7 Banking Tips Millennials Need to Know

7/5/2018 9:00:00 AM
8 Banking Tips Millennials Need to Know

1. Use bank tech to save without thinking about it. Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period.
2. Download your bank’s mobile app. Manage your finances from the palm of your hand. With the click of a button, you can easily make a deposit or access a record of all your recent transactions. Be sure to download the latest updates when they are available.
3. Sign up for email or text alerts. Ask for an automatic alert when your balance falls below a certain level, or to confirm when certain types of transactions occur, such as online purchases or transactions of more than $500.
4. Use the personal finance tools your bank may offer. Banks offer an array of budgeting tools and resources to help you keep your finances in check. Access these via your bank’s mobile app and website.
5. Expect the unexpected – set up a rainy day fund. Set up a secondary checking or savings account for emergencies or link an existing account to your main account as an added layer of protection.
6. Get a head start. Banks can help you prepare for major life events such as buying a house and planning for retirement. Ask your banker how you can get a head start by establishing credit or about starting a retirement account with a 401(k) from a previous employer.
7. Stay connected with social media. Get the latest news on products and services, ask bank-related questions, join in on conversations and find links to exclusive bank content.
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