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Regular Saving Accounts

Regular savings accounts provide a secure place to set away money for future use. There are multiple benefits to using savings accounts in your financial portfolio, such as easy access to your funds.

Keep reading to learn how regular savings accounts can be a useful tool to grow your savings.

Benefits Of Regular Savings Accounts

learning benefits of regular saving accounts

There are many benefits to growing your savings in a regular savings account. If you are considering opening a savings account, you may want to consider the following points: 

  1. Preparation. The primary purpose of a savings account is to set aside money for future use. Experts recommend that individuals have at least three to six months’ worth of expenses saved at all times to cover unforeseen events. Whether saving for a specific goal like paying for college, buying a new car, planning for retirement—or simply preparing for an emergency—opening a regular savings account is the first step to creating a comprehensive savings plan.
  2. Security. Different financial strategies carry varying levels of risk. Depositing at least a portion of your money in a low-risk savings account can improve your financial future. Many regular savings accounts are FDIC-insured for customers up to $250,000, per depositor, per insured bank, for each ownership category.
     
  3. Accessibility. With other products like CDs or IRAs, withdrawing your money may incur a penalty. You can generally withdraw money in a regular savings account at any point for any reason. Many banks provide an ATM card for quick withdrawals and allow access your account online and by phone. 

Consider building a regular savings account into your portfolio when creating your financial strategy.

Opening A Regular Savings Account

Synchrony Bank offers award-winning, high yield savings accounts that provide security and accessibility. Our accounts are FDIC-insured for customers up to $250,000, per depositor for each ownership category. We offer easy withdrawals online, over the phone or with an ATM card.*

If you want to grow your savings, open an account with Synchrony Bank or call 1-844-345-5789 to learn about our savings account options.

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Sources: 

The Nest: budgeting.thenest.com/ten-good-reasons-people-savings-accounts-21706.html

Investopedia: investopedia.com/terms/s/savingsaccount.asp

*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.


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