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Tag: Online Savings Account

Teachers: How to Survive the Summer Paycheck Gap

  • Budgeting
  • Cash Back
  • 10 min
  • 1 year ago
  • 4

Attention, educators. Here’s how to enjoy your much-needed summer break—even if it comes without a paycheck.

The post Teachers: How to Survive the Summer Paycheck Gap appeared first on Discover Bank – Banking Topics Blog.

  • January 12, 2021
Tagged All, Banking, budget, Budgeting, Budgeting Basics
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Months (and months) of grading papers, bringing work home on the weekends, staying on-point for all those young minds you’ve been charged with educating and finally… summer is here! It’s time to put your feet up and relax for a well-earned break from your awesome, and often intense, teaching career. But wait. How do teachers budget with no paycheck during the summer?

The summer paycheck gap doesn’t need to be a cause of stress for educators. You just need to put a plan in place to cover your finances for the months that school is out of session. You can follow these guidelines to create a summer budgeting plan that works for you:

Spread your income over 12 months

Bobby Hoyt, a former teacher and personal finance blogger at Millennial Money Man, says the beginning of the school year is always a “crazy time” for teachers. Your best bet to cover the summer paycheck gap is to have a budget in place well in advance of the bell on the first day of school.

To start, check to see if your school offers a year-round payment option. This would allow you to opt-in prior to the beginning of the school year to have your paychecks spread out over 12 months instead of the 10 or so months that you are working. “That way you’ll have a consistent paycheck no matter what time of the year it is,” says Kristin Larsen, personal finance blogger at Believe in a Budget. Even though your monthly pay will be lower with year-round paychecks, it could be easier to create a financial plan and manage the summer paycheck gap with the predictable cash flow.

To survive the summer paycheck gap, spread your salary across the entire year, not just the school year.

If your school doesn’t offer this type of program or if you prefer to collect your standard paychecks and spread them out to accommodate summer, you can create your own 12-month paycheck plan to manage the summer paycheck gap. First, divide your annual income by the amount of months you receive paychecks. If you earn $57,000 a year and work for 10 months, for example, you’ll arrive at $5,700. Next, divide your annual income by 12 months, which in this example, would be $4,750. Finally, calculate the difference between those numbers. In this case, it’s $950. This is how much you would need to set aside from your monthly income to provide for two months of the same pay during the summer. You’re essentially putting money aside so you can give yourself a paycheck during your time off.

“Then, you’ll want to sit down and create a budget and find where you need to cut back and where you can still do the things you enjoy,” Hoyt says.

See if your school offers a year-round payment option. This would allow you to opt-in prior to the beginning of the school year to have your paychecks spread out over 12 months instead of the 10 or so months that you are working.

Calculate your standard expenses and summer extras

If you’re a teacher living with no paycheck during the summer, Hoyt suggests figuring out how much money you’ll need in the summer months to cover your standard living expenses. Think housing, utilities, groceries and transportation. The stuff you can’t live without. If you don’t have a baseline for your essential expenses, keep track of what you spend for at least three months, or sort through old credit card transactions and bank account activity by month. This should help you get a clearer idea of the minimum amount needed to cover your bills and and basic living costs. A summer budget tip for teachers is to use your highest expense month to forecast your summer costs so you don’t have to stress about coming up short, Larsen says.

Another summer budget tip for teachers is to anticipate discretionary seasonal expenses. Let’s face it—there’s a lot of fun to be had over the summer, and the cost of extra activities and travel can really add up. Quickly. Luxury vacation or the summer festival circuit, anyone? Estimate how much you’ll need for your summer extras, and add those to the living expenses mentioned above. If any of your summer expenses recur annually—like a standing trip with family or friends—use what you’ve spent in past years to arrive at how much you’ll need this time.

To prepare for no paycheck during the summer, be sure to include your standard expenses and summertime extras, like travel, when making your budget.

Whether you receive summer income from a year-round payment program or set aside money monthly to combat the summer paycheck gap, there’s a chance that your total summer expenses may exceed your summer paychecks. Read on for more summer budget tips for teachers that can help you plan for this difference.

Stash summer expenses in a separate account

If you’re stashing money away monthly to avoid the summer paycheck gap, creating a separate summer fund to contribute to throughout the year can be an effective summer budget tip for teachers. You could hold the portion of your paycheck you have set aside for summer in this fund, and look for other creative ways to add savings to the account. Bonus: If you put your summer paychecks and additional summer savings in a separate account, it may be easier to avoid the temptation to withdrawal for other expenses during the school year.

You earned it.
Now earn more with it.

Online savings with no minimum balance.

Start Saving

DiscoverOnline
Savings

Discover Bank, Member FDIC

Consider parking your summer funds in a high-yield online savings account so you can earn interest while you work your way through the school year. If you plan ahead and won’t need to withdraw your funds for a specific amount of time (say 12 months), you could earn even more interest with a certificate of deposit.

Create a financial cushion

In addition to the money accumulating in your fund for the summer paycheck gap, it’s important to also have an emergency fund, Hoyt says. An emergency fund is just that—a fund that is set aside strictly for emergencies, like car repairs or medical bills you didn’t anticipate. “It’s always wise to have an emergency fund, but especially if you have gaps in income,” adds Larsen, from Believe in a Budget.

While experts typically recommend saving at least three to six months of living expenses in your emergency fund, you can start small and add as your budget allows. Any cash set aside in an emergency fund will be helpful if an unexpected bill or expense comes your way, especially if it’s during the summer paycheck gap.

Consider a side hustle

If you think your summer paychecks and extra savings are going to fall a little short of your summer expenses, “consider a summer side hustle to pay for the extras that can come with warmer weather,” Larsen says. With no paycheck during the summer, a side hustle can be a good way to funnel more cash into your summer fund account.

According to Hoyt—who actually started his website as a side hustle when he was a band director—many teachers can use their skill set for side hustles related to their profession. For example, teachers can offer private lessons or tutoring within their areas of expertise. Teachers can also pursue unrelated side hustles, like flipping items in online marketplaces to bring in more money in anticipation of no paycheck during the summer.

A side hustle may also be a perfect opportunity to explore a new venture, especially when there’s no paycheck during the summer. Hoyt says a side hustle can even provide a route to a new career path. “The skills that teachers pick up throughout their career—dealing with people, managing a high workload, having high standards for excellence—tend to translate extremely well into entrepreneurialism,” Hoyt says.

Make it a summer to enjoy

Teaching has its challenges, but it also comes with the major perk of having some of the best months of the year off. Planning ahead and implementing these summer budget tips for teachers will help make sure that these hard-earned months of vacation are truly an enriching time.

The post Teachers: How to Survive the Summer Paycheck Gap appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

4 Tricks for Budgeting on a Fluctuating Income

4 Tricks for Budgeting on a Fluctuating Income

  • Budgeting
  • Cash Back
  • Frugal Living
  • 10 min
  • 1 year ago
  • 4

If your career is associated with a variable income, read on for budgeting tips.

The post 4 Tricks for Budgeting on a Fluctuating Income appeared first on Discover Bank – Banking Topics Blog.

  • January 10, 2021
Tagged All, Banking, budget, Budgeting, Budgeting Basics
Read More
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If you have an irregular income, you know how great the good times feel—and how difficult the lean times can be. While you can’t always control when you get paid or the size of each paycheck if you’re a freelancer, contractor or work in the gig economy, you can take control of your money by creating a budget that will help you manage these financial extremes.

Antowoine Winters, a financial planner and principal at Next Steps Financial Planning, LLC, says creating a budget with a variable income can require big-picture thinking. You may need to spend time testing out different methods when you first start budgeting, but, “if done correctly, it can really empower you to control your life,” Winters says.

How do you budget on an irregular income? Consider these four strategies to help you budget with a variable income and gain financial confidence:

1. Determine your average income and expenses

If you want to start budgeting on a fluctuating income, you need to know how much money you have coming in and how much you’re spending.

When budgeting on a fluctuating income, it helps to determine your average monthly income and expenses.

Of course, that’s the basis for any budget. But it can be particularly important if you’re trying to budget on an irregular income because you may have especially high- or low-income periods. You want to start tracking as soon as possible to build up accurate data on your average income and expenses.

For example, once you have six months’ worth of income and expenses documented, you can divide the total by six to determine your average income and expenses by month.

Many financial apps and websites can help with the tracking, including ones that can connect to your online bank and credit card accounts and automatically pull in your transactions. You may even be able to pull in previous months’ or years’ worth of data, which you can use to calculate your averages.

If you’re budgeting on a fluctuating income and apps aren’t your thing, you can use a spreadsheet or even a pen and notebook to track your cash flow. However, without automated tracking, it can be difficult to consistently keep your information up to date.

2. Try a zero-sum budget

“There are several strategies you can use to budget with an irregular income, but one of the easiest ones is the zero-sum budget,” says Holly Johnson. As a full-time freelance writer, she’s been budgeting with a variable income for over seven years and is the coauthor of the book Zero Down Your Debt.

With a zero-sum budget, your income and expenses should even out so there’s nothing left over at the end of the month. The trick is to treat your savings goals as expenses. For example, your “expenses” may include saving for an emergency, vacation or homeownership.

.block-quote_1back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/1back-730×500.jpg); } @media (min-width: 730px) { .block-quote_1back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/1back-1600×600.jpg); } }

“There are several strategies you can use to budget with an irregular income, but one of the easiest ones is the zero-sum budget.”

– Holly Johnson, coauthor of Zero Down Your Debt

Johnson says if you’re budgeting on a fluctuating income, you can adopt the zero-sum budget by creating a “salary” for yourself. Consider your average monthly expenses (shameless plug for tip 1) and use that number as your baseline.

For example, if your monthly household bills, groceries, business expenses, savings goals and other necessities add up to $4,000, that’s your salary for the month. During months when you make over $4,000, put the extra money into a separate savings account. During months when you make less than $4,000, draw from that account to bring your salary up to $4,000.

“We call this fund the ‘boom and bust’ fund,” Johnson says. “By building up an adequate amount of savings, you will create a situation where you can pay yourself the salary you need each month.”

3. Separate your saving and spending money

Physically separating your savings from your everyday spending money may be especially important when you’re creating a budget on an irregular income. You may be tempted to pull funds from your savings goals during low-income months, and stashing your savings in a separate, high-yield savings account can force you to pause and think twice before dipping in.

You earned it.
Now earn more with it.

Online savings with no minimum balance.

Start Saving

DiscoverOnline
Savings

Discover Bank, Member FDIC

An easy way to put this tip into action when creating a budget with a variable income is to have all of your income deposited into one account, then disburse it into separate savings and spending accounts. “Transfer a set amount on the first of every month to a bill-paying account and a set amount to a spending account,” Winters, the financial planner, says.

“The bill pay account is used to pay for all of the regular expenses, like rent, insurance, car payments, student loans, etc.,” Winters says. These bills generally stay the same each month. The spending account can be used for your variable expenses, such as groceries and gas.

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When considering your savings accounts, Winters also suggests funding a retirement account, such as an Individual Retirement Account (IRA).

If you’re budgeting on a fluctuating income as a contract worker or freelancer, you may also want to set money aside for taxes because the income and payroll taxes you’ll owe aren’t automatically taken out of your paychecks.

4. Build up your emergency fund

“The best way to weather low-income periods is to prepare with an adequate emergency fund,” freelancer Johnson says. An emergency fund is money you set aside for necessary expenses during an emergency, such as a medical issue or broken-down vehicle.

Generally, you’ll want to save up enough money to cover three to six months of your regular expenses. Once you build your fund, you can put extra savings toward other financial goals.

When you’re budgeting on a fluctuating income, having the emergency fund can help you feel more at ease knowing that you’ll be able to pay your necessary bills if the unexpected happens or when you’re stuck in a low-income period for longer than anticipated.

When creating a budget with variable income, don't forget to account for your emergency fund.

A budget can make living with a variable income easier

It can be challenging to budget on an irregular income, especially when you’re first starting. You might have to cut back on expenses for several months to start building up your savings and try multiple budgeting methods before finding the one that works best for you.

“Budgeting requires a mindset change regardless of which type of budget you try,” Johnson explains.

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“The best way to weather low-income periods is to prepare with an adequate emergency fund.”

– Holly Johnson, who works as a full-time freelancer

However, once in place, a budget on an irregular income can also help free you from worrying about the boom-and-bust cycle that many variable-income workers deal with throughout the year.

The goal is to get to the point where you can budget with a variable income and don’t have to worry about when you’ll get paid next because you set your budget based on your averages, planned ahead during the high times and have savings ready for your low times.

The post 4 Tricks for Budgeting on a Fluctuating Income appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

How to Set Financial Goals—and Crush Them

How to Set Financial Goals—and Crush Them

  • Budgeting
  • Building Wealth
  • 9 min
  • 1 year ago
  • 2

Some small moves can go a long way to changing your money mindset—and lead you to goal-setting success.

The post How to Set Financial Goals—and Crush Them appeared first on Discover Bank – Banking Topics Blog.

  • January 10, 2021
Tagged All, Automatic Transfer, Banking, Budgeting, Budgeting Basics
Read More
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Maybe you want to lose those stubborn 10 pounds, score a big promotion or run your first marathon. Whatever your priority, it all starts with setting a goal.

Financial priorities are no different. Whether you want to save for your child’s college education or get yourself out of debt, budgeting to help reach your financial goals allows you to determine what’s most important to you, make a plan to attain those goals and hold yourself accountable for success.

Still, when it comes to managing your money, knowing how to set financial goals and sticking to them can feel like opposite sides of the same coin. You might even find yourself asking, “How do I create a simple budget to reach my financial goals?” If you follow these three steps, you could be crossing the finish line in record time:

1. Pick a day to get started

Sometimes the hardest part of tackling a new project is simply getting started, especially if your to-do list feels like it’s never ending. There’s always tomorrow, or the day after that… right? To create a simple budget to help you reach your financial goals, pick a day and time to get started. Consider picking a time when you do your best thinking, are most focused and least likely to get interrupted. Maybe it’s Sunday morning over breakfast and coffee before kicking off a day of chores or on a weeknight after the kids go to bed.

Once you’ve landed on the best time to sit down and create a simple budget, add it to the calendar and schedule reminders on your computer or phone to hold yourself accountable.

When you're budgeting to help reach your financial goals, it's important to schedule time to get started.

2. Create a simple budget, however complex your finances

Chances are your finances are pretty complicated, with lots of moving parts. Things seem to be moving along nicely with your regular expenses like rent, groceries, transportation and entertainment… and then your carburetor goes kaput in your car and you must replace it right away. Or that toothache has become unbearable and requires a root canal—and you’ll have to cover some of the expense out of pocket. Just when you’re finally making a dent in paying down your debt and getting your finances on track, life throws you some curveballs. But that doesn’t mean you can’t create a simple budget.

One of the easiest ways to create a simple budget and stay on track is to follow the 50-20-30 rule:

  • 50 percent of your income should address your needs, such as housing, utilities, healthcare and transportation;
  • 20 percent should be put toward your financial goals, like building your savings and paying off debt;
  • 30 percent should cover your wants or discretionary expenses, like shopping, entertainment and dining out.

When you create a simple budget using the 50-20-30 rule, you can still do the things you enjoy while you save for your goals.

Managing your finances with the 50-20-30 is a good first step when you’re first learning how to create a budget, but trying to deal with multiple financial goals within that 20 percent bucket can be overwhelming. When it comes to budgeting to help reach your financial goals, certified financial planner Jim White suggests taking your financial goals one step at a time.

“Make a simple plan to tackle debt—or maybe just one debt—then when that goal is accomplished, work on a simple plan for the next debt,” White suggests. “A bunch of small victories goes a long way to changing your financial discipline and gives you a boost to keep moving forward,” White adds.

Similar to how you picked a day to begin the budgeting process, make a habit out of managing your finances by picking one day of the week and checking in with yourself at a scheduled time. After about two months, budgeting to help reach your financial goals can become habit forming. “When you focus on your goals on the same day every week, you are creating a habit, and a pattern, to follow,” says Karen Ford, financial coach and motivational speaker.

Budgeting to help reach your financial goals becomes even more effective when you’re reviewing your priorities every seven days and making adjustments to your spending and saving as needed.

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“Make a simple plan to tackle debt—or maybe just one debt—then when that goal is accomplished, work on a simple plan for the next debt. A bunch of small victories goes a long way to changing your financial discipline and gives you a boost to keep moving forward.”

– Jim White, Certified Financial Planner

3. Automate your financial plan

Now that you know how to set financial goals—whether it’s paying down debt, saving up for a car or putting money away for retirement—what’s next? Time to get moving! One way to do that is to automate your finances. By setting up automatic bill pay and account transfers, it will be easier to stick to your plan for paying monthly expenses and contributing to savings.

When it comes to paying your bills and learning how to set financial goals, consider automating the bills that you pay regularly, especially those that fall within the 50 percent budget category that covers your living essentials. To gain momentum with your savings progress, set up automatic transfers from your checking account to your savings account for the amount you wish to save each month. If your financial goal is retirement, you could even set up automatic transfers to an individual retirement account (IRA) so you’re consistently making progress. You could also arrange to have a portion of your paycheck automatically go into savings—before you even have time to miss it.

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By making automatic contributions to your savings accounts, you are “subscribing to the idea of paying yourself first,” says Riley Adams, CPA and blogger for Young and the Invested, a professional’s guide to financial independence. “By doing this, it removes the temptation to spend and takes any lack of discipline out of the picture,” Adams says.

Keep in mind that any time you automate your finances as part of creating a simple budget, you should monitor your accounts regularly. Check in to make sure your automated settings are up to date, that you always have the funds available in your accounts to cover your expenses and transfers and that your savings are growing according to your plan.

How to set financial goals in 3 steps

Once you find time to focus on your finances, create a simple budget and automate your payments and transfers, budgeting to help reach your financial goals is one habit that is sure to stick. By following these three rules and keeping yourself on track, you’ll be ready to build a solid foundation for your financial future.

The post How to Set Financial Goals—and Crush Them appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

6 Benefits of a Discover Online Savings Account

  • Office Furniture Items
  • 11 min
  • 1 year ago
  • 5

Start saving with a convenient, high-yield account that has no fees.*

The post 6 Benefits of a Discover Online Savings Account appeared first on Discover Bank – Banking Topics Blog.

  • January 10, 2021
Tagged All, Automatic Transfer, Banking, Banking 101, Emergency Fund
Read More
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Dan Stous works in financial planning and wealth management. Online savings accounts initially came on his radar when he saw their interest rates steadily rise.

“The whole reason I was looking for an online account was because deposit rates at traditional brick-and-mortar banks have continued to stay low despite rising interest rates,” says Stous, who is the director of financial planning at Flagstone Financial Management in Lincoln, Nebraska.

He and his wife opted for a Discover® Online Savings Account, named Best Savings Account by NerdWallet in 2020, and started making monthly transfers into it to help save for a car. They were pleased to find the funds growing quickly with the account’s high interest rate and annual percentage yield (APY).

Whether you’re saving for a new set of wheels like Stous and his wife, a home down payment, an emergency fund or [enter your next big financial goal here], an online savings account could be your ticket to success.

Whether you're saving for a specific goal or trying to boost your savings in general, the benefits of a Discover Online Savings Account can help you get there.

What are the benefits of a Discover Online Savings Account? Here are six things to know about a Discover Online Savings Account that will help you take your savings game to the next level:

1. You can grow your savings with a high interest rate

Regardless of your financial goal, you’ll want your savings to earn interest (and then you’ll want that interest to earn even more interest). One of the benefits of a Discover Online Savings Account is that you can grow your money with a savings account interest rate over 5x the National Savings Average.1

You earned it.
Now earn more with it.

Online savings with no minimum balance.

Start Saving

DiscoverOnline
Savings

Discover Bank, Member FDIC

With online banks offering superior yields compared to traditional banks, Stous recommends online savings accounts to his clients as a financial strategy. “We have been steering people to online accounts because the rates have been so much better,” Stous says.

2. You can save yourself the hassle of fees

A bank account fee here and there can really add up. And who wants sneaky fees to eat into your hard-earned savings? One of the top benefits of a Discover Online Savings Account is that you won’t be charged an account fee.* Common fees that you won’t see with your Discover Online Savings Account include fees for:

  • Monthly maintenance
  • Official bank check (there’s also no fee if you need expedited delivery of your check)
  • Deposited item returned
  • Insufficient funds
  • Stop payment order
  • Account closure

Another thing to know about a Discover Online Savings Account is that the lack of maintenance or activity fees means you don’t have to stress about initiating certain account behavior (say, a regular direct deposit) to avoid a charge that could set your savings back.

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“The whole reason I was looking for an online account was because deposit rates at traditional brick-and-mortar banks have continued to stay low despite rising interest rates.”

– Dan Stous, director of financial planning at Flagstone Financial Management

3. There’s no balance requirement

When considering important things to know about a Discover Online Savings Account, add no minimum balance requirement to the list. If you are just getting started with your savings (way to go!), it can be challenging to set aside a large chunk of cash just to avoid a balance requirement fee. With the Discover Online Savings Account’s no minimum balance requirement, you can start small and continue to add to your savings as your budget allows.

Getting ready to make a big withdrawal for an exciting big purchase? No problem. If you’ve reached a goal and need to put your savings to work, go right ahead. You won’t need to stress about getting charged for the lower balance that remains in your Discover Online Savings Account, and you can start building up your funds again for the next big thing.

4. You can manage your account online—and on the go

Your life is online and on the go—so your savings account should be right there with you. You can open a Discover Online Savings Account from the comfort of your couch (or when commuting in your rideshare) in three easy steps:

  1. Enter the essentials (personal information like your address and Social Security number).
  2. Fund the account with a starting balance of your choosing (or come back and do it later if you prefer).
  3. Check your inbox for an email confirmation.

Once you are up and running, you can easily transfer funds between different accounts—Discover accounts as well as external ones—and set up automatic transfers into your savings account so you can grow your funds on autopilot.

What are the benefits of a Discover Online Savings Account? In addition to a great interest rate, you can manage your account online and on the go.

If you’re on the move, the account’s mobile app is control in your hands via your smartphone or tablet. Whether you’re in line for a coffee or waiting for your child’s extracurricular activity to wrap up, you can easily transfer money between your Discover Online Savings Account and other accounts, view your account activity and electronically deposit checks. Only have a second but want to check in? Quick View is a benefit of a Discover Online Savings Account that allows you to view your savings account balance without having to log in.

“The mobile app is very user friendly,” says Rick Vazza, financial planner and president of Driven Wealth Management. “It’s easy to use and easy to sync with a checking account. There’s a seamless flow.”

5. You can experience top-notch customer service

Customer service can be hard to evaluate, but the ability to quickly speak to a real person is certainly one sign of good customer relations.

“I’ve been seeing people particularly attracted to value-added services. The first being customer service,” Vazza explains.

Discover’s customer support is 100 percent U.S.-based and offers the ability to speak with a live person 24/7 without having to go through a bunch of automated prompts. Having knowledgeable and friendly customer service adds to the benefits of a Discover Online Savings Account.

“People like the fact that Discover is an all U.S.-based service,” Vazza adds.

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“I’ve been seeing people particularly attracted to value-added services. The first being customer service. People like the fact that Discover is an all U.S.-based service.”

– Rick Vazza, financial planner and president of Driven Wealth Management

6. You can easily access your funds2

When and how you can withdraw money is important to know before you open a savings account. “How easy it is to get the money is a huge question, particularly with older generations,” Stous says. Having multiple ways to withdraw is a plus.

With a Discover Online Savings Account, your withdrawal options include:

  • Setting up electronic transfers between your Discover Online Savings Account and other internal or external bank accounts.
  • Requesting a no-fee official bank check.
  • Initiating an outgoing wire transfer.*

The things to know about a Discover Online Savings Account include a high interest rate and no minimum balance requirement.

On your mark, get set—save!

Understanding the things to know about a Discover Online Savings Account could help you make the decision to open an easy-to-use and high-yield financial solution for storing your cash. Whether you’re saving up for something special or creating a savings safety net, it’s tending to these areas of your financial plan that will better prepare you for what comes next.

Learn more about a Discover Online Savings Account today.

* Outgoing wire transfers are subject to a service charge.

1 The Annual Percentage Yield (APY) for the Online Savings Account as of 01/01/2021 is more than five times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc. as of 01/01/2021. Interest rates and APYs are subject to change at any time. Although the information provided by Informa Research Services has been obtained from the various institutions, accuracy cannot be guaranteed.

2 Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.

The post 6 Benefits of a Discover Online Savings Account appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

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