Now is a great time for people to start saving money thanks to the many savings account incentives that banks are starting to offer in an attempt to bring in more customers. Cash, fund matching, and higher interest earnings are some of the most notable incentives. Many people are opening accounts for no reason other than to get the incentives and as a result become more aware of the importance of saving money.
Cash Incentives
It is becoming common practice for many banks to offer cash to potential customers as an incentive for opening accounts. The majority of banks offer the cash when checking accounts are opened, but it’s occasionally done with savings accounts, too. Most banks require that a certain balance is maintained in the account for a specified period of time before awarding the cash.
Fund Matching
Fund matching is one of the most popular savings account incentives. The programs tend to vary from one bank to the next, but most banks agree to equally match each dollar placed inside the account for a limited time period, which is usually around three to six months after the account is opened.
Higher Interest Rate Returns
Many banks are beginning to pay more interest on savings account funds to lure people into opening accounts. The high rates of interest are usually guaranteed for a certain period of time before reverting back to the standard rate.
Round Up Programs
Bank of America has a popular program in place called “Keep the Change” that helps people with savings accounts build up their savings without really trying. People who opt in to the program agree to have the amount of all their bank debits rounded up to the nearest dollar, with the rounded amount going directly into their savings accounts.
Opening a savings account is considered one of the most practical ways to save money because people tend to believe that money they are saving is safest in the bank’s hands rather than their own. These extra savings account incentives seem to be mutually beneficial for both the banks offering them and the people who sign up for accounts.
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