Automatic. Self-Driving. These aren’t just fantasy terms we hear in video clips about the future anymore. Now, they’re ways of life. In days when we’re testing self-driving cars, utilizing weekly food delivery services, and adjusting our home thermostat settings from our office, shouldn’t managing our finances match our lifestyle?
Upgrade how you manage your budget and savings with the AutoSave feature from Santander Bank. Pick a recurring date for an automatic savings transfer from your checking account, for any available amount you choose. Think of it like charting the course for your savings plan, then switching it over to autopilot.
Still not sure if AutoSave is right for you? Here are 4 ways automating your savings can help you out:
1. Automatic Savings Can Help Your Money Grow
If you’re relying on yourself to manually transfer money from your checking account to your savings account each month, it’s natural that you might miss a transfer here and there. Maybe you’re out of town when you would normally move the money, or you don’t have a set date and just transfer the funds when you think of it. Your money is still in the bank, so no big deal, right?
But when that money isn’t in your savings account, you may be losing out on earning interest. Even if it’s a small amount, over time it can add up. When you automate your savings, you can be confident that your money is working hard for you, even if you haven’t been able to log on to your account in a while.
2. Automatic Savings Can Help You Meet Your Savings Goals
You’ve probably heard the adage, “Pay yourself first.” One way to help meet your savings goals is to set aside your determined amount of money as soon as you receive it, before you can accidentally spend it somewhere else. AutoSave is a great way to pay yourself first. Since you can customize the date you transfer, you can align it to be right after you receive your paycheck. So whether you’re trying to build up a short-term emergency fund, or you have long-term goals to buy a new car, you can work towards those goals with automatic savings transfers.
3. Automatic Savings Can Help You Stick to Your Budget
Because a checking account allows you to have easier access to your funds, a lot of people view their checking account as their spending account, while a savings account is for emergencies and growth. One way to stick to your budget is to only leave the amount you want to spend each month in your checking account. By automatically moving the remainder of your money to savings, you can more easily see how much you have available to spend. Just make sure to keep an eye on your checking account balance to avoid overdrawing!
4. Automatic Savings Can Save You Time
Even if you’re financially savvy enough to have a built-out financial plan and you regularly transfer funds to your savings account, the AutoSave feature can save you time. Why spend time once a month or more logging into your online bank account or visiting a bank branch to make a transfer when you could just do it once?
Savings plans where you save time as well as money? That’s something we can all get behind.
How to Set Up Automatic Savings Transfers
Ready to automate your savings? Sign into your Santander Bank account, either on your phone or computer, and choose the “Transfers” tab. Choose the accounts you want to transfer funds between, the amount, and your frequency. You’re one step closer to your first car payment!
Interested in other Santander Bank savings resources? Learn more.