Saving money can often feel like one of those “next week” goals. When you’ve got a job to do, chores to cross off your list, groceries to buy, and rent to pay, you might find yourself saying, “I’ll start saving more next week.” Since starting and maintaining better saving habits can feel super hard, we made our high-yield savings vaults as easy, and helpful, as possible. Here are 5 key factors that make a GO2bank savings vault* your new go-to for saving.
Some banks charge you fees to open or maintain a savings account. Maybe it’s just us, but we think it’s kind of hard to save money when you’re being charged money to save that money. Rather than try and make that make sense, we just don’t charge you any additional fees to open or use a savings vault when you set up direct deposit with your GO2bank account and receive eligible direct deposits*. The best part? You can open up to 5 vaults at a time, all at no charge to you!
Saving money is great, but wouldn’t it be nice if that money actually did something for you while it was just sitting there? That’s where interest comes in. You’ll earn 4.50% APY (Annual Percentage Yield) on each vault you open, paid quarterly up to a combined balance of $5,000. Not only is that well over the national savings rate average, but that means you can watch your savings add interest every 3 months. So, the more you add to a savings vault, the more you can watch it grow!
Some banks also charge you fees to transfer money into and out of a savings account. We hate to sound like a broken record, but how is that supposed to help you save money? With GO2bank, there’s never a fee to transfer money in and out of your vaults and there are no limits to how many times you can make transfers. When it’s time to spend the money in your savings vault or close a savings vault, all you have to do is transfer that saved money back to your available balance, which you can do for free whenever you want.
Keeping up your savings habits can be a little easier when you know what you’re saving for. Maybe you need a new car, a serious vaycay, or have a baby on the way. Setting your sights on savings is easier than you think. When you open a savings vault, you can choose a name and icon for your new vault, set a savings goal, then choose a date you want to reach that goal. As you keep transferring money to your savings vaults, you can see the percentage increase on how close you are to reaching your goal. Keep your eyes on the prize!
Sure, saving money for a rainy-day fund, emergencies, or ways treat to yourself is great, but so is that victorious peace of mind you get when you know you’re adding money to your savings, setting goals, and watching your savings collect interest. Adulting never feels as good as adding money back to your wallet. Plus, your GO2bank account is FDIC-insured, meaning all of your money, regardless of whether it’s in a savings vault or not, is always protected up to the maximum allowable FDIC limit and won’t ever be held by a third party bank.
Think you’re ready to start setting money aside? Today’s always a great day to let the saving begin! Get started with as a little or as much as you want to add to your vault.
The views and opinions expressed here may not represent the views and opinions of GO2bank, Green Dot Corporation, or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal, or business advice.