fciwomenswrestling.com femcompetitor.com, fcielitecompetitor.com, pexels.com-photo-Andrea-Piacquadio
March 21, 2020,
What category shall this fall into?
Depends.
Could of. Would of. Should of.
If this pandemic hadn’t hit, we all should have done this a long time ago.
Save money that is. Quite a bit of. For a rainy day. Unless you live in California where it never seems to rain. Southern or Northern.
But as the expression goes, there is no point in looking back into the past unless you plan on walking there.
According to the global news and business information source forbes.com, “As part of its 2019 Savings Survey, First National Bank of Omaha examined Americans’ habits, behaviors and priorities when it comes to saving, monthly spending and retirement planning.
According to the survey:
- 63% of Americans do not set annual savings goals.
- 74% of Americans put 10% or less of their monthly paycheck towards savings.
- 23% report they put in 0% of their monthly paycheck toward savings.
- 49% report they only have enough liquid funds to cover living expenses for 0-3 months.”
That is not very encouraging news.
There is some encouraging news though.
As reported by the respected news and information group at cnbc.com, “The typical American household has an average of $8,863 in an account at a bank or credit union, according to a recent report from Bankrate that analyzed inflation-adjusted data from the Federal Reserve. That’s purely in liquid savings, so it doesn’t include retirement funds or other investments.”
Add those other financial instruments in and the news is steady. Given how much of the countries around the world are close to complete lock down, it was very wise to save money.
Where can we get some great advice on how to jumpstart our financial savings?
By looking to those who have had success.
The Money Saving Mom’s Budget: Slash Your Spending, Pay Down Your Debt, Streamline Your Life, and Save Thousands a Year Paperback – January 10, 2012
About the author.
Crystal Paine is a child of God, wife, homeschool mom of three, businesswoman, author, and speaker. In 2007, she founded MoneySavingMom.com, a site that has grown to be one of the most popular blogs on the web, currently averaging close to two million readers per month. Her mission is to challenge women to manage their time and resources wisely and live life on purpose.
About the book.
Crystal Paine, who has helped busy women everywhere take control of their finances, presents her most effective strategies designed for families of all sizes and income levels. With hundreds of inspiring “why didn’t I think of that?” tips, plus worksheets, Paine breaks down your goals into easy, manageable steps so you can:
• Achieve a complete financial makeover
• Set up a realistic budget
• Never pay retail
• Slash your grocery bill
• Organize your time and your home
• Use coupons wisely
• Pay with cash only
• Live simply
• Become debt free
• Choose contentment
• Make every dollar count
Thanks so much Ms. Paine for the suggestions. The book sounds like a great read.
So that was going by the book, so to speak. What about on a practical day to day basis in your relationship with your financial institution? What can you do there to save money?
We heard something.
We think that you should hear about it too.
CIT Bank, N.A. (CIT Bank) is the banking subsidiary of financial services company CIT Group.
The bank is headquartered in Pasadena, California.
CIT Bank consists of an online bank and its OneWest Bank division, a Southern California branch bank with over 60 locations.
As of March 31, 2019, CIT Bank had assets of $44.32 billion. As of January 31, 2019, CIT Bank was the 42nd largest bank in the United States.
CIT Bank is regulated by the Office of the Comptroller of the Currency, U.S. Department of the Treasury.
In regards to their customers saving money, CIT Bank’s new Savings Builder account is designed to reward customers who maintain a balance of $25,000 or more or who save at least $100 each month with a higher interest rate.
For those of us who have savings accounts, we know they pay virtually nothing in interest. This approach by CIT sounds refreshingly green.
Their leadership at cit.com educate, “Besides general savings, the top savings priorities for U.S. consumers include: 67% say retirement, 61% say unexpected emergencies, 31% say vacations, and 29% say house and furnishings.
Prepare for the Unexpected 48% of U.S. households have encountered an unexpected expense related to an emergency over the past year. Major concerns include: 49% say major health issues, 11% say major home damage, 8% say natural disasters, and 7% say auto accidents.
Make the Most of Your Money Grow your savings faster than your everyday bank.”
Okay, we’re all eyes and ears. Let’s read on about their success with their customers.
CIT’s Savings Builder Account Wins 2020 Fintech Breakthrough Award
Named Best Personal Finance Product
PASADENA, Calif., March 11, 2020 /PRNewswire/ — CIT today announced that its national online bank, CIT Bank, has won a Fintech Breakthrough award in the Best Personal Finance Product category for its Savings Builder account. The recognition was awarded by Fintech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global Fintech market.
“We’re thrilled to receive our second Fintech Breakthrough recognition highlighting our commitment to empowering consumers to make smart savings choices,” said Ravi Kumar, head of CIT’s direct bank. “Our Savings Builder product provides a convenient and accessible opportunity for consumers to make their money work harder for them.”
Unlike most high-yield savings accounts, Savings Builder provides a higher rate of return for customers who save consistently and make monthly contributions of at least $100, in addition to those who can meet a higher opening balance threshold.1 This unique product rewards consumers for their savings habits and helps them reach their goals faster.
“Savings Builder is truly unique among a sea of high-yield products in the personal finance marketplace, as it encourages savings by incentivizing consistent deposits and delivering an outstanding savings experience for customers,” said James Johnson, managing director, Fintech Breakthrough. “We are thrilled to recognize CIT Bank for a second time with this award.”
The Fintech Breakthrough Awards is the premier awards program founded to recognize the Fintech innovators, leaders and visionaries from around the world in a range of categories, including Banking, Personal Finance, Lending, Payments, Investments, Regtech, Insurtech and many more. The 2020 Fintech Breakthrough Award program attracted more than 3,750 nominations from across the globe.
Last year, CIT Bank was named as Fintech Breakthrough’s Best Personal Finance Company of 2019 for its emphasis on providing customers the financial agility they need to meet their goals. In 2017, CIT’s small business solutions team received a Fintech Breakthrough Award for Best Small Business Lending Solution.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About Fintech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership, the Fintech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The Fintech Breakthrough Awards provide public recognition for the achievements of Fintech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, Regtech, Insurtech and more. For more information visit FintechBreakthrough.com.
MEDIA RELATIONS:
Olivia Weiss
212-771-9657
olivia.weiss@cit.com
1 The same higher rate is also available to those who deposit $10,000 or more to open an account.
SOURCE CIT Group Inc.
Related Links
OPENING PHOTO fciwomenswrestling.com femcompetitor.com, fcielitecompetitor.com, pexels.com-photo-Andrea-Piacquadio
https://www.forbes.com/sites/zackfriedman/2019/04/18/no-savings-retirement/#9d6f8bd3d76c
https://en.wikipedia.org/wiki/CIT_Bank
https://fciwomenswrestling.com/
https://www.fcielitecompetitor.com/
