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Checking and Savings 101: Hacks and Helpful Hints

Checking and Savings 101: Hacks and Helpful Hints

As the Assistant Citizens Bank Branch Manager in Avon, Amanda Hewitt knows all the ins and outs of banking, particularly helping folks with checking and savings accounts. She shares her best do's and don'ts for keeping funds safe, simple budget hacks, and making money management easy.

Don't keep too much money in your checking account. There is a lot of debit and credit card fraud going on out there. If someone gets ahold of your debit card, they could use it to empty out your account. My recommendation would be to keep the bulk of your money in a savings account, rather than the checking account attached to your debit card.

Do use an online banking mobile app. With online banking, it's easy to check balances, keep on top of your expenses, move money from your checking to your savings, or set up recurring transfers. You can also set up bill pay or send money to other people at other banks with our person-to-person feature, which has no middleman and no fee.

Don't forget to use automatic transfers. Automatic transfers make it easier to set aside money without thinking about it. A great way to stay on top of saving is to transfer a set amount to savings after each paycheck is deposited.

Do set up accounts for specific goals. Many people find it motivating to set up a special account for a specific savings goal. If you’re in need of a vacation or are thinking about buying a new car, open a savings account to save specifically for that goal.

Don't avoid budgeting. “Whether you use an app, the envelope system, or calculate your average monthly expenses and transfer the rest into savings, the best kind of budget is the one you use,” Amanda shares. Above all, sitting down with your banker is your best bet—they can understand your needs and goals and offer products that are truly the best fit for you.

  • Disputes
  • How to dispute debit card transactions
  • With a Roth IRA, you typically pay taxes on the money before you contribute to your IRA. This means you generally can make qualifying withdraws once you reach 59 1/2 years of age without paying additional taxes on the distributions.
  • A traditional IRA allows you to direct pre-tax income toward investments that can grow tax-deferred until your retirement. You cannot contribute after age 70 ½ and distribution is required at that age.

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