Keeping Money in a Savings Account
Many people know the importance of building a cash savings. However, depositing money into an emergency fund and keeping money in this account are two separate things. Dipping into a savings account for needless purchases can deplete your nest egg. Growing an account calls for self-control, wherein you deposit funds and then keep your hands off the account.
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Instructions
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Open a savings account with a bank and then decline a bank or ATM card. If ATM cards are automatic with the account, cut the card in half. Keeping a bank card out of your possession can eliminate frequent trips to the bank. Withdrawing money from the account then involves going inside the bank branch and speaking with a teller.
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Use an online bank to avoid easy access to funds. With online bank accounts, you must transfer funds to your personal bank first, which can take several days. The hassle of waiting for money to reach your account can discourage needless withdrawals.
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Talk to your bank about a certificate of deposit or money market account. These types of savings accounts limit the availability of cash. For example, banks limit the number of times you can withdraw from a money market account; and if opening a CD, withdrawing funds before the CD matures results in paying a penalty.
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Take advantage of your bank's savings programs. To encourage personal saving, your bank may offer the option of rounding up your purchases and deposing the extra change into your savings account, or depositing a dollar into your account for every purchase made with a debit card. Speak with a banker to discuss your options.
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