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Five Factors to Build Your Savings and Achieve Your Goals

What’s your reason to save? Going on a dream vacation? Avoiding the burden of debt when life hands you an unexpected bump? Getting ready for the expenses that children bring? Making sure you can maintain a comfortable lifestyle in retirement? Whatever your reason, building up your savings is the first step to making it happen.

To start, create your savings plan. Make sure it includes specific goals, the right tools, action steps, and monitoring of your progress. If you already have a savings plan, this is the perfect time to review it and measure your progress. 

  • Track your spending. Understanding where you spend your money and what you can shift to savings is the first step.
  • Set specific, measurable financial goals. How much will you need to save per month to achieve each specific goal in the allotted time?
  • Open a savings account that offers a number of benefits and options. This will help to maximize your savings growth. Automate your savings as much as possible.
  • Regularly monitor your progress. Be prepared to make adjustments to your savings when or if your goals and priorities change. 

The CIT Bank Savings Builder account could be the right tool to help you build your savings, based on these five factors:

  1. Higher-than-average interest rates. Online savings banks typically offer much higher rates than the brick and mortar banks. With a Savings Builder account you can earn the top tier Annual Percentage Yield (APY) on your money with a $25,000 or more opening deposit.
  2. A choice of how to save. If you don’t have $25,000 to put into a Savings builder account, you can still earn the higher APY by committing to making a monthly deposit of $100 or more.
  3. Daily compounding of interest. Your savings will grow even faster because the interest on your Savings Builder account is compounded daily and paid into your account monthly.
  4. Keep more of what you earn. With a Savings Builder account, there are no monthly, online transfer or maintenance fees. You also aren’t charged an account opening fee or fees for incoming wire transfers. 
  5. Access to your money if you need it.  Unlike a term CD account, you can access your money in a Savings Builder account if and when you need it. 

Plus, CIT Bank is a smart choice for your savings. As an online, FDIC-insured bank, CIT Bank can offer interest rates that are significantly higher than your traditional bank. Access to your account and your funds is available 24/7. And, it’s a bank committed to your security and privacy, so your account information and personal identity are protected.

Start today to reach your savings goals. Check out the details and rates on a Savings Builder account today. 

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