No matter where you are in your financial journey, it’s always a good time to focus on your goals and explore ways to start saving. Whether you just started working or you’re nearing retirement, the sooner you outline your savings goals, the more time they'll have to come to fruition.

Reasons to save

Let’s face it: unpredictability is a fact of life. Unanticipated events like a sudden job loss or an expensive medical bill happen to normal people all the time and can be financially detrimental. While no one’s immune to hardship, the best way to be financially prepared for tough times or unexpected expenses is by having savings available.

The good news? It’s never too late to start.

Beyond just being prepared for emergencies, savings have the power to give you the boost you need to make important purchases and reach financial milestones. This is where savings goals come in—when you map out the details of your long-term aspirations as early as you can, you put yourself in the best position to be prepared for both the expected and the unexpected twists and turns of life. Think of planning your savings goals like planning an itinerary for a trip. Just like an itinerary will help you have a plan and know what to expect for each part of your vacation, savings goals help you be financially prepared for each new phase of your life.

While navigating your savings can feel easier said than done at times, our experts are here to guide you through every step of your financial journey.

Getting started

Before you open a savings account, take inventory of your current financial situation and goals. Factors such as income, short-term goals, long-term goals, and your existing investment portfolio are all important to consider when picking the right savings account for you.

Notice the distinction between short-term and long-term goals. It’s beneficial to plan for both; short-term goals are essential for knowing what to prioritize in the near future, while long-term goals help you maintain focus on the bigger picture. To set yourself up for savings success, you should strive to have a healthy mix of short-term and long-term goals. Short-term goals could be things you want to accomplish within the next year or so, such as saving up for a vacation or a new phone. Long-term goals include what you want to accomplish multiple years from now, such as paying off debt or buying a car. Depending on where you are in life, your long-term goals may entail buying a home, starting a family, paying for college, saving for retirement, or another milestone ahead.

Once you have your financial ducks in a row and your goals defined, it’s time to select a savings account. We offer a wide variety of savings solutions that fit all levels of wealth and stages of life.

Savings solutions

Our Money Smart Savings solution is a great place to start your savings journey. It pairs well with our Money Smart Checking account, and it’s a solid solution for young adults who are looking to start off on the right foot with their finances. 

Money Smart Savings accounts have variable interest rates, with interest paid monthly. No minimum deposit is required to open a Money Smart Savings account, and there is no minimum monthly balance or monthly maintenance fees. It also comes with a free debit card (if you have a linked checking account) with up to six free out-of-network ATM reimbursements per calendar month.¹

Our Statement Savings² account is another solution perfect for improving financial health. Like our Money Smart Savings accounts, Statement Savings accounts have variable interest rates and monthly interest payments. There’s no minimum deposit required to open a Statement Savings account, but there’s a minimum daily balance of $200 required to avoid a $5 monthly maintenance fee.

For individuals under the age of 22, we offer the Junior Savers Savings³ account and the Junior Savers Club®⁴ as an introduction to the power of saving. In addition to being an excellent way to start teaching children about money, it has many of the same features of the Statement Savings account, but without the minimum daily balance requirements or monthly service charges until the Saver turns 22. There is no required minimum deposit to open. Once the Junior Saver turns 22, they will need to maintain a $200 daily minimum balance to avoid a $5 monthly maintenance fee. 

With our Money Market account,⁵ planning for the future is made simple. Our Money Market account requires a minimum initial deposit of $100, and a minimum daily balance of $2,500 or average daily balance of $5,000 maintained throughout the month. If the balance falls below the minimum (or average) requirement, there will be a service charge of $15 for that month.⁶

Once you’ve selected the savings solution that fits your finances, you’re ready to start working toward your savings goals. If you ever feel lost while navigating your savings journey, always remember that you can rely on us as your financial partner at every step of the way.

Reach out to your local banker for expert answers to any of your financial questions.