If you’re looking for innovative ways to make your bank work for you, multiple savings accounts might be the answer. In fact, consumers everywhere are reaching their savings goals by using multiple accounts for different purposes. Luckily, Citizens Bank in Byhalia, MS, has been providing savings account solutions to their clients since 1919. Below, their qualified experts explain how you can use multiple accounts to your advantage. 

How to Use Multiple Savings Accounts

What Multiple Accounts Will Do for You

Funding an adequate savings account can be daunting for many people. Most aren’t sure how much to save, as well as where to put the money without losing out on investment opportunities. However, establishing multiple savings accounts for different purposes can ease the burden of having to achieve one big number. Additionally, consumers are more encouraged to save if they have realistic goals. Saving for one small item is more achievable than multiple goals that amount to a large, far-off number. 

Why an Emergency Fund Is Necessary

Every person should have a separate account for their emergency fund. The purpose of not intermingling your emergency fund with your other savings accounts is to avoid the temptation of spending the money on items that aren’t an emergency. It’s important to be ruthless when defining an emergency; while plane tickets to Bali don’t fit the bill, an unexpected medical expense or auto repair might be permissible.

How Separate Purchase Accounts Can Ease the Burden

Having separate accounts for specific goals will help you establish positive savings habits. For example, saving for a car might warrant a separate account. This could be considered an account for 5-year goals, while saving for a home downpayment might be a 7-year goal. Keeping these funds separate from your other savings accounts is also encouraging, because you can watch your money grow and your goal get closer. 

If you’re curious about how to reach a savings goal or looking for a trusted personal bank, the team at Citizens Bank is on hand to assist. With nearly a century of experience providing quality services to their clientele, they’ve mastered the art of individualized customer service that will help you achieve your financial goals. Call them today at (662) 838-2146 or visit their website for more information. Member FDIC.