account sets you up with a strong foundation to get your stacks, and keep it too. Your checking account may handle your everyday life (think paying for your Wi-Fi, your Netflix subscription and all of those weekend Uber rides). The extra money you have left over needs a home too. And, a new savings account can be just the place. Check out these top reasons you need to open one.

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The Top 4 Reasons to Open a Savings Account

Your savings need an upgrade. Ditch the idea of having one banking account because you think you don’t have any problems keeping the money separate. (All in your head of course.) Instead, open a savings account so you can change the way you bank. Take a look at why opening a savings account helps make sense so you can keep your coins.

Two is better than one

Some might question the need for an extra banking account. “I know how to track my money,” you tell yourself or “There’s an app to help me.” But one night out with friends can throw your banking account out of balance and leave you trying to figure out a game plan for the rest of the month. An account separate from your main banking account allows you to see your full financial picture at a glance. This way you know how much you can spend, and how much should stay tucked away.

Real life happens

Medical bills, losing your job and car accidents all happen in real life. Emergencies are hard to predict, and sometimes even harder to prepare for. Emergency savings that you don’t touch and only use when the just-in-case-my-car-breaks-down happens can make the unthinkable a little easier if the time comes. There’s no need to wait for a withdrawal to hit your account or sell stocks or bonds. Because some savings accounts can be tied to your regular banking account, you can access your much-needed funds quickly.

Save to Splurge

Yeah, savings can be some pretty serious stuff, but you need to leave room for some fun. Like when the latest pair of shoes that you want drop. Now, you have to decide if you cop them or wait on the next pair. Having specific savings set aside to snag some of those things on your must-have list can make all of the difference between credit card debt or no lights for the next month. Big difference, but worth the few minutes it takes to open an account.

Let your money work for you

You work hard. Your interest should work harder for you. There are saving accounts offered by some financial institutions that allow you to earn a higher interest rate on your money than traditional checking accounts. With a Porte high-yield Savings Account, you’ll earn a competitive interest rate with up to 3.00% Annual Percentage Yield.¹

You can open an account² and push your savings to next-level status.

A savings account is easy to get started. If you’re saving for fun or starting an emergency stash, you can guarantee that while you’re getting the bag; you’ll also be saving it, too.

This blog is not intended to provide any tax, legal, financial planning, insurance, accounting, investment, or any other kind of professional advice or services. To make sure that any information or suggestions in this blog fit your particular circumstances, you should consult with an appropriate tax or legal professional before taking action based on any suggestions or information that we provide.

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2 The optional Savings Account linked to your PORTE deposit account is made available to Accountholders through MetaBank®, Member FDIC. To open a Savings Account, consent to receive communications from us in electronic form is required. Interest is calculated on the Average Daily Balance(s) of the Savings Account and is paid quarterly.

• If the Average Daily Balance is $15,000.00 or less, the interest rate paid on the entire balance will be 2.97% with an annual percentage yield (APY) of 3.00%.

• If the Average Daily Balance is more than $15,000.00, the interest rate paid on the portion of the Average Daily Balance which exceeds $15,000.00 will be 0.49% with an APY of 0.50%, and the interest paid on the portion of the Average Daily Balance which is $15,000.00 or less will be 2.97%. The APY for this tier will range from 3.00% to 0.50%, depending on the balance in the account.

The interest rates and APYs of each tier may change. The APYs were accurate as of 10/1/2020. No minimum balance to open Savings Account or obtain the yield(s). However, you must receive direct deposit(s) totaling at least $1,000 within one (1) calendar month to be eligible to open a Savings Account. Savings Account funds are withdrawn through the Porte Account (maximum 6 such transfers per calendar month) and transaction fees could reduce the interest earned on the Savings Account. Funds on deposit are FDIC insured through MetaBank. For purposes of FDIC coverage, all funds held on deposit by you at MetaBank will be aggregated up to the coverage limit, currently $250,000.00.