A well thought-out savings account can make your money work for you and grow itself. With the right tools and practices in place, a savings account can be optimized well to increase your savings. This will help in building a cushion to your savings without extravagant effort. Some of the simple methods one can employ to optimize their savings account and concerned choices are as follows:

• Choosing high-yields savings accounts: A lot of banks offer savings accounts with an abnormally low-interest rate, which can be as low as 0.1%. Choosing a savings account with such a small interest rate will not add more than a few bucks to your savings account every year. However, if savings account with an interest rate of about 1% or 2% can be opened, it can bring about a great difference in the deposits collected annually. Opening a savings bank account with a higher interest rate is not any different than opening one with a lower interest rate. With the social security number, routing number, and the current bank account details, one can open a new account at a better banking institution with a higher interest rate in no time. The only difference would be the higher savings generated because of the higher interest rate.
• Automatic payment plans: One of the best steps that can follow after opening a savings account with a good interest rate is to set up an automatic payment plan that would deposit funds regularly into the account. For instance, if a deposit is done regularly into your checking account, then a transfer of a definite amount can be set up in those time intervals from the checking account to the savings account. Doing so, even with a small amount between $30 to $50 once in 2 weeks can save over $1000 in less than a year. Setting up this process is not at all difficult. One would only have to select the transaction amount, the duration, and the frequency. The savings and checking accounts do not need to be in the same bank. But do pay attention to any additional transaction charges which might be levied on these transactions, if any.
• Extra savings & good benefits: One of the best ways to increase savings is to put any unutilized or extra income into the savings account. Any bonuses or tax refunds can be added to the savings account. Once added, the high-interest rate will improve the savings. In addition to that, cutting down any costs related to the savings account and looking for good benefits is a good way of optimizing your savings account. Employment opportunities come with several options such as life insurance, health insurance, employers matching certain retirement options, etc. The more that these benefits are made use of, the lesser one has to pay for them, and the higher savings can be deposited into the savings accounts. Having a savings account particularly for emergency funds is a smart move to a secure future.