It’s America Saves Week! Each year we take this week to do a financial check-in with our members and focus on the importance of saving.
Today’s focus is “Save Automatically.”
The easiest and most effective way to save is to #SaveAutomatically. Having a “set it and forget it” approach to saving increases your success rate.
The two best ways to save automatically are:
- Split Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit, ask your HR representative
for more details, and set this up today.
- Automatic Transfer: Every payday, we can transfer a fixed amount from your checking account to a savings or investment account. You can set this up on your online/mobile banking, over the phone, or visit a branch!
Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest! Whether saving for an emergency fund, education expenses, retirement, or all things in between, by making saving
automatic, our community is in the best possible position to reach any savings goal.