How to Create a Savings Plan 

What if your savings had the potential to grow faster, even as your monthly contributions stay the same? Well, that’s exactly the benefit of opening a high-yield savings account.

Unlike a traditional savings account, a high-yield savings account like Forbright Bank’s Growth Savings tends to offer a substantially higher interest rate to help you save even more in a shorter period. And since high-yield savings accounts offer high APY, each dollar you save allows you to grow your savings even more the longer it stays in there. 

With no minimum deposit, no account fees, and no hidden charges, Growth Savings is a unique high-yield savings account that can help you achieve your financial goals even faster. Whether saving up for your first home or your dream vacation, here are a few ways to use your high-yield savings account to help you meet your financial goals.  

Having an easily accessible reserve of cash for life’s curveballs is essential in safeguarding your financial wellbeing. From potential job loss to unforeseen medical expenses, a high-yield savings account is a great tool to help you save for the unpredictable. 

When creating a savings plan for emergencies, it generally is recommended to save up for 3-6 months’ worth of necessary expenses.  

To create this type of savings plan, simply add up your monthly expenses, including rent or mortgage payments, utilities, child and pet care, groceries, insurance, and any recurring costs. Then multiply this number by three or six, depending on how much you’d like to keep in case of an emergency.  

A high-yield savings account like Growth Savings also can help you save up for homeownership.  

While most conventional loans require at least 3% down, contributing a larger down payment does have some advantages, including:   

Once you’ve figured out how much you’ll be able to put down towards your home, you can begin working towards your savings goal. 

Setting up recurring deposits into your high-yield savings account is one significant way to act on your savings plan for homeownership.  

Check out the savings calculator on our Growth Savings page to see how much you might save each month to reach your goal.  

With higher interest rates and funds that are accessed easily, Growth Savings can support a myriad of other short and long-term goals, including:  

The journey to financial well-being is a marathon, not a sprint. The key to maximizing savings is by getting started early and setting clear short and long-term goals.  

One way to do this is by automating regular deposits to remain on track. With Forbright Bank’s secure online system, you can earmark a portion of your paycheck to go directly into Growth Savings or schedule recurring transfers from other deposit accounts as it fits with your budget and savings goals.  

Got a bonus or tax return? Securely automate the deposit to go directly into your Forbright Bank Growth Savings account. You also can increase your total amount deposited each month if you get a promotion or pay raise.  

Get started by opening your Growth Savings account with Forbright Bank today.  

This article is for general information and education only.