Banking Blog

Slowing saving money in a savings account is not the most exciting thing you can do with your hard-earned cash. In fact, it’s probably one of the most boring things you can do! But, it is effective, and PrizePool is a company that is out to make it fun, too.

The average American household has $8,863 saved in a bank account or at a credit union, according to a 2018 Bankrate Study. However, according to another Bankrate study, $80 billion was spent on the lottery in one year in America! This came out to about $1,000 spent per year on the lotto for millennials, and a whopping $3,800 per year for older generations.

What’s worse is the same study found that households with the lowest income (earning $30,000 or less) spent 13% of their income buying lottery tickets. Saving and investing 13% of your income could set you up perfectly for retirement! Instead, it’s likely going down the drain (unless you get very, very lucky).

There have been quite a number of technological advancements in the finance world. An offshoot industry, called fintech, was even developed to cater to this need.

This progression implies that the market is rapidly moving toward a cashless society. The advent of credit cards, and even cryptocurrency, supplements this phenomenon. 

The banking industry has definitely progressed from the ancient practices of bartering or exchanging goods to transactions being completed virtually. Now, digital banks empower consumers to do everything online–from creating an account to depositing and withdrawing money.

Oftentimes, one of the first things you should do to get your personal finances in order is to set up an interest bearing account, like a savings account.

This type of account is way safer than putting your cash under the mattress and earns more interest than a checking account.

If your financial goals include building an emergency, saving for a down payment, or preparing for college, an interest bearing account can likely help you achieve them.

Have you ever asked yourself, “how many bank accounts should I have?” You’re not alone, with thousands of options available, consumers are faced with the challenge of finding the right bank accounts for their needs.

Some people will choose to open several bank accounts to take advantage of the various features that each provides. While others might prefer a simpler approach and only open one or two accounts.

To find out the right number of bank accounts you should have, keep reading. We’ll dive into the different types of bank accounts, the pros and cons of having multiple accounts, and ultimately, how many accounts you should have!