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Simple New Year Changes to Grow Your Savings

January 03, 2021  |  Porte Team
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Nearly four out of 10 people make financial resolutions for the New Year. If you’re looking for ways to easily save money to help you achieve your financial goals, we’ve outlined four ways to help you start saving more money.

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Live within your means

Taking an honest look at your monthly income and spending habits will help you make significant financial strides. By creating a budget and sticking to it, not only will you have peace of mind, you’ll be able to grow your savings.

If you’re looking for ways to reduce your spending consider cooking more meals at home, learning how to do simple home repairs, selling your old stuff that you don’t need or use, canceling monthly subscriptions you don’t use, or making sure your auto insurance is the lowest it can be (rates typically decrease when you turn 25 and again when you get married).

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Get a high-yield savings account

This is one of the easiest ways to get your money to work for you. The national rate for savings accounts reported by the FDIC is 0.07% APY as of 1/1/2023.1 Porte’s High-Yield Savings Account2 has an APY of up to 3.00%.3 That’s over 30x the national average. There are no monthly maintenance fees, and no minimum balance required, although there is a direct deposit minimum required. Apply for your account today.2

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Automate your savings

When you don’t have to think about doing something, the more likely it is to happen. Take advantage of automating your finances. You can set up automatic paycheck deductions with your employer, or set up an automatic transfer with your bank.

Banking with Porte makes it easy to see how your monthly savings contributions can grow over time. Using Porte’s Savings Calculator, simply input your starting savings balance, the APY, and your monthly contribution to discover how long it will take to meet your savings goals.

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Open a retirement account

It’s never too early to start thinking and planning for your retirement. The earlier you begin to grow a retirement account the easier it is to prepare for a sound future.

If your employer offers 401(k) plans, especially if your contributions are matched, sign up. In this program a percentage of your income will be deducted from your paycheck and placed in an investment account. Often employers will match the percentage you’re contributing.

If you’re self-employed, or if your employer doesn’t offer 401(k) plans, consider alternative long-term investment strategies for your money. If you’re not sure where to start, consult with a Certified Financial Planner, or Certified Public Accountant. They can help you figure out where to start, and determine which long-term investment strategy might be right for you and your money.

Cheers to a new year and to taking small, easy steps to help you achieve your financial goals.

Source
WalletHub 2020 Survey - https://wallethub.com/blog/financial-new-years-resolutions/9202/

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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  1. The national rate is posted by the FDIC and is calculated based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. More details about the calculation may be found at: https://www.fdic.gov/regulations/resources/rates/#one. The national rate for savings accounts is reported by the FDIC as 0.07% APY as of 1/1/2023. To view how the national rate currently compares to Porte’s rates, please visit this site ​​​​​which is verified quarterly.

  2. IMPORTANT INFORMATION FOR OPENING A NEW DEPOSIT ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens an Account. WHAT THIS MEANS FOR YOU: When you open an Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see a copy of your driver’s license or other documents at any time. All Accounts are opened subject to our ability to verify your identity by requiring acceptable types of identification. We may validate the information you provide us to ensure we have a reasonable belief of your identity. If we are not able to verify your identity to our satisfaction, we will not open your Account or we may close the Account if it was previously funded. Your Account is subject to fraud prevention restrictions at any time, with or without notice.

  3. The optional Savings Account linked to your designated Porte account is made available to Accountholders through Pathward®, National Association, 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.

    • An interest rate of 0.20% will be paid on your average daily balance with an APY of 0.20%.
    • Additionally, the optional Porte Savings account allows you to earn a higher interest rate of 2.97% with an APY of 3.00% on an average daily balance of up to $15,000 during a calendar quarter if you (i) receive at least $3,000 in Qualifying Direct Deposits into your Porte Spending Account in that calendar quarter, AND (ii) make at least fifteen (15) Qualifying Debit Card Purchase Transactions from your Porte Spending Account in that calendar quarter. “Qualifying Direct Deposits” and “Qualifying Debit Card Purchase Transactions” have meaning ascribed to them in the Savings Account Agreement. The interest paid on average daily balances of over $15,000.00 will be 0.20% with an APY range for this tier from 3.00% to 0.20%.

    The interest rates and APYs of each tier may change. The APYs were accurate as of 07/2024. No minimum balance to open Savings Account. Savings Account funds are withdrawn through the Porte Account and transaction fees could reduce the interest earned on the Savings Account. See the Savings Account Agreement for more details. Funds on deposit are FDIC insured through Pathward, N.A. For purposes of FDIC coverage, all funds held on deposit by you at Pathward, National Association, will be aggregated up to the coverage limit, currently $250,000.00.

    Upon successful activation and registration f the Account, funds on deposit at Pathward, N.A. Member FDIC, are insured up to the standard maximum deposit insurance limit. Coverage limit is subject to aggregation of all of Accountholder’s funds help on deposit at Pathward, N.A.

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