A Summer Savings Account Makes Cents

3/1/2020


Our Summer Savings accounts make it easier than ever to save up for your large planned expenses so you don't have to stress when it comes to planning your budget. A Summer Savings account is a smart way to reach your savings goals.


Open a Summer Savings Account to save up for large expenses in your budget like:

  • Your next big trip
  • To save during the school-year so you can pay yourself over the summer months
  • A large home improvement project on your to-do list
  • For your student heading off the college in the next year

Avoid the stress of blowing your budget and instead enjoy the relief of being able to manage your cash-flow.


There are two big advantages of a Summer Savings account.

The first is that you can get started with just $1, as opposed to a typical savings account, which may require $100 or more to get opened. The second is that, unless it’s a real emergency, Vacation Savings accounts have the advantage of not being able to access the money in them. This takes away the temptation to dip into your savings throughout the year so you can plan and manage your budget. Withdrawals can be made before the scheduled payout date if you must, but they come with a penalty.


The Summer Savings account can be opened any time during the year, but the sooner you start saving, the bigger your payout will be. You see, Summer Savings accounts are interest-earning. So if you stash $50 a month into this account for a year, you would have a total savings of $600 plus the interest.


To make things even easier, you can set up an automatic transfer through Digital Banking or have your employer split your direct deposit paycheck, so a portion goes directly into your Summer Savings account before you get a chance to spend it on something else you didn’t plan on buying or have budgeted.


Once April rolls around, you get the interest you’ve earned added to your account and we then deposit the money into either your regular savings or checking account, whichever you choose. If you’d like to keep saving for another year, simply make a new deposit within 10 days of payout. This savings strategy is so convenient that once you get it set up, you may not even think about it until the payout date.


Now that you know about the benefits our Summer Savings account, we have another tool you can use with it to save even more.


Do you have a Marine Bank debit card? Then our Common Cents program is perfect for you. Every time you swipe your debit card and use your PIN, this program automatically rounds up your transaction total to the next whole dollar amount and transfers the difference to your preferred savings account. for example, if you spend $55.17 on groceries, .83 cents will automatically transfer into your specified account.


Your virtual change is then “dumped” into the account of your choosing, like a Summer Savings account. This tool gives you the chance to build up your savings without having to think about it a little at a time.


People, on average, use their debit card at least 70 times a month.* Think about all the times you swipe your debit card on things like coffee, groceries, restaurants, gas, and household essentials. The change from each of these transactions adds up to make a big impact on your savings. Who knows, you might find yourself stopping the gas pump at $25.02 so you can “pocket” that extra .98 cents into your savings.


You have plenty of things on your to-do list. Thinking about how to grow your savings each month doesn’t need to be on that list. Save your future self some unnecessary stress. Ready to start saving now? Open your Summer Savings account visiting a local Marine Bank branch. And you can get started using Common Cents online or by visiting any branch and start reaching your savings goals!

Written By: Brooke Thomas

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