How to reach $100k + Build interest in Savings

May 23, 2018

Interested in reaching $100,000 in your savings? Follow this Six-Figure challenge chart. Depending on how much you can contribute monthly to your savings, this chart demonstrates the time frame to reaching your goal. You can reach the goal quicker depending on what type of savings account you have. Did you know you can earn interest in a savings account? You'd be surprise the amount of people that don't know this especially at ages 18-25.

 

Traditional 

checking & savings accounts don't pay interest, but some type of accounts allow you to earn and spend as often as you want. Compare savings rates to find the best deal using comparison tools, many of which are available online. 

 

A Few tips to earn more interest on your money --**Reap a higher return by stashing your cash in a high-yield savings account, a CD ladder, a credit union deposit account, or a checking account that pays interest.

 

What is APY? APY refers to how much money you earn on a deposit over a year, taking into account compounding interest. For example, if you put $1,000 into an account for one year at 1.0% non-compounding, or simple interest, you will have $1,010 at the end of the year. The APY is 1.0%—the same as the interest rate. Check out a few of the banks below:

 

BANKS          APY                 Comment

Barclays          1.15%               Savings Assistant savings tool

CIT Bank         1.15%               Text banking to check history and balances

Discover         1.10%               Overdraft protection for outside accounts

Ally Bank        1.05%               Free Allpoint ATM access and $10 reimbursement for other ATMs

 

Need help saving? Saving funds definitely takes discipline. Automate your savings by having money moved to your savings account regularly, either through elections with your direct deposit if you receive a regular paycheck or by setting up a recurring transfer to your savings account. Moving money directly to your savings account is a crucial first step to building your savings. The idea is that if it never touches your hand, you won’t miss it.

 

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