Automate Your Savings
Automatically putting money away into your savings account is the easiest way to ensure you’re growing your savings. But that’s not the only benefit:
- You’ll be more inclined to spend within your means
- You can track your savings goals with dedicated accounts
- Your money will grow while earning interest
For Rivermark members, automating these transfers to your savings is very easy! Follow these simple steps:
1. Open the savings account that’s right for you.
Rivermark offers a variety of savings accounts to meet your needs.
- Rewards Savings: Access your money whenever you’d like and earn a higher rate of interest on balances up to $2,500.
- Holiday & Tax: With two withdrawal periods, you’ll be sure to have extra funds available during tax time and the holiday season.
- You Name it Savings: Perfect for dedicating an account to your savings goal, You Name It Savings is an extra account that’s free to open and personalize.
- Money Market: The more you save, the more you earn! With a higher minimum balance, you’ll be more motivated to save your funds.
Adding any of these accounts to your membership is a breeze. Simply log into Online Banking and click Open Account.
If you are a new member, you can open an account online in just minutes.
2. Name your savings account based on your goal.
Renaming any of your Rivermark accounts is simple. Log into Online Banking and find Name Account under the More menu. Some ideas for account names:
- Vacation Fund
- Emergency Savings
- Rainy Day Spending
- Wedding Money
3. Set up automatic transfers or direct deposit into your savings.
Once you determine how much of your budget you can dedicate to your savings, you’re ready to set up your automatic transfers. Within online banking, you can set up one time or recurring transfers. Set up transfers to specific accounts at different times of the month, and you’ll be less likely to “miss” those funds.
You can also set up direct deposit so that a specific portion of your paycheck goes directly into a savings account. Here’s how to set that up with your employer in a few easy steps.
4. Use FinanceWorks to track your progress.
Within Online Banking, you’ll find the Personal Finance Management tool called FinanceWorks. Once you categorize your spending, you’ll be able to see how much you’re saving monthly and set goals for saving even more.
Whether you’re saving for a life event such as a wedding, financial stability in the future, or something fun like a vacation, setting up automated transfers is the first step towards reaching your savings goals.