6 Hidden Banking Features For Increased Savings

In today’s financial environment, saving money is far more important than putting aside a little portion of a paycheck. Saving is not an easy job for many, hence, many banks offer multiple features that can help individuals maximize their savings with little effort. 

If you are one of those people who would love help from banks to enhance their savings, here are some not-so-hidden banking features that help the likes of you. 

1. Saving Bonuses

A high yield savings bonus is one of the best-kept secrets in the banking industry. Many banks offer promotional bonuses when you open a direct deposit account or a savings account with them. 

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These bonuses can vary from a few hundred to a thousand dollars, depending on the deposit amount. Moreover, high-yield savings accounts offer better interest rates, speeding up your savings process. Make sure to keep yourself updated with the promotional offers from banks and read the fine print to ensure your qualification for the bonuses. 

2. Round-Up Saving Programs 

If you struggle with the consistency of your savings habit, you need to explore round-up saving programs. Many banks are now offering this feature, which rounds up your everyday purchases to the nearest dollar and transfers the spare changes to your account.

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Be it $ 0.25 or $ 2.75, these small additions can make a big difference and increase the total savings in your account. Some banks take a step further by offering matching contributions for a limited period, helping you increase your savings amount. 

3. Automatic Transfers To Sub-Savings Accounts 

Knowing about savings accounts is one thing, but understanding that some banks offer sub-savings accounts for specific goals can further enhance your savings potential. Instead of keeping all your savings in one place, you can set up multiple accounts for different purposes, such as an emergency fund, savings for vacations, buying a new car, etc. 

When you set up the automatic transfer feature, your savings money is allocated to each of these sub-accounts automatically, without tempting you to overspend. This feature can be a game-changer for those looking to save money for specific goals. 

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4. Cash Back And Reward Savings

Many banks offer debit card cash-back offers, but not everyone knows that you can deposit this cash-back directly into your savings account. Instead of getting the cash-back in your checking account–where overspending is always a factor–you can deposit directly into savings accounts. 

Moreover, some banks even offer higher rewards for redeeming your points for saving instead of spending. This feature can help you grow your savings effortlessly while letting you make everyday purchases. 

5. CD Laddering For Enhanced Interest Rates

Certificates of Deposit (CDs) are another traditional saving tool, however, CD laddering is a modern strategy that maximizes your returns. Instead of locking all your money into a single CD, you can divide it into multiple CDs with different maturity dates. 

Using this feature, you can enjoy liquidity, as well as higher interest rates. As each CD matures, you can reinvest it into a newer one.

By understanding the hidden features of the banking system, you can significantly improve your savings potential without having to keep yourself restricted from spending.