How Fintech is Helping US Savers
Have you decided to start saving? Maybe it’s a New Year’s resolution or you’ve decided you have a goal in mind. Whether you want to save for an emergency fund, to buy a house, or any other specific goal, you have many more options today than ever before thanks to fintech.
Today you don’t have to go to your local bank and deal with their minimal interest rates. All you need is your smartphone or a computer and you have access to higher interest rates and more savings programs.
Here’s how fintech makes saving easier.
Get Access to Mobile Banking
Mobile banking means you can bank from your home, the car, or anywhere you are in the world. Deposit checks or transfer funds all in the matter of a few seconds. This makes it easier than ever to save. You don’t have to worry about making time to go to the bank or wonder how you’ll transfer money. With a few steps, you’ll have the money in your account.
You Have Accounts that Aren’t Easily Accessed
If there’s one problem most US savers have, it’s using the savings for something else. When the funds are right there in front of you, it’s too tempting.
Fintech makes it ‘harder’ to get your funds. Sure, you could transfer funds to your checking account, but it takes that extra step. Most people will think twice before logging into their fintech app and setting up a transfer. It’s that time in between that’s necessary to avoid impulse spending.
There are More Programs
Saving today isn’t just throwing your money into an account and watching it grow minimally. Fintech brought about so many more savings programs, like Acorns the app that saves your spare change.
Besides your piggy bank, when’s the last time you saved change? It seems worthless, right? Acorns makes it not only useful but fun. They round up your purchases to the nearest dollar, literally investing your spare change. Then they invest your funds when they hit $5.
Other apps make it fun too. Whether you set up goals with the Simple app or save for a home with Rize, there are many ways to set up and reach your goals.
Fintech Makes Saving Easy
Fintech takes the ‘hard’ out of saving. We all know it’s hard. Whether you want to spend, don’t think you have enough to save, or just don’t have the time, fintech makes it easier than ever. Set up automatic transfers and you don’t even have to worry about making the effort to make the transfers – it’s done for you.
Fintech is the Way of the Future
Fintech makes saving fun, easy, and doable. If you have trouble saving money, download your favorite fintech app and see how easy it is. You’ll earn more interest (in some cases), build your savings faster, and reach your intended goals. Everyone needs an emergency fund and a rainy day fund, so if you don’t have either, it’s time to start.