Why Should I Open a Savings Account?

Benefits of a Savings Account

A solid financial foundation starts with saving, and a savings account to support you and your goals. In addition to providing peace of mind, the right savings account can jumpstart your savings goals and help you secure a more prosperous financial future. By keeping funds in a secure, FDIC-insured savings account, those funds accrue interest over time, helping you grow your investment safely and securely each year with a reliable banking partner.

Planning for the Future

Whatever goals you have, a savings account provides the foundation to help you get there. For all of life’s major milestones:

  • Buying a car
  • Paying for college
  • Owning a home
  • Starting a business
  • Getting married
  • Investing
  • Raising children
  • Traveling and vacationing
  • Retirement and health care

A savings account can help you reach all these goals and more, responsibly, whether they’re individual financial goals, family goals or big-ticket purchases you’re planning for or dreaming of, like:

  • Financing a second car, boat or RV
  • Owning a vacation home
  • Home renovations
  • Paying for children's or grandchildren's college tuition
  • Adventure travel

Protecting Against the Unexpected

No matter how carefully we plan, the unexpected can – and often does – happen. From an unavoidable car expense or an accident at home that leaves our financial house in disarray, having a nest egg saved for that rainy day can mean the difference between a minor setback and real financial distress.

What Makes a Good Savings Account?

The right savings account should match your financial goals, and give you rewards to help you get there faster. It should also match your lifestyle and provide the amount of flexibility you’re comfortable with, both in the short term and the long. Saving responsibly should also come with additional rewards, like the kind of customer service you’d expect from a local community bank like Dime that’s been serving the New York metropolitan area for over 150 years. In addition, it should incentivize your savings with helpful Dime features, like compounded, competitive interest rates, free online banking and low monthly fees.

Savings Account Rates

Though rates often vary between account type and bank, a good savings account should provide a higher-than-average interest rate and a more frequent compounding schedule, like Dime’s Statement Savings Account.

Depending on your goals and your situation, there's a Dime savings account that can provide the right place to start, or continue, working toward your personal financial goals.