We live in an age of convenience, where everything is automated, from car washes to your fantasy football draft picks. Automation can also apply to your banking, especially in how you save money.
From debit card round-ups to automated transfers, there is a full suite of banking services at your disposal, designed to amplify your savings potential with minimal effort on your part. That way, you save both money and time.
Forgetting is a good thing
As it turns out, forgetting that you are saving money is a great deterrent to spending it otherwise. Setting up an automated transfer to your savings account from your paycheck or checking account removes the temptation of making petty purchases. Bank OZK’s Internal Transfer feature in the mobile banking app* does just that.
As the old saying goes: “Pay yourself first.” Putting money aside before the bills are paid is the best practice for growing your savings while staying on track every month with a set budget. This is a great approach to saving money because it relieves you of deciding how much can be allocated to savings after all monthly expenses are finally paid.
Are you still afraid of being short at the end of the month because you start with less money? That is a legitimate, yet easily solvable, concern. When you put your dollars into savings first, you are guaranteeing yourself that there will always be emergency funds set aside. Instead of relying solely on your checking account to keep you afloat, you will always have a dedicated amount available in savings for unforeseen circumstances. That uncertainty will dissipate as you get a better handle on your budget over time, too.
Save every time you spend
Every penny matters, and we aim to help make them count. At Bank OZK, you can take advantage of the My Change Keeper** tool, which automatically rounds up your debit card transaction to the nearest dollar and transfers the difference to your savings account. To grow your savings even faster, you can add $1-$5 to each debit card transaction to automatically deposit in your savings. This is an awesome way to wring out a few more nickels, dimes or dollars for your savings account.
Let’s say you stop by a gas station and fill your tank for $29.55. With My Change Keeper active on your account, that price rounds up to the next dollar amount on your Bank OZK debit card—$30.00 in this case, and the difference of $0.45 is transferred directly into your savings account. As you can imagine, these seemingly small amounts of pocket change can add up quickly!
One of the best things we can do to reach our savings goals is to take the work out of it. The time you spend setting up transfers and features that allow you to save seamlessly will pay off as you transition to a hands-off approach to saving, all while watching your savings balance grow.
*Mobile Banking requires enrollment in Online Banking and the Mobile app.
**My Change Keeper requires enrollment. Must have an eligible Bank OZK savings account and a debit card connected to a Bank OZK checking account.