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Give Your Savings the Boost it Deserves

Published February 15, 2019 

We’re going to jump right in and talk about how to find ways to give your savings account the extra kick you’ve been looking for. If you’re wanting to be better about saving or want to grow your bottom line, these tips are for you. 

 

Look at your interest rate 

If we’re being honest, most of the rates on savings accounts are less than ideal because you’re not earning much on what you’re putting in. That’s why it takes a little more work to find an account that will give you a better return on your hard-earned money.

Accounts like our new High Yield Savings Account will actually give you a well-above-average rate of 2.20% APY* on balances of $10,000 or more. It can be frustrating when you hold a good balance in a savings account that’s earning next to nothing. Here you can let your money work for you by giving you more back each month.

  

Treat saving money like a bill 

This sounds a little strange but hear us out. When you make your monthly budget consider labeling your savings contribution as a bill. Once you start seeing it as a “bill” that you can’t miss and not an “extra,” it will help make saving become second nature.  

An easy way to do this would be to plug in your savings amount into the Bubble Budget feature of Money Management so you can keep yourself accountable to be consistent with your saving habits. Thus, helping growing your safety net. 

 

Stack of 100 dollar bills

 

Automate your savings 

However, if you don’t trust yourself to remember to move money over each month (there’s nothing wrong with that), you can always put it on autopilot and schedule an automatic transfer on a specific day each month.  

All it takes is you logging into your MyNCU Mobile App or Online Banking, set up a recurring automatic transfer from your checking account to your savings account, and pick the day you want it to transfer. That’s all there is to it. 

 

Become a DIY-er 

We’ve all seen the different DIY videos floating around our Facebook feeds wondering if we could try it ourselves. Go for it! Making, fixing, and doing tasks yourself will save you a lot of money in the long run because you won’t have to buy it or pay someone else to do it. 

If you want to try doing more things yourself to save money, the Internet is a wonderful place to look it up and learn how to do almost anything. Thank you, YouTube! 

Have any more savings tips? We want to hear from you. Let us know!

*APY = Annual Percentage Yield. Fixed interest rate at 2.18%. Rate effective January 7, 2019 and is subject to change after account opening. $10,000 minimum deposit required to open account. If minimum balance drops below $10,000, the annual percentage rate earned will be 0.00%. More than 3 withdrawals per month will incur a fee. Please see Fee Schedule for details.

Headshot of Jordan Ottaway
Jordan Ottaway contributed to the Neighborhood Credit Union blog from 2016 - 2019.
 

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