What kind of saver are you?

Published on February 21, 2017 | Webster Bank

When you think about saving money, what’s the first thing that pops into your head? Guilt? Fear? Excitement? Your feelings about saving money say a lot about the type of saver you are. And knowing the type of saver you are is key to find the saving strategies that will work best for you.

Find your personal saving style

1. The Reluctant Saver

You want to save, but feel you can’t. You tell yourself, “I donÕt make enough money to save anything.” But the truth is, you just don’t know where to start.

Your best saving strategy is to start slow. Think about opening a simple savings account. Then just start making small, regular deposits every time you get paid. You can even set automatic transfers from your checking account. Over time it will become a painless habit and your savings will add up.

2. The Independent Saver

Your idea of saving is hoarding cash. You’ve got it stashed everywhere, but it’s not doing anything for you. You know you’re missing out on interest, but you’re not sure what your options are.

For you, easing in to a low-risk savings vehicle would be a good bet. For example, a Certificate of Deposit (CD) can help your savings earn interest with minimum risk.

3. The Cover-all-bases Saver

When it comes to saving, you’re all over the place. You’ve got money in multiple accounts, but you could be doing a lot better when it comes to earning interest.

A smart strategy for you is to consolidate your savings into a single account like Premier Savings or Premier Savings Extra. That way you can earn a higher interest rate on your combined funds.

4. The Power Saver

To you, saving is like a sport. You’re constantly moving money around from here to there to take advantage of any interest fluctuations that might boost your returns, no matter how slightly.

You’ve got everything it takes to be a great saver, you just need to focus. Getting some no-obligation advice from a Webster banker can go a long way toward helping you put your money in the right places. You can also open up a Premium Money Market account and take advantage of our great rates.

Shop for strategies that fit

At Webster, we realize that no two savers are alike. There’s no “one-size-fits-all” strategy that works for everyone. So we take the time to get to know you and your personal saving style. That way we can help you find the savings strategies that fit.

So let’s start getting to know each other. Call us at 800-325-2424. Or stop by a Webster banking center near you.