Many consumers in the past few months are geared at just saving money, and much was due to the uncertainties of their financial status and the affects of the poor economic results and rising unemployment. With such a craze for saving money, Banks are getting creative coming up with new gimmicks to get that share of the market by offering some perks consumers will definitely like.
According to the Commerce Department, the savings rate for consumers this past January was at an all time high with consumers putting away on average as much as 5% of their paychecks. Seeing such intensity in savings it would definitely hurt Banks to not take initiative since their investments in home loans have hurt them tremendously when many homes went on foreclosure.
What are the marketing perks that Banks are offering on new savings accounts to lure consumers into the loop, and just how enticing are they to new savers who feel more comfortable stuffing their money in a mattress?
Let's take a look at some of the BIG PERKS that new savers can take advantage of when opening a savings account at a bank these days:
- Reward Accounts You've probably heard of various types of rewards that you can earn for becoming a frequent flyer or using your credit card at certain stores. But now, new savers can also take advantage of a reward account that can earn up to 6-percent interest. However, in order to earn this type of reward, you may have to stay under a specific number of debits each month, sign up for direct deposit, or agree to automatic payments.
- Bonuses When opening a savings account at a bank (or even a checking account), you may now be offered a sort of sign-on bonus. For example, you may be able to take advantage of a savings bond that requires very little money to fund. However, in order to receive it, you may have to keep a minimum balance in your account.
- Online-Only Accounts If you don't want to succumb to tons of restrictions with these new accounts, you can try opening up online accounts that offer higher rates than those at your local banks.
The good news in all this savings craze - consumers will soon find more and more great perks as Banks begin to compete for the piece of the pie. So if you are someone who is looking to opening a savings account at a bank or even open an online savings account, be sure to shop around - you will be surprise what offers are out there - so keep your eyes open.
