How a Dedicated Savings Account Can Help You Save
It may seem obvious, but it’s easier to save money in a savings account! When you sign up for SaverLife, you have the option to link either a checking or savings account. But if you read the fine print, you may notice that we suggest using a savings account.
Here’s why: our research shows that people who link a savings account are more successful at saving (and we want to help you also save more successfully!). In fact, using a savings account makes you 11% more likely to save every month compared to a checking account. And that makes sense, right? You may deposit and withdraw money from your checking account every day, making it hard to keep track of the money you’re saving.
But the choice is yours!
On average, we know that people save more in a dedicated savings account – but SaverLife is all about figuring out what works for you. Over a quarter of Savers link a checking account, and for many of them, that works! We asked some Savers who linked a checking account why they use a checking account to save with SaverLife, and here’s what they told us:
Malea, a Saver from California, told us that she prefers to save in a dedicated savings account, because “I am able to see how much I am truly saving each month and it is very rewarding.”
Julia is part of EARN’s Research and Innovation Team. If you join SaverLife, you may get emails from Julia asking you to help with our research. These are always optional (and you can unsubscribe at any time), but your voice helps us improve SaverLife and understand how we can better serve our members.