Automatic Savings Account
Automatic Savings Account...
Transfers a specific dollar amount from your checking account to your savings account once a month.
- You never have to remember to set aside money and transfer it into your savings account because it does it for you.
- You are "paying yourself first" which is a big component when building your wealth.
- Might have federal limits on the number and types of withdraws allowed per statement cycle.
- Look for the bank that will not charge you a monthly maintenance fee
- Committing to a certain amount to save automatically each month