assignment of savings

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What Is Form F500-020-000?

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Form F500-020-000 Electrical / Telecommunications Contractor Assignment of Savings Account - Washington

• United States Legal Forms
• Washington Legal Forms
• Washington State Department of Labor and Industries
• Form F500-020-000 Electrical/Telecommunications Contractor Assignment of Savings Account - Washington

This is a legal form that was released by the Washington State Department of Labor and Industries - a government authority operating within Washington. As of today, no separate filing guidelines for the form are provided by the issuing department.

Q: What is Form F500-020-000? A: Form F500-020-000 is the Electrical/Telecommunications Contractor Assignment of Savings Account form in Washington.

Q: What is the purpose of Form F500-020-000? A: The purpose of Form F500-020-000 is to assign a savings account for use by an electrical/telecommunications contractor in Washington.

Q: Who needs to use Form F500-020-000? A: Electrical/telecommunications contractors in Washington who want to assign a savings account need to use Form F500-020-000.

Q: Is Form F500-020-000 specific to Washington? A: Yes, Form F500-020-000 is specific to Washington and is used for assigning a savings account for electrical/telecommunications contractors in the state.

Form Details:

• Released on September 1, 2016;
• The latest edition provided by the Washington State Department of Labor and Industries;
• Easy to use and ready to print;
• Quick to customize;
• Compatible with most PDF-viewing applications;
• Fill out the form in our online filing application .

Download a fillable version of Form F500-020-000 by clicking the link below or browse more documents and templates provided by the Washington State Department of Labor and Industries.

Download Form F500-020-000 Electrical / Telecommunications Contractor Assignment of Savings Account - Washington

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Assignment Of Savings Account Form

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• Transfer of Ownership : The form allows the account holder (the assignor) to transfer ownership of the savings account to another person or entity (the assignee). This means that the assignee will have control over the account and may have the authority to make withdrawals, deposits, and other financial decisions related to the account.
• Specific Rights : The form can be customized to specify the rights or responsibilities being assigned. For example, the assignor may grant the assignee the right to manage the account but not the right to close it.
• Legal Considerations : Assigning a savings account is a legal transaction, and it may be subject to certain legal requirements and regulations depending on the jurisdiction and the financial institution. It's essential to follow the applicable laws and guidelines when using this form.
• Financial Institution Requirements : Some financial institutions have their own procedures and forms for transferring ownership or assigning rights to accounts. Account holders should check with their bank or credit union to ensure they use the correct form and comply with any institution-specific requirements.
• Notarization : In some cases, the Assignment of Savings Account Form may require notarization or witness signatures to validate the transaction. This adds an extra layer of legal authenticity to the assignment.
• Revocable or Irrevocable : Depending on the terms specified in the form, the assignment may be revocable (able to be canceled or revoked by the assignor) or irrevocable (cannot be canceled without the assignee's consent).
• Purpose : The assignment of savings accounts can serve various purposes, such as estate planning, gifting assets, or delegating financial management responsibilities.
• Legal Advice : Given the legal and financial implications of assigning a savings account, it is advisable for both the assignor and assignee to seek legal advice before completing the form, especially if it is part of a broader financial or estate plan.
• Record Keeping : It is crucial to keep a record of the completed Assignment of Savings Account Form for documentation and reference purposes.

DISCLAIMER Nothing on this site shall be considered legal advice and no attorney-client relationship is established.

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Properly Executed Assignment of Deposit Account

Answered by:  Andy Zavoina

We can't be specific as to state laws. For that we'd refer you to your state peers in a state forum in the BOL threads. Notices to deposit holders would be a state law issue and not under a federal regulation. Generally the deposits securing your loan will be with you and you have control. CDs under Article 9 of the UCC and deposited elsewhere differ, but those don't appear to be your question.

First published on 09/29/2014

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What Is a Savings Account: Its Benefits and Features

Savings accounts are offered by banks or credit unions, where consumers can save and accumulate interest on their money over time. These accounts provide an annual percentage yield and are easily accessible.

Updated: April 30, 2024

Advertising & Editorial Disclosure

• How They Work
• Types of Accounts
• Maximizing Interest
• Pros and Cons
• How to Choose

A savings account is a type of bank account designed specifically for storing and accumulating money over time. Unlike a checking account, a savings account is intended for keeping your money safe and earning interest on your deposits.

These accounts typically offer a modest annual percentage yield (APY) or interest rate, which allows your money to grow gradually. Savings accounts are federally insured up to $250,000 per account owner, per financial institution and per ownership category at FDIC-insured banks or NCUA-insured credit unions .

How Savings Accounts Work

To open a savings account, you'll need to provide personal identification and an initial deposit. You can then make additional deposits anytime through cash, check, wire transfer or bank transfer. Your money remains liquid and accessible in the account for withdrawal when needed.

Interest in a savings account is compounded and credited monthly based on your average daily balance and the stated APY. Higher balances will earn more interest over time.

Savings Account Withdrawal Limits

Standard savings accounts provide convenient access to cash, allowing for approximately six withdrawals per statement cycle, excluding ATM transactions and in-branch cash withdrawals.

As a result of the COVID-19 pandemic, the Federal Reserve Board eliminated withdrawal restrictions, known as Regulation D. While some banks lifted these restrictions, many savings accounts still only allow six withdrawals per statement period. Read the fine print or speak to your bank directly to understand the limits of its particular accounts.

Savings Account Benefits

Typical savings account fees and minimum balances.

Traditional brick-and-mortar banks often offer low savings rates, sometimes as little as 0.01% APY. These accounts also frequently require maintaining minimum daily balances, like $500 or more, to avoid monthly fees.

By contrast, online banks tend to offer high-yield savings accounts with APYs over 4%, no minimum balance requirements and no monthly fees. This allows you to open an account with any initial deposit while still earning very competitive interest rates. Despite being offered by online-only banks, these high-yield savings accounts are FDIC-insured just like traditional bank accounts, ensuring your deposits are federally protected up to $250,000 per account ownership category.

Different Types of Savings Accounts

Here are some of the most common savings account options available at financial institutions. Some are more specialized than others, and not all banks will offer the full suite of opportunities. Since some institutions offer extra benefits if you hold a different type of account with them, keep this in mind as you decide what bank or credit union will serve you best.

Regular or Basic Savings Account : These accounts are straightforward and offer a safe place to deposit money while earning a modest interest rate. They often have minimal requirements and are suitable for those looking for a simple savings solution.

Online Savings Account : Online savings accounts are provided by digital banks, offering convenience, competitive interest rates and often lower fees than traditional brick-and-mortar banks.

High-Yield Savings Account : High-yield accounts provide higher interest rates compared to traditional savings accounts, but they may have specific conditions or restrictions.

Certificate of Deposit (CD) : CDs are time-bound savings accounts that offer fixed interest rates for a specific period (the “term”). They typically have higher interest rates than regular savings accounts but require the funds to be locked in for the agreed term.

Money Market Account : Money market accounts have qualities of both savings and checking accounts, offering higher interest rates than standard savings accounts alongside check-writing capabilities.

Individual Retirement Account (IRA) : IRAs are specialized savings accounts designed for retirement savings, offering tax advantages and various investment options. IRAs are suitable for planning for retirement and growing savings in a tax-efficient way.

Student Savings Account : This is an account tailored for students with no minimum opening deposits or monthly fees.

Maximizing Savings Account Interest

Maximizing your interest involves strategic research and balance against your financial needs. In general, you can maximize savings account interest with a large initial deposit into an account with few withdrawal penalties and maintenance fees. Some banks tier their interest rates depending on the overall balance of the account.

Account holders can optimize their savings interest by considering the following:

Leveraging High-Yield Savings Accounts

These accounts, including those offered by online banks, often provide much higher interest rates compared to traditional savings accounts.

Understanding Withdrawal Limits

Adhering to the withdrawal limits of your savings account will help minimize fees and maximize interest earnings.

Comparing Rates and Fees

Research to compare interest rates, fees and balance requirements across financial institutions so you select the most advantageous savings account available to you.

Savings Account Interest Rates Comparison

The following table summarizes the average interest rates for a variety of savings account types. These rates can vary by location, institution and account type — you may need to consider banks or credit unions without physical offices to get the highest rates possible.

Pros and Cons of Savings Accounts

Savings accounts have advantages and drawbacks. These accounts are meant for safe, long-term growth of deposits and encourage building funds for future needs — like emergencies or planned expenses such as vacations.

How to Choose the Best Savings Account

When selecting the ideal savings account, explore all your options to maximize your savings potential.

Some banks offer cash bonuses when you sign up for a new savings account. Bonuses of hundreds of dollars are not uncommon, so be sure to do some comparison shopping before applying.

Savings Account Frequently Asked Questions

We compiled answers to some frequently asked questions about savings accounts.

About Alvin Yam, CFP

Alvin Yam is a certified financial planner with over 15 years of experience working with individuals and corporations. He is an expert in wealth management and personal banking. Alvin is also the Founder and Managing Partner at Paraiba Wealth Management, an independent registered investment advisor.

Prior to founding Paraiba, Alvin spent five years as a Director at HSBC overseeing retail and wealth products, and was also a Financial Consultant at Charles Schwab, advising clients on investments, retirement planning and banking products.

• The Federal Deposit Insurance Corporation (FDIC) . " Deposit Insurance FAQs ." Accessed April 29, 2024 .
• National Credit Union Administration, (NCUA) . " Credit Union and Bank Rates 2024 Q1 ." Accessed April 29, 2024 .

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available. Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team .

• Bank accounts that make it easy to save for different goals

How many savings accounts should I have?

What are some of the advantages of saving for separate goals, 10 savings accounts with buckets that make it easy to save for goals, like an emergency fund or travel.

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

• Saving for separate goals helps you track your progress and manage your money.
• You can save for different objectives with a high-yield savings account.
• Some of these accounts may also offer high interest rates and low minimum opening deposits.

Saving for different expenses can make it easier to manage your money than keeping all your savings in the same place. There are several savings accounts that let you save for separate goals and name each of them, like "Emergency Fund" or "Home Repairs."

Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit

no monthly service fee

up to 4.60%

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. FDIC insured for $2 million
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a higher interest rate with qualifying activities
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $300 bonus with qualifying direct deposit (terms apply)
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No-fee overdraft coverage if you overdraw up to $50
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings tools
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Joint account available
• con icon Two crossed lines that form an 'X'. Declined purchase if you overdraw by more than $50
• con icon Two crossed lines that form an 'X'. Doesn't reimburse out-of-network ATM providers' fees
• con icon Two crossed lines that form an 'X'. May deposit cash at Green Dot locations but there's a $4.95 fee

SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.

• FDIC insured for $2 million
• Free access to 50,000+ Allpoint ATMs worldwide
• Hybrid checking/savings account
• Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
• Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
• Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
• Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
• $4.95 fee each time you deposit cash at a Green Dot location
• To get no-fee overdraft coverage you must have at least $1,000 in direct deposits

Take a look at these savings accounts and consider which one is the best fit.

See Business Insider's picks for the best high-yield savings accounts>>

Savings accounts with buckets that make it easy to save for goals

1. ally savings account.

Earn 4.20% Annual Percentage Yield with a $0 minimum account opening requirement

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings buckets help you save for different goals
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Surprise savings transfers help you save extra money from your checking account
• con icon Two crossed lines that form an 'X'. No physical branch locations
• con icon Two crossed lines that form an 'X'. No way to deposit cash

The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.

• Create separate savings buckets in a savings account
• Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
• Interest compounded daily, paid monthly
• FDIC insured

2. Betterment Cash Reserve Account

New customers will earn 5.50% APY (Annual Percentage Yield) for three months, then 5.00% APY. $10 minimum deposit. FDIC Insured.

5.50% APY for new customers' first three months, then 5.00%

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $10 minimum deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum balance requirements
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No transaction limits
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. FDIC insured for up to $4 million
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Create savings goals
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. The "two-way sweep" moves extra money from checking to cash reserve to help you save
• con icon Two crossed lines that form an 'X'. Mobile check deposit is limited to certain customers
• con icon Two crossed lines that form an 'X'. You can only deposit up to $1,500 in paper checks per day

Betterment has strong checking and cash reserve accounts. However, Betterment won't be a good fit if you need to deposit cash, or need to deposit checks but don't qualify.

• By linking to a Betterment Checking Account (Member FDIC), you can set up the "two-way sweep," which helps you save automatically, earn more interest, and set up overdraft protection
• You can use mobile check deposit if a) you've been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
• Interest compounds daily, pays monthly
• FDIC insured through partner banks

3. Capital One 360 Performance Savings

Earn 4.25% Annual Percentage Yield (APY) on any balance. FDIC Insured.

4.25% (as of 4/11/24)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to save for various goals
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 live chat
• con icon Two crossed lines that form an 'X'. Limited access to customer service by phone

Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.

• Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC

4. Milli Savings Account

Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY on Savings Account and Jar Accounts
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No ATM fees
• con icon Two crossed lines that form an 'X'. Does not reimburse out-of-network ATM Fees
• con icon Two crossed lines that form an 'X'. Does not accept cash deposits
• con icon Two crossed lines that form an 'X'. No weekend customer support

Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.

• Mobile-only banking platform and division of National Bank of Omaha
• Earn 4.75% APY on Savings Account and Jar Account
• Access to over 55,000 ATMs through AllPoint network
• Interest compounded daily and credited monthly

5. Navy Federal Credit Union Share Savings Account

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $5 minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Name your account so you can open multiple accounts for separate goals
• con icon Two crossed lines that form an 'X'. Dividends compound monthly, not daily
• Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
• 354 branches worldwide, including on select military bases
• Interest compounded monthly, paid monthly
• You'll pay $3/quarter if you have no other Navy Federal accounts, AND your balance is under $50, AND your account has been inactive for 12 months
• Federally insured by the NCUA

Note: This is the only account on our list that doesn't let you set up separate goals in one account. You'll have to create multiple savings accounts and name each one. But because Navy Federal doesn't charge monthly bank maintenace fees , there isn't really a downside to doing it this way.

6. NBKC Everything Account

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No foreign transaction fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Refunds up to $12/month for out-of-network ATM fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Online bill pay
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Set up separate savings goals
• con icon Two crossed lines that form an 'X'. Only branches are in Kansas City, MO
• con icon Two crossed lines that form an 'X'. Limited customer support hours
• con icon Two crossed lines that form an 'X'. No overdraft protection options

NBKC Bank is a strong online financial institution because it has low minimum opening deposits and low fees on most accounts. But it's not a good match if you like in-person banking, unless you live in Kansas City, MO. You can also earn higher rates at the best online banks right now.

• Online bank with branches in Kansas City, MO
• Hybrid checking and savings account
• Earn APY on entire balance
• Set up savings goals
• Interest is compounded daily, paid monthly

7. ONE Account

up to 5.00%

3% cash back on Walmart purchases

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a solid APY on your savings pocket and automatic savings pocket
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection for up to $200 if you meet certain requirements
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fee for using an out-of-network ATM if you have direct deposits set up
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Receive paychecks sooner with early direct deposits
• con icon Two crossed lines that form an 'X'. Only earn interest on up to a certain balance
• con icon Two crossed lines that form an 'X'. $3.00 out-of-network ATM fee if you do not have direct deposits set up
• con icon Two crossed lines that form an 'X'. Doesn't reimburse any fees charged by out-of-network ATM providers

ONE could be a good fit if you are comfortable with keeping your money all in one account. The ONE account pays a competitive interest rate on savings balances up to $250,000 and it's on par with the savings rates of our best high-yield savings account guide.

• If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you'll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
• Free access to 55,000 Allpoint ATMs in the US
• The ONE Account acts as a hybrid checking/savings account
• Set up a Savings Pocket and earn up to 5.00% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
• Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 5.00% APY on your Auto-Save Pocket
• All other Savings balances will earn 1.00% APY
• Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits for at least 31 days
• Deposits are FDIC insured through Coastal Community Bank

8. Sallie Mae SmartyPig Account

$0 ($0.01 balance to earn interest)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Save for separate goals
• con icon Two crossed lines that form an 'X'. Must transfer funds to external bank account to access money
• Earn 4.25% APY on all account balances

9. SoFi Checking and Savings Account

10. wealthfront cash account.

Get a $30 bonus when you open a Wealthfront Cash Account and fund your new account with an initial deposit of $500 or more.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Use as both a savings and checking account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $1 opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Get paid 2 days early
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to a debit card
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile check deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Automatically move extra money into investments with Autopilot
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Save for separate goals in one account
• con icon Two crossed lines that form an 'X'. To deposit cash, pay a fee at a Green Dot location
• con icon Two crossed lines that form an 'X'. $2.50 out-of-network ATM fee

The Wealthfront Cash Account is a solid high-yield checking account. But if you're looking to open a separate savings account, take a look at our best high-yield savings accounts guide.

• FDIC insured up to $8 million for individual Cash Accounts ($16M for joint accounts) through partner banks
• 19,000 free ATMs
• Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100

There is no limit to how many savings accounts you can have . The best number for you depends on how many purchases you want to save for. 

Here are some savings goals you could work toward with these accounts:

• Emergency fund
• Holiday budget
• Home repairs
• Down payment on a house
• Buying a car
• A semester's tuition
• Pet expenses

So, why not just keep all your savings in one account and withdraw money when you need it? You can do this, but there are some perks to having separate pots for each savings goal:

• Easily track your progress. With one savings account, you may see that you have $15,000 in savings. But with separate goals, you can see that you have $10,000 in an emergency fund, $3,000 saved for a car, and $2,000 set aside for that big trip next month. If you need $5,000 to buy a car and $3,000 for the trip, you now have a better understanding of how much more you need to save.
• Save more. Once you have a better idea of how close you are to reaching each savings goal, you may feel motivated to save more so you can reach a certain dollar amount. Transfer some money from checking, or set recurring automatic transfers to go toward goals.
• Reduce temptation. Keeping all your savings in the same place makes it easy to misspend money. For example, maybe you were planning to use your savings both to buy a car and go on a big trip next month. You go on vacation, but when you return, you realize you don't have enough money left over to buy the car. Setting separate goals can help you remember not to touch the money you want to put toward the car.

All of these savings accounts are useful tools for saving for different goals. Take a look at their other features — savings interest rates, minimum opening deposits, options for depositing money — to decide which one is right for you.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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A look at the average american’s savings.

The average American's savings varies by household and factors such as age, education level and income bracket. In 2022, the typical transaction account balance (checking and savings combined) for the American family was $8,000 ; the average transaction account balance was $62,410.

With these figures in mind, how much does the average American save a month? The 2022 Federal Reserve Survey of Consumer Finances provides information about transaction account balances, which cover both average checking account and average savings account balances. Read on for savings trends among Americans and tips for maximizing your savings.

Average savings by age

Older age groups generally have larger average account balances (though some exceptions exist).

Americans ages 65 to 74 have the highest average account balances at $100,250.

Average savings by income percentile

In general, people with higher incomes have higher account balances; those in the top 10% of income earners had an average account balance of $353,030.

Average retirement savings

Retirement savings are typically considered separate from traditional checking and savings account balances. The data below shows how American households save money when preparing for the future. Keep in mind that the amount below for ages 75 and older reflects the fact that these individuals are likely drawing on their retirement and/or no longer contributing to their retirement.

• Younger than 35 - $49,130 average balance
• Ages 35 to 44 - $141,520 average balance
• Ages 45 to 54 - $313,220 average balance
• Ages 55 to 64 - $537,560 average balance
• Ages 65 to 74 - $609,230 average balance
• Ages 75 or older - $462,410 average balance

Tips for maximizing your savings

Building a savings plan may help you achieve your financial goals while ensuring you have enough money to cover unexpected expenses.

Savings tips include:

• Create a budget: Budgeting may help you know where your money is going each month, enabling you to develop strategies to reduce spending and contribute more money to savings.
• Automate your savings: Consider setting up automatic transfers from your monthly income to your savings account or retirement plan.
• Explore creating separate accounts: Having separate bank accounts for different purposes — for instance, one for checking and one for savings — may help you ensure savings remain untouched.
• Research different ways to save: Using different savings vehicles, such as high-yield savings accounts and certificates of deposit (CDs) , may earn interest and potentially protect you against market fluctuations.
• Consolidate debt: Consolidating debts to a lower interest rate may save money in the long term, helping reduce your overall payments each month.
• Consult a financial professional: Financial experts may help you create a savings plan based on your financial situation.

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Watch CBS News

Think "spaving" — or spending to save — can save you money? Think again.

By Megan Cerullo

Edited By Alain Sherter

Updated on: May 13, 2024 / 7:48 AM EDT / CBS News

Buy one, get one free! Spend more to get free shipping! Save 10% with this special discount code! They're the kind of sales pitches consumers often find impossible to resist. Yet spending money to save it — or "spaving," as the practice has come to be called, rarely benefits the consumer. Instead, retailers' clever marketing ploys convince consumers they're getting a deal, when often they're just overspending. 

In short, buyer beware, experts warn.

"I understand the appeal of getting to checkout and a notification pops up saying spend $10 more to get some perk," LendingTree senior economist Jacob Channel told CBS MoneyWatch. "But 90% of the time, when you break it down, it doesn't make sense. You're not actually saving money if you are spending more of it."

Deal or no deal?

A number of common marketing offers dangle the lure of savings — provided that you splash enough cash. They include:

• Spending above a certain amount to get a "free" gift
• Spending enough to qualify for free shipping
• Buy one, get one
• Buying extra items to use a coupon or discount code
• Subscribing to a service to qualify for a discount

If these tactics sound familiar, it's because they're widely used by a range of retailers, from grocery chains to clothing stores, noted Bankrate personal finance expert Ted Rossman. 

To be sure, there's nothing illegal or even especially underhanded about such offers — merchants are in the business of making money, after all, while consumers bear some responsibility for determining if a deal is worthwhile.

By the same token, it's also on shoppers to be alert to sales gimmicks that subtly nudge them to overspend.

"Retailers have always known this trick, and they're really good at what they do," personal finance expert Rachel Cruze told CBS MoneyWatch. "They know that if we put a sale on or offer free shipping if you spend 'X' amount, you'll spend more money. Psychologically, they're good at knowing how to entice people."

Why shoppers fall for it

But why do consumers fall into the trap of spending more in the name of saving? Part of it often comes to FOMO, or the fear of missing out, on a limited-time sale or other purported bargain, money coach Nicole Victoria told CBS MoneyWatch.

"It's about loss-aversion, or the perception of loss," she told CBS MoneyWatch. "You feel like you're losing money by paying for shipping, and you've invested time and resources into filling up your shopping cart, so you'd rather gain something more." 

Of course, spaving isn't always a mistake. Sometimes spending more money on something you were already planning to buy makes good financial sense and can yield actual savings. But Victoria said it can get downright wasteful when, for instance, you purchase large quantities of perishable goods you can't possibly consume before they expire or go bad. 

"It's not all bad, but the part that's more harmful is the impulse buy and lower-quality items, the fast-fashion example or stuff you don't necessarily need. Buying in bulk isn't great if you're going to throw out the leftovers," Rossman said.

These days, meanwhile, spaving can pile on credit card debt at a time when APRs hover near record highs, he added.

How to avoid spaving

In general, it's wise to disregard deals that invite you to spend more money than you'd planned, experts said. 

"Sometimes, you're better off ignoring notifications and only buying what you were originally going to buy. It's a matter of not being distracted by a shiny thing," LendingTree's Channel said. 

It's also helpful to keep in mind that the merchants behind "buy one, get one" and similar deals have a mission — get you to spend as much as possible in order to grow their revenue. 

"Keep that mentality in mind going in. They're not out there trying to help you save money," Channel said. 

Other tips for resisting the temptation to add goods to your shopping cart in hopes of saving money or earning a reward:

• Stick to your list.  List what you need when shopping — and stick to it.
• Unlink your credit card from retail websites. Storing payment information online makes it easy to spend money with just a couple clicks. Sure, it might seem like a hassle to enter your card number and go through the checkout process, but this is just the type friction that can help curb your spending. 
• Unsubscribe from promotional emails. Sales notifications alert you to events and direct you to shop on sites that you hadn't planned on visiting. And beware of social media — if you follow accounts on TikTok or Instagram that encourage you to shop (often because they have a financial incentive), that can lead to more impulse purchases. 
• Sleep on it. Institute a 24-hour rule before making any unplanned purchases. 

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.

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