Everyone knows it's important to set money aside to save, but did you ever consider all the different things you're probably saving for? According to bankrate.com, savings accounts are one of the best ways for people to set aside their extra cash. And, according to Greg McBride, Bankrate chief financial analyst, "Having multiple accounts can be a way to keep yourself on task with the specific goals you're saving for, without the risk of funds getting commingled." He suggests you may want separate accounts for each goal, such as buying a new car or going on vacation. A single savings account can make it harder to see how much you have set aside for each individual goal; "targeted savings accounts can put those goals in focus," he explains.
To aid customers in setting and keeping their savings goals, Citizens National Bank has developed a Goal-Based Savings Account. These accounts can be titled specific to what goal you'd like to save for and that will be reflected when you log in to Online or Mobile Banking. You can name a total you're saving for when you open the account as well and use one of our savings calculators to track your progress. Once you've reached your goal, you'll be notified with a congratulatory email and encouraged to set a new goal for the account.
Automating your saving habits is also a good idea, and you may set up an auto transfer from an existing CNB account, or even have some of your direct deposit from your payroll set up to go directly into your Goal-Based Savings. You may open up to two Goal-Based Savings Accounts, in addition to any other accounts you currently have with CNB. If you're interested in opening a Goal-Based Savings Account, simply call your local CNB office to schedule an appointment. It's only $25 to open and any balances over $250 earn interest.