Long Term Savings Articles

Do you remember your first bank account? You probably had just one to start with; this account was where you deposited your earnings and withdrew cash. You may have used tools like a debit card and even billpay to make purchases and pay monthly bills.

Whether you always travel over the holidays, could really use a big summer trip, or just want to get away for a few days, planning a vacation can be an exciting motivator. However, traveling can also be pricey, with the average week-long trip in the U.S. costing $1,758 per person, according to recent data. This means that for a family of four, you could easily be looking at over $7,000!

There are many different types of bank accounts to choose from, whether you’re looking to stash your savings for a rainy day or just need somewhere to park your paycheck each month. High-yield savings accounts are one such option offered by many online and brick-and-mortar banks.

Recent data shows that the average American has more than five different bank accounts. These accounts may include checking accounts, money market accounts, certificates of deposit (CDs), or even savings accounts, and can be spread across a number of different financial institutions.

The winter holidays have this magical way of sneaking up on many unsuspecting consumers. Even though we see summer ending and fall creeping in, it always seems to catch us off-guard that the holiday season — and all of the spending that comes with it — is just around the corner.

What does your personal financial journey look like? You probably have some short-term goals, like paying off credit card or student loan debt, or building an emergency fund. Then there are probably some long-term goals, too, like saving for retirement or your kids’ education.

While part of the goal of a savings account is to set money aside for the future, you also hope that money will grow a little bit (or at least keep pace with inflation).