The Benefits of a Savings Account

Whether you're saving for a rainy day or a sunny one, a dedicated savings account can help you succeed. A Fifth Third Momentum^® Savings Account is simple to open, and the Fifth Third Mobile Banking App makes it easy to transfer money from your checking account. If you're hoping to improve your financial standing, here are ways a savings account can work to your advantage.

Key takeaways:

• Savings accounts are amony the safest places to put your money, with deposits insured by the FDIC for up to $250,000.
• A savings account can help you curb impulse buying because savings generally are not linked to a debit card for purchases.
• You can automate saving by scheduling transfers from your checking account to your savings account using the Fifth Third Mobile App.

Keep money in a safe place

A savings account offers a secure, stable environment for your money to grow. While an investment in the stock market can potentially lose value, deposits in a savings account of up to $250,000 are insured by the Federal Deposit Insurance Corporation. Funds in a savings account can also earn interest, which is not possible if you keep your cash at home.

Depositing your money in a Fifth Third savings account also provides security benefits. Every account comes with access to SmartShield^® Security², a mobile dashboard that provides fraud monitoring and helps keep your account safe from digital intruders.

Develop savings habits

If you open a savings account, you may find ways to save even if you’re on a tight budget. Regularly transferring money from your Fifth Third Momentum^® Checking Account to your Fifth Third Momentum^® Savings Account can help you avoid impulse buying since a savings account is not linked to a debit card for purchases. You may even become more disciplined with your money. For example, the Smart Savings feature lets you create goals through the Fifth Third Mobile App and set aside small amounts regularly toward them. As your savings grow, the progress you make can motivate you to keep going.

Make saving automatic

The best kind of saving is the kind you don’t have to think about. Automating your savings makes the process effortless. You can set up Scheduled Savings through the Fifth Third Mobile App where you designate how much and how often you want to move money into your savings account and Fifth Third makes it happen. Automation ensures you make saving a priority without having to devote brain space to the task.

Easily transfer money between accounts

Savings accounts work best when paired with a checking account. Here are some of the benefits of having both Fifth Third’s Momentum^® Checking and Savings accounts.

• Convenience. Automatic transfers between checking and savings can be set up through online or mobile banking. That means you don’t have to remember to manually move your money.
• Customization. You can choose the amount, frequency and timing of transfers based on your financial goals.
• Financial discipline. Automatically moving money out of checking helps reduce the urge to spend it.
• Seamless integration.Your checking and savings accounts work together since money can flow between them easily.

Contribute toward various savings funds

You may have multiple financial goals, and saving regularly can help you:

• Be prepared for the unexpected. A dedicated pool of savings helps you handle surprise expenses — like a car repair or medical bill — without derailing your budget. It can also help you save for fun things such as a dream vacation or an expensive hobby.
• Feel confident and in control. Knowing you’ve set money aside brings peace of mind and reduces financial stress.
• Stay on track with your savings goals.By avoiding debt and keeping savings within reach, you’re building a stronger foundation for your long-term financial health.

Set new financial goals

Life evolves, and over time, you’ll have new objectives to meet with your money. Your savings account can help you prepare by:

• Clarifying financial priorities. Setting goals helps define what you’re saving for, whether it’s a vacation, a first home, a college education or retirement.
• Helping you maximize savings. Establishing clear goals may lead you to save more and make smarter investment choices. You can earn higher interest by switching from a traditional savings account to a Fifth Third Bank Relationship Money Market Account.
• Encouraging smart budgeting.Coming up with savings goals helps prioritize spending and saving, leading to better financial decisions.

Opening a savings account is easy

If the benefits of having a savings account appeal to you, opening one is a quick and easy task. You can open a Fifth Third Momentum^® Savings Account online using a mobile phone or device with a camera, along with your Social Security number and a state-issued ID. The process takes minutes. You can also skip the monthly service fee of $5 if you meet one of the criteria below:

• You have a Fifth Third Momentum^® Checking Account.
• You maintain an average monthly balance of more than $500.
• You are under the age of 18.
• You’re enrolled in Fifth Third Military Banking

There’s no better time to begin your savings journey. Give yourself the best chance to succeed by opening a Fifth Third Momentum^® Savings Account

Three things to do:

• Explore Fifth Third Bank savings accounts.
• Brush up on strategies to grow your savings account.
• Learn how to automate your savings