savings

5 easy ways to pump up your savings

Pump up your savings
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Pump up your savings

Banks and financial websites are offering more innovative tools, incentives and higher rates these days to help you pump up your savings.

Programs like Bank of America's Keep the Change even kick in some money to help you out in the beginning. Others like SmartyPig.com are dishing out cash-back rewards on their co-branded prepaid debit cards that you can shuttle into savings.

Even so, don't count on debit card cash-back rewards programs to help you for long. Chase, Wells Fargo and PNC are among the banks phasing out these debit card programs. Banks are looking at huge changes in revenue due to new regulations, says Ron Shevlin, a senior analyst at Aite Group LLC, a research firm in Boston. The upshot is they're less willing to hand out incentives.

But for consumers with hefty savings or multiple accounts, incentives can still be sweet.

Ultimately, building savings by paying yourself first with direct deposit is best, says Greg McBride, CFA, senior financial analyst at Bankrate.com. That tactic builds savings momentum, he says.

But for some extra oomph, here are five easy tips to build on your savings.


 

 

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