5 Reasons Why You Should Open a Savings Account Today

A cheerful female banker explains the different types of banking accounts to a new customer. The banker is showing the customer an savings account brochure.
Reason 1: Added Security for Your Extra Cash

While you absolutely can put all your extra money under the mattress, it’s not very practical or secure. Putting your extra money in a Savings Account at Porter Bank gives you added security. Not only does putting your money in a savings account prevent accidental loss, like in a house fire, or flash flood, it also insures the money in your account.  Banks like Porter Bank, are FDIC-insured, which means the money in your account is insured for up to $250,000. You can’t get that kind of protection from your mattress.

Reason 2: Provides Easy Access In Case of Emergency

Savings accounts provide a safe place for you to keep your extra money so you can work on saving up for big expenses. Savings accounts are also great because it is easy to get the money you need if an issue arises. For example, if a medical emergency arises and you don’t have all the cash to pay the bill, your savings account is easy to withdraw money or transfer. So, having some money kept away in a savings account gives you options in case of emergency.

Reason 3: Helps You Plan For Future Expenses

In the market for a new home? Wanting to save up to buy a new car? Looking to update your kitchen with a home renovation? A savings account is a great way to help you plan for larger expenses. With a savings account, you can easily deposit money in and check on the balance. Then, when it comes time for that home or car down payment, you’ll have peace of mind knowing that you’ve got the amount you need.

Reason 4: Gets You Ready for That Dream Vacation

Many of us get a crushing sense of wanderlust from the monotony of the daily grind. Whisking away to sandy shores, however, gets expensive. With flights, passports, hotels and excursions, the expenses can pile up quickly! But, with a savings account, it can be much easier to plan and prepare. By simply putting a portion of money away each paycheck, you can get closer to jetting off to the destination you’ve always dreamed of. And, with programs like Keep the Change at Porter Bank, you can save money even while you spend money! This makes saving up for your dream vacation easier than ever!

Reason 5: Allows for Growth Opportunities

There are also opportunities for growth with alternate types of savings accounts, like the Money Market or Elite Savings option at Porter Bank. Money Market accounts allow you to earn higher interest while maintaining the ease of a savings account. Or, if you are interested in a long-term investment, Certificates of Deposit are great because they tend to earn higher interest than other types of accounts, allowing your saved money to grow faster.

Start Saving Today!

Whatever your financial needs, it’s important to make sure you are saving money for your future goals. Contact the trusted team at Porter Bank to set up your savings account today!