Fifth Third Bank Offers Tools and Tips to Save, Reach Financial Goals
Fifth Third Bank has launched a new feature called Smart Savings as part of its Momentum Savings program, aimed at helping customers save effortlessly for various life events like emergencies and vacations. The feature allows users to automate savings by setting specific limits and enables transfers up to twice a week into their savings accounts. This innovation comes at a time when a significant portion of Americans lack adequate emergency savings. Fifth Third is committed to enhancing customer financial control with tools like Early Pay and MyAdvance.
- Launch of Smart Savings feature to automate customer savings.
- Addresses the need for emergency funds among Americans.
- Enhancements in Momentum Banking to improve financial habits.
- None.
Smart Savings is latest innovative feature in Fifth Third’s Momentum Savings to create easy, automated saving opportunities
Smart Savings for emergency funds, vacations and holidays
About a quarter of Americans have no emergency savings and another quarter have less than three months’ worth of emergency savings, according to
“Whether saving for an emergency fund, home office makeover or a summer vacation, some people struggle to save money while juggling other money priorities,” said
Using the Smart Savings feature, customers can create goals through the Fifth Third mobile app to save small amounts of money automatically. Once Smart Savings’ algorithmic feature is turned on, customers can set up specific details, including limits and restrictions on how much can be transferred per week. Smart Savings automatically transfers money from one Fifth Third account to a Fifth Third Momentum Savings account. The transfers take place up to twice a week.
Fifth Third Momentum Savings also has a Scheduled Savings feature, where you can save specific amounts on your own preferred schedule (example: every other Friday, transfer
You can learn more or watch a video on how Smart Savings works here: https://www.53.com/content/fifth-third/en/personal-banking/bank/savings/momentum.html
Tips on controlling your finances (aka saving your money)
In addition to Smart Savings, there are tactics to help people spend less and save more.
- Track spending – If you don’t know where your money is going, those purchases can add up and deplete your savings.
- Adjust recurring expenses – Think about what services you are using (e.g., streaming subscriptions, gym memberships, clothing box services) and unsubscribe from those you no longer need.
- Shop with intention – Make a list before you head out. This helps avoid impulse purchases and spend less overall.
- Try a spending fast – If you don’t need it, don’t buy it. Take a month – or several months, or a year – to buy nothing but essentials.
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Set a budget – Determine your fixed and variable expenses. In general,
50% of your budget should go towards needs (housing, utilities),30% for wants (travel, gifts, dining out) and20% for saving (retirement, college fund).
Making your budget stick
- Schedule automatic payments – Besides never missing a payment, you’ll never be charged late fees. You also gain peace of mind.
- Set spending limits, particularly for your “wants” category – Each time you spend money for these things, subtract that amount from your limit and keep a running total of how much more you can use that month.
- Research your purchases – Read customer reviews online, seek out local deals or individuals who are reselling the things you need. Remember that sometimes it's less expensive in the long run to buy an item of higher quality.
Once you've become accustomed to managing your budget, take the next step and set bigger goals: Save for larger purchases or make a bigger dent in your debt.
Increasing customer access and control of their money
Fifth Third is proud of its many products that put the control in the hands of the customer, combining the features and innovation of a digital-first bank with the security, reliability and local presence of a 164-year-old institution committed to the communities it serves.
With Fifth Third Momentum Banking, customers have one of the broadest range of options among all banks to get fast access to their money and address liquidity issues through:
- Early Pay1 – Free access to paychecks up to two days early with direct deposit.
-
MyAdvance™2 – Ability to advance funds of
or more against future qualified direct deposits, starting after the customer’s first direct deposit.$50 - Immediate Funds – Ability to receive instant availability for check deposits (a small fee is incurred).
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Extra Time® – Additional time to make a deposit and avoid paying overdraft fees. You can make a deposit any time before
midnight Eastern Time (ET) on the business day after your account was overdrawn—to bring your balance up to at least .$0
About Fifth Third
1 Early Pay: Access to funds for Early Pay are dependent on submission of direct deposit by payer and can be up to two days prior to date of scheduled payment.
2 MyAdvance™: Fifth Third MyAdvance is an expensive form of credit. We may be able to offer other options that are less expensive and more appropriate for your needs. MyAdvance is a short-term form of credit that allows eligible Fifth Third personal checking customers to take an advance on their next qualified direct deposit. Additional terms and conditions apply.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005400/en/
Beth.Oates@53.com | 313-230-9002
Christopher.Doll@53.com | 513-534-2345
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FAQ
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