Simple Banking Tools to Build Financial Success
From depositing coins into your piggy bank as a child to counting babysitting money as a teen to cashing checks from summer jobs in college, you’ve been managing your money in some respect for years. But what does it really mean to build financial success as an adult — to go beyond “saving it for a rainy day?”
We’re here to help you construct your financial toolbox by breaking down which banking products work best for specific scenarios, so you’re better suited to power your next move.
A Checking Account that Checks all the Boxes
The first tool you should ensure you have is a checking account, which offers safe and secure storage for your money while maintaining accessibility for purchases and paying bills. This is likely where you’ll want to set up a direct deposit to have your paycheck automatically sent to your account.
You can set up bill payment through online banking and use your debit card for purchases and ATM withdrawals. Wintrust offers a checking account that reimburses ATM fees nationwide.1
You’ll also want to ensure you keep your money working for you, so choose an account with no maintenance fees or make sure you meet the requirements to avoid fees.
Wintrust checking accounts also provide comprehensive digital tools through online and mobile banking,2 including budgeting tools, spending insights, savings trackers, and more.
Explore better checking accounts.
Save Smart
When just starting out, building an emergency fund or saving for retirement may feel out of reach, but the little steps you take now can mean a lot in the future. If you’re able to automatically move a portion of your paycheck into a savings account each month, you can ensure you’re earning interest as well as establishing a place where money is secure — separate from your checking account, where funds fluctuate with money regularly flowing in and out.
Traditional Savings Account
Think of this account as your secure storage spot. Traditional savings accounts offer stability, while still allowing for accrued interest and some flexibility in terms of withdrawals. Generally, traditional savings rates are lower than other less-flexible savings options, though you’ll still accrue some interest, and your funds are accessible.
Because of this accessibility, a traditional savings account is a great place to begin building an emergency fund. In the event an unexpected expense occurs, you can pull from it without penalty. A traditional savings account is the perfect place to start your savings goals.
If you have a Wintrust checking and savings account, you can easily move money between accounts using digital banking2 — a great feature to have if you find yourself coming up short one month and need to pull from your savings.
View our current savings account rate.
CD
A Certificate of Deposit (CD) is a type of savings account that earns a fixed interest rate for a set period of time at rates higher than traditional savings accounts. You’ll find options ranging from months to years. While interest rates are higher, you’ll want to keep in mind that your funds will be tied up for the duration of the term selected. If you need to access this money before your term expires, you’ll be charged a penalty.
If you already have a traditional savings account and would like to ensure a portion of your savings is maximizing its earning potential, a CD is an excellent additional savings option. You can open a Wintrust CD with $1,000 (new money only3) and choose from a range of terms that best suit your financial goals — maintaining flexibility and maximizing earnings.
Money Market
Money market accounts tend to generate higher interest rates than traditional savings accounts (usually slightly lower than CD options), and funds remain accessible. Rates fluctuate, so you don’t lock in a rate as you do with a CD.
Money market accounts generally require a higher daily minimum balance than traditional savings accounts, so you’ll want to make sure you’re not going to incur monthly maintenance fees. Wintrust money market accounts help you reach your financial goals by growing your money faster without sacrificing flexibility.
Get money market account details.
Credit Cards
Credit cards4 can be another great banking tool if used responsibly. Super convenient and an excellent way to start building credit, they allow you to pay for items with a line of credit, then pay that line back when your monthly bill comes. Essentially, a credit card allows you to pay for items with a line of credit, then pay that line back when your monthly bill comes. It’s crucial to pay your statement bill in full each month to avoid hefty interest rates. Look for options with no annual fees and rewards that fit your lifestyle. From cash-back to travel to low introductory rates, find a card that helps you spend smart.
Talk to an Expert
It’s never too early to start mapping your banking strategy. Your Wintrust banker is here for you every step of the way, or you can check out our online tools and resources through online banking.2
