Have you ever thought …I should start saving?
Honor Bank Pays You to Bank!
Even though your future may seem very distant (ask your parents about that), at Honor Bank we pay you to bank with us. And a Kasasa checking account can actually teach you how to save. Couple that with the Kasasa Saver and you are well on your way to saving for that distant future, today. E-statements are a condition for all Kasasa Banking.
open a bank account
First, you choose which free Kasasa checking account you think will match your lifestyle. You can earn a high interest rate of 2.01% APY* on balances up to $10,000 or get a 2% cash back on all of your debit card purchases up to $6 every month. Both accounts offer nationwide ATM refunds and no monthly service fees.
Next, open your Kasasa Saver, a free account that is linked to your Kasasa Cash or Kasasa Cash Back checking account. Then every month, the ATM fee refunds and the interest you earn in your Kasasa Cash or the cash from your Kasasa Cash Back account are automatically transferred to this account. In addition, the balance in your Kasasa Saver account also earns a high interest rate of 1.00% APY* up to $100,000 each month that you qualify.
Your Kasasa checking will help make your money work harder for you, and help you start saving for your future. (That will eventually arrive…trust your parents on this one.)
prioritize your savings goals
When you start to think longer-term and save for the future, you begin to manage your money. What’s most important to you? Managing debt, buying a home, raising a family, paying for college education, retiring early? Prioritize your savings goals before you jump in blindly.
Here are a few things you can think about to save money.
pay down debt
Managing your debt is always critical to saving money. Many people are still paying off student loan debt. Since student loans generally have a lower interest rate, it often makes sense for people to pay off higher-interest debt first, like credit cards. Make paying down high-interest revolving credit a priority, and once you’ve achieved that you can turn your attention to your student loans and start paying down that debt more quickly.
Take steps toward successful home ownership. In addition to saving for a down payment, you’ll need to keep your credit healthy to ensure you can get the best possible interest rate on a mortgage when you’re ready to buy a house.
build an emergency fund
Build your emergency fund. Many Americans have a child while in their 20s and 30s, so they begin to take on more responsibilities, like kids and a new home! Use your savings from Kasasa checking to help build your emergency fund so you’ll have enough cash on hand to cover several months’ worth of expenses.
plan for retirement
Continue saving for retirement and reassess your priorities every year. Enroll in your employer’s 401(k) if one is available and look into an individual retirement account (IRA). Learn the basics of smart investing now. If you’ve been saving all along, reassess your retirement plan at least once a year and pat yourself on the back.
save for your child's future
Finally, consider directing your savings from the benefits received through Kasasa checking to begin saving for your child’s college education. Look into a 529 account that can help grow your child’s education fund and learn about other options for saving for a college education.
Still thinking about how to save money for the future? Kasasa of course. Visit Honor Bank today and open your Kasasa checking account.
Do you Kasasa? YES!
Here are all the good things to know about Kasasa Banking!
*When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle,
- Kasasa Cash: An interest rate of 1.99% will be paid on the portion of your daily balance that is less than or equal to $10,000 and the non-compounding annual percentage yield* for this tier is 2.01%. An interest rate of 0.26% will be paid on the portion of your daily balance that is greater than $10,000 resulting in non-compounding annual percentage yield for this tier ranging from 2.01% to 0.41%, depending on the account’s balance and
- Kasasa Saver: An interest rate of 0.9954% will be paid on the portion of your daily balance that is less than or equal to $100,000 and the annual percentage yield for this tier is 1.00%. An interest rate of 0.26% will be paid on the portion of your daily balance that is greater than $100,000 resulting in annual percentage yield for this tier ranging from 1.00% to 0.63%, depending on the account’s balance
When Kasasa Cash qualifications are not met,
- Kasasa Cash and Kasasa Saver accounts: the interest rate paid on the entire balance will be 0.03% with a non-compounding annual percentage yield of 0.03%.
APY = Annual Percentage Yield and are accurate as of 3-24-2017. APY calculations are based on an assumed total account balance of $210,000.