Keep savings, checking accounts at 1 bank

Saving will become a consistent practice
Saving will become a consistent practice © BornToBe/

Having multiple accounts in one place can help consumers establish good financial habits, Reshen-Doty says. By easily allowing regular automatic transfers from your checking account into savings, you can build an emergency fund with little effort, she says.

"You can use the transfers to make a savings goal and track your progress," she says.

Reshen-Doty says banks also have programs that automatically transfer a few cents to a dollar from every debit card transaction into a savings account at the same institution. This is a type of forced savings that would be difficult to do if savings and checking accounts were in different places, she says.

People can set up automatic transfers between accounts at different banks, but the hassle of managing multiple online logins may make it harder to set up.


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