Chances are, you don’t check your bank account every day. Your paycheck gets deposited into your checking account, you may set aside some money in your savings account — but that’s about it. Sound familiar?
If that’s how you use your bank accounts, you could be losing out on significant value. Your bank is a wealth of resources and tools that you can use to improve your finances — and make your money work harder for you.
7 Ways to Get the Most Value From Your Bank
While you may go to the bank for cash withdrawals or deposits, you may not have realized that there are many other ways your bank can help you with your money. To get more value from your bank account, consider these options:
1. Sign Up For a Bonus Rate Checking Account
With some checking accounts, your money doesn’t earn a return – it’s simply there so you have it readily available to pay your bills. However, by considering a high-yield checking account, you could be earning a regular return on your checking account balance, just by meeting a few simple qualifications.
For example, with a Bonus Rate Checking account at SouthEast Bank, you could earn up to 2.01% annual percentage yield (APY) on balances up to $20,000.1 To be eligible for the additional funds, you must sign up for eStatements and make at least 15 qualifying debit card transactions during each statement cycle.
2. Switch to a High-Yield Savings Account
If you’re loving your high-yield checking account, then here’s a piece of good news. You can also open a high-yield savings account to grow your funds even more!
Switching to a high-yield savings account is an easy and risk-free way to earn more interest and grow your money.
With a Bonus Rate Savings account at SouthEast Bank, you can earn 2.01% APY on balances up to $10,000.2 To be eligible for the full return, you must have a checking account with Southeast Bank, enroll in eStatements, and make at least 15 qualifying debit card transactions during each statement cycle.
3. Use Mobile Deposit
If your employer is still paying you by check, you know what a hassle depositing your money in person every pay period can be.
That’s where mobile deposit comes in. Many banks, including SouthEast Bank, offer the option to deposit checks under a certain dollar amount directly from your phone! Simply take a photo of the front and back of your check and submit it using your bank’s mobile app. No hassle, and often a faster turnaround time because you can deposit the check the same day you receive it.
4. Switch to Direct Deposit
Don’t want to deal with depositing a paper check at all? No problem. Speak with your employer to find out if direct deposit is available to you.
With direct deposit, your paycheck is disbursed directly to your checking account on your payday. Plus, with Accelerate from SouthEast Bank, you can access your money up to three days sooner!3 Best of all, this feature is automatically activated when you open a qualifying checking account.
5. Take Advantage of CDs
If you have a goal you want to achieve within five years, investing in the stock market can be too risky; if the market has a downturn, you could lose your money and not have time to regrow it before you need it.
A safer way to grow your money is to open a certificate of deposit (CD). With a CD, you deposit money with a bank and commit to leaving it untouched for a specific period of time. Typically, a CD will last for 12 to 60 months. In return, the bank will pay you a higher APY than you’d get with a savings account. You can learn more about SouthEast Bank’s special CD promotions here.
6. Open an IRA
If you’re like many people, you may be behind on your retirement savings. Even if you have an employer-sponsored retirement plan like a 401(k), it may benefit you to open an individual retirement account too. Having another retirement account allows you to save even more money for your future.
Southeast Bank has multiple IRA options, including Traditional IRAs, Roth IRAs, and Simplified Employee Pensions (SEP IRAs).
7. Automate Your Savings
Saving money can be tough; you can always think of ways to spend your cash rather than save it. To prevent unnecessary spending, automating your savings is a smart way to set aside money for emergencies or your future goals.
With automated savings, you can set up automatic transfers on a weekly, biweekly, or monthly basis. The bank will transfer the money for you, without requiring you to do anything, and your balance will grow over time.
Choosing a Bank
Your bank account can be a huge help as you manage your finances and plan for your future. By taking advantage of your bank’s services, you can better prepare for emergency expenses and other goals. When choosing a new bank, check what services and banking products are available to make sure they’ll meet your needs.
1To earn the bonus rate, each statement cycle the account must be enrolled in eStatements and post and settle at least 15 qualifying debit card transactions of $1 or more. If all qualifications are met during the statement cycle, the account will earn a 2.01% APY on balances up to $20,000 and .20% APY on balances over $20,000. If bonus qualifications are not met during the statement cycle, the account will earn .05% APY. Unlimited check writing is subject to available funds. $3.00 Paper Statement fee applies if account is not enrolled in e-statements each statement cycle. Qualifying transactions include point of sale or online purchases using the SouthEast Bank debit card. ATM and cash-only transactions do not qualify towards minimum debit card transaction amount. Fees may reduce earnings. Some fees and restrictions apply. Visit southeastbank.com or ask an associate for complete details. Rates are accurate as of 8-1-2021. Rates are variable and subject to change after account opening.
2To earn the bonus rate, the account holder must have a SouthEast Bank checking account with the Round Up feature, enroll the Bonus Rate Savings account in eStatements and post and settle 15 round up debit card transactions during the statement cycle from any personal SouthEast Bank checking account. If all qualifications are met during the statement cycle, 2.01% APY will be applied on the balances up to $10,000 and .20% APY on balances over $10,000 will be credited. If bonus qualifications are not met during the statement cycle, the account will earn 0.05% APY. Unlimited withdrawals at teller window or ATM and 6 pre-authorized withdrawals per month at no charge, including checks, ACH debits and online banking transfers; $3 fee for each withdrawal thereafter. Fees may reduce earnings. Limit one Bonus Rate Savings account per primary owner tax ID. Rates are accurate as of 8-1-2021. Rates are variable and subject to change after account opening.
3The payer has until the posting date to retract the payment. If the payment is retracted, SouthEast Bank will debit the account.
Note: Links to other websites or references to services or applications are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site, service or application. SouthEast Bank does not control the content of these sites, services or applications.
Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.