Most people have their own bank account but not everyone has a savings account. There are many benefits to having a savings account, you can keep your money separate, save for big ticket items and much more. In this article, we are going to discuss some of the reasons why you should open your own savings account. Keep reading if you’d like to find out more.
Emergencies
Emergencies are always unexpected and so you need to make sure that you are ready for anything that might come your way. With a savings account, you can have your money in a safe place that you can access when you need to. You won’t need to worry about how you are going to pay your hospital bills or for a new washing machine as you can rely on your savings account.
Interest
If you have a savings account like one of the BB&T online bank accounts, you will actually receive interest on the money that you have in there. One of BB&T’s account options called ‘Elite Gold’ is an interest bearing account which may be worth looking into. This is really great for those who are able to save and just have their money sitting in the account. Over time, your interest will all add up and you’ll have more money saved than you initially thought.
Keeping Money Separate
Saving money can be difficult especially when you have all of your money in the same account. This is why you should think about keeping your money separate by opening up a savings account. This way, you won’t think that you have more spending money than you actually do, and you’ll forget about the money in your savings account until you need it.
Save For Big Ticket Items
Have you got something that you’d love to buy but can’t quite afford? If you open your own savings account, you can use it to save for that big ticket item. All you need to do is put some money into your savings account each month and then when you have enough you can go ahead and buy it with no hassle. Think about taking yourself on holiday with your savings or even buying a new car for your family.
Safety
The final reason that you should open a savings account is the fact that your money is protected in these accounts. The Federal Deposit Insurance Corporation will protect any money that is in your savings account up to $250,000 if something goes wrong with your bank. Having this reassurance that your money is safe is a great reason to get a savings account.
Open An Account Now
There are so many different benefits of having a savings account such as giving yourself a way of keeping your money separate, saving for big ticket items and keeping your money safe. On top of this, you’ll be able to gain interest over the years and soon you’ll have even more money in your account than you have saved in the first place.
