5 Reasons You Need a Personal Deposit Account

Inflation is at a 40-year high and prices on everything from gasoline to groceries continue to rise.  Now more than ever consumers are focused on ways to better manage their finances.  Let's take a look at 5 ways a personal deposit account can make managing your finances, easier. 

1.  Make secure, convenient mobile payments through apps such as Venmo, Popmoney, Apple Pay and more!

We are living in a digital world.  Making payments through an app on your mobile device has numerous benefits with the most obvious being the elimination of a physical cash and cards.  A mobile payment doesn't allow others to see the content of  your wallet or purse.  Not to mention, needing a PIN input or Touch ID makes mobile payments more secure than a physical card. 

2.  The ability to bank from anywhere

Safe and secure online and mobile banking allows consumers the ability to manage their finances outside of normal banking business hours.   Tracking your money has never been easier, more intuitive and simple. You can check your balance, transfer money, deposit checks, pay bills, turn your debit card on or off and more, at anytime, anywhere. 

3. Direct deposits allow fast access to your paycheck

No more collecting a physical check and going to the bank to cash it.  With a checking or savings account, an employer can set up a direct deposit into your account making the funds available immediately.

4. It's an easier way to save money

Savings accounts and some checking accounts earn interest on your money.  Not to mention, if you have a checking and saving account with the same institution, you have the ability to periodically transfer money from checking to savings to help your savings grow.  

5.  Protect your money

There are several risks to carrying around or hoarding cash in order to pay bills or purchase items.  Risks that include robberies, fires, natural disaster, etc.  A personal deposit account allows you to manage your m0ney using paper checks,  debit cards, or the ability to pay bills and transfer money online.  Consumer bank accounts are also protected by the Federal Deposit Insurance Corporations (FDIC) standard deposit insurance, meaning your funds are fully insured up to $250,000.  

At Skowhegan Savings, we have deposit accounts designed to make managing your finances, easier.  Whether you're just looking for the convenience of personal checkingor want to start on your way to bigger investments with a savings account, we have the solutions for you.  

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