Automatic Savings Plan
Setting up an automatic savings plan can help you to save more and help you reach you financial goals sooner. The way an automatic savings plan works is by setting up an automatic transfer from your everyday bank account into your online savings account. Work out how much you can spare to tuck away each pay, for example set up $200 to be transferred automatically from your pay each month to your online savings account and in one year you can save $2,400 (not including interest). By transferring your money into your online savings account using an automatic savings plan you can earn a higher interest rate than your everyday transaction account and save more. To find an online savings account with a high interest rate check out the table below.