Reach your goals more easily with an Automatic Savings Account
We likely all have something we’re saving for - be it a new car, college education or a dream vacation. Research shows the more specific you are with setting a target goal amount and determining scheduled payments the more likely you are to achieve that goal. According to Dartmouth economist Jonathan Zinman, “(Americans) simply can’t pay consistent attention to future goals when we’re bombarded with daily distractions. While we may think our inability to save is due to lack of will power, it’s actually a more nuanced problem of being able to focus today on our goal for tomorrow.”
Establishing a goal-based savings account is a simple solution to this problem. Citizens National Bank offers an Automatic Savings Account. Anyone with a Citizens National Bank checking account may open one. It requires a $50 per month direct deposit or automatic transfer from the checking account to qualify for the current 6 month intro rate of .35% APY on balances of $250 or greater.* According to Margaret Thompson, APV/Branch Operations, “By setting up the automatic transfer customers don’t have to remember to add to their savings account. Additionally, the account can easily be nicknamed within Online Banking and the nickname can be changed as they reach their goal for one thing and want to work on another. Text and email alerts can also be set up to remind the customer when deposits have posted to their savings account reminding them that they’re one step closer to achieving their goal. And with the premium intro rate, they’ll reach their goals even faster.”
To learn more about the benefits of Automatic Savings visit any branch location or simply apply online from within Online Banking. Choose the Other Services tab, under Open a Deposit Account Online, choose Savings Account. Complete the online application and a CNB representative will contact you.
* Annual percentage yield (APY) accurate as of 7/3/13. Rates are subject to change at the bank's discretion. The above stated APY is guaranteed on all balances for the first 6 months after the account is opened. Minimum opening balance is $25. Minimum daily balance of $250 required to earn APY. After 6 months the applicable standard tiered variable rates for the Personal Savings Account will apply. Balances of $100,000 and above currently earn 0.07% APY; balances ranging between $25,000-$99,999.99 currently earn 0.05% APY; balances between $7,500-$24,999.99 currently earn 0.03% APY; balances between $2,500-$7,499.99 currently earn 0.01% APY; balances between $250-$2,499.99 currently earn 0.01% APY; balances below $250 do not earn interest. CNB Checking account and direct deposit or automatic transfer into savings account of at least $50 per month are required. Standard tiers will apply if these are not established within 90 days. Non-personal, public and brokered funds not accepted. Funds currently on deposit with Citizens National Bank are not eligible for this offer. Fees could reduce earnings.