The Benefits of a Savings Account
How to automatically increase your nest egg with a savings account.
Savings accounts can be simple to open and can be connected directly to your checking account. If you’re using the Fifth Third mobile app, you can easily track and access both. Having a dedicated savings account offers benefits that help your savings grow—and enable you to achieve your financial goals that much faster.
If you have the ability to save, then using a Fifth Third Momentum® Savings Account makes your efforts that much more effective. Here are three ways you can benefit from a savings account:
1. Reach Your Goals Faster
Savings accounts can help you prioritize goals—and a Fifth Third Momentum® Savings Account makes doing so easy. You can designate up to four savings goals per savings account. For example, you may be saving for a wedding or vacation or building an emergency fund. Then, using the mobile app, you can tap “Apply to Goals” to designate funds to specifical goals and track your savings progress.
2. Make Saving Automatic
The best kind of saving is the kind you don’t have to think about. Automating your savings makes saving effortless. With a Fifth Third Momentum® Savings Account, you can use Smart Savings1 to automatically transfer money to your Momentum account. Or you can set up Scheduled Savings, where you set up how much and how often you want to save, and Fifth Third makes it happen. The automation ensures you make savings a priority without having to devote brain space to the task.
3. Have Continuous Access to Your Money
Savings accounts allow you to access your money whenever you need it. For example, with the Fifth Third mobile app or online banking, you can transfer money between checking and savings accounts with a few clicks. This can be a significant benefit if you end up needing your savings for a financial emergency. You can quickly get to your funds without waiting for days or incurring penalties for withdrawing your money.
4. Opening a Savings Account is Easy
If the benefits of a savings account are enough to pique your interest, the next step is opening one. Fortunately, that’s a quick and easy task. For example, you can open a Fifth Third Momentum® Savings Account online. The process takes minutes, and all you need is a mobile phone or device with a camera, your Social Security number, and a state-issued ID. 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.
Easy, automated, focused savings is one of the best ways to improve your financial wellness and reach your financial goals. A savings account can help you achieve both. Open a savings account today and let the benefits begin.
Need to open a savings account? Find out which Fifth Third account is best for you.