Emergency Savings Strategies – Once you’ve established your foundation, successfully building your emergency fund depends on habitual contributions.
Regular contributions will add up faster than you think and put you in a more secure position when you need it. When you have the security of a stable income, automation and regular increases make it easy to save without really thinking about it, but saving any amount can be much more difficult when you’re already facing financial hardship.
No matter where you stand financially today, here are a few strategies you can use to escalate your savings, both short-term and over time. Use these to personalize your approach as you develop a plan that works for you.
Be prepared for the unexpected.
Make sure you can get to your money:
The money set aside for an emergency should be liquid. In a crisis, you’ll need to withdraw your funds fast. Are you ready for an emergency? Most Americans aren’t.
Job loss
Without a savings safety net, paying for your basic living expenses will be a struggle.
Car repair
Even a minor car repair can be a major budget-buster.
Major home issue
Appliances break, and natural disasters can damage your home, leading to costly repairs and replacements.
Travel emergency
Rushing out of town for an emergency can mean expensive transportation and lodging costs.
Medical expenses
Even with health insurance, you’ll have deductibles, co-pays, and uncovered costs.
Pet care expenses
The well-being of your furry family member can be costly.
Did you know that…
- 44% of Americans cannot cover a $400 emergency expense
- $2,500 is the average unexpected expense
- 34% of American households had a major, unanticipated expense within the past year
The CIT Bank Money Market account is ideal for emergencies
It features one of the highest savings interest rates available today, easy access to your funds when you need them, and no opening or recurring monthly fees so you can build your cash reserve faster.
0.45% APY
- $100 minimum opening deposit
- Daily compounding interest
- No monthly service fee
- 24/7 secure online banking
- FDIC insured
- Award-winning bank
Take action with three simple steps
1. Be prepared
When it comes to emergencies, it’s not “if,” it’s “when.” Building emergency savings takes time, so get started early, be realistic about how much you can save at the beginning, and add to your monthly contribution when you can.
2. Maximize your earning potential
Open a CIT Bank Money Market Account. With a rate that’s 5 times higher than that of a traditional bank, your emergency savings will grow faster. You also get the benefit of daily compounding interest.
3. Automate your savings
Set up automatic weekly, bi-weekly or monthly deposits so that your emergency savings account continues to grow. Be committed to reaching your goal.
Earn More Money with the Savings Builder
Two out of three consumers say saving money brings them more happiness than spending it, according to a recent Financial Bliss survey from CIT Bank Scroll to disclosure:1. However, if you are underwhelmed with the slow growth of your savings and tired of paying bank fees just to maintain your bank account, consider the new Savings Builder account from CIT Bank.
Savings Builder is a tiered-rate account that offers you two ways to earn the top rates on your savings.
- Make the most of your money. Open a Savings Builder account with $25,000 or more and earn the top tier Annual Percentage Yield (APY) on your money.
- Build a habit of savings. If you don’t have $25,000 in your account, you can still earn the higher APY tier by continuously making a monthly deposit of $100 or more. Start with $100 per month and build your habit of saving—all the while getting a top rate.
Plus, all new accounts will earn the top APY as part of Savings Builder’s introductory offer. To maintain the top APY tier after the introductory period, meet the qualifications listed above. Visit the Savings Builder page to learn more about account qualifications, rules, and limitations.
In addition to competitive rates, Savings Builder features daily compounding interest without account opening or monthly service fees. You’ll be able to build your savings without the everyday bank fees that undercut your earning potential.
Savings Builder is a smart choice when saving for:
- Emergency and unexpected events. Whether it’s a job loss, pet expense, car or home repair, or medical issue, emergencies are most often the #1 reason people save.
- New or next home. Grow your savings faster than at your everyday bank for your first—or next—dream home.
- Retirement. Whether in or near retirement, a Savings Builder account offers you a top rate on your savings to help you get the most out of your retirement dollars.
- Children’s expenses. Savings Builder is an ideal way to save for the costs related to raising children, which can add up to nearly $14,000 a year, not including other expenses such as braces, summer camp, and college tuition Scroll to disclosure:2.
Recognized by GOBankingRates, SmartAsset and more
CIT Bank is an award-winning online bank with national recognition by respected organizations, websites, and publications. Scroll to disclosure:3
- GOBankingRates listed CIT Bank as one of its 10 best online banks for 2019.
- The financial technology company SmartAsset included the CIT Bank Savings Builder account in its list of 2019’s Best Savings Accounts.
- CIT Bank was included in MyBankTracker’s list of Best Savings accounts. Savings Builder was its 2019 pick in the Market Leading Savings Rate category.
CIT Bank is a smart choice for your savings
At CIT Bank, you’ll build your savings faster and easier than at your everyday bank. As part of CIT Group, a longstanding leader in small business lending and commercial financing, CIT Bank is backed by a legacy of financial expertise.
Start earning more with one of the best online high-interest savings accounts around. Open a Savings Builder account at CIT Bank today.
