Saving for a new car can seem like a huge task, especially if you are on a tight budget. But by following a few easy steps, you’ll be in your new wheels in no time. Start by assessing your current spending habits, then open a savings account for your down payment. Keep reading for tips on how to save money for a car.
Prioritize saving for a new car.
Lots of expenses compete for your income. If you reorganize your expenses, you may find ways to redirect your funds to the purchase of your car:
Also remember that some of your routine expenses will always be a part of your budget but saving for a new car is temporary. Be strategic with your funds to save for your new-car account.
Open a dedicated high yield savings account.
Keeping your new-car fund separate from your other savings or checking accounts may help you reach your savings goal faster. You may also get a psychological boost from seeing those new-car dollars build over the upcoming weeks.
Make saving automatic.
Arrange to have a portion of your paycheck automatically transferred from your checking account into your new-car savings account. You won’t miss the money that you never see.
Synchrony Bank can help you save for your new car in no time. A high yield savings account from Synchrony Bank has no monthly fees and no minimum balance. We offer the convenience of online banking including automatic transfers* and online connections to other bank accounts.
With easy access online or by phone, great customer perks and award-winning products, you can feel confident that Synchrony Bank is working as hard as you do.
For help saving for your new car, call Synchrony Bank at 1-844-345-5789 or find us online today.
*Federal regulations limit the number of electronic and telephone transactions you can make with your High Yield Savings account to six transfers or withdrawals per monthly statement cycle. If you exceed these limits, we may close your account.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 07/12/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.