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As the Federal Reserve continues to increase interest rates, you may start to see bigger returns on savings. The downside is that you may also pay more to borrow money. Regardless of what the Reserve does, you can build savings and avoid debt by having diverse bank accounts and financial investments and keeping them at the same bank.

How We're Failing at Saving

Most find it difficult to save, especially when they're young. More than half of Americans -- 57 percent -- had less than $1,000 in savings in 2017, according to GOBankingRates. And, Americans with nothing in savings increased slightly from 34 percent in 2016 to 39 percent in 2017.

The good news is that the number of Americans with more than $1,000 in savings increased in 2017, when 25 percent reported having more than $10,000 in savings.

Multiple Bank Accounts, One Financial Hub

Having all of your financial accounts under one roof can make it easier to plan and save effectively and efficiently. If you're into simplicity, or you're a bit disorganized, this may be the route for you. By having everything in the same place, you can easily see your full financial picture in one place, make transfers between accounts immediately in online and mobile banking, plus know your banker understands every aspect of you finances so you get the best information and advice possible.

If you struggle with saving, here's how having multiple bank accounts with the same financial institution can help with you make more progress:

  • Be ready for unexpected expenses. In The Secret Shame of Middle-Class Americans, author Neal Gabler explained how he's among the 47 percent of Americans who can't scrape together $400 for an emergency. The sobering piece, written for the Atlantic, had many heads nodding. Many households mix savings with spending money. Diverting some of your paycheck into a savings account will keep it out of sight, out of mind, and out of your spending loop. Your money will earn interest so when life throws lemons at you, you can afford to pay the lemonade stand.
  • Have money for your health expenses. They say if you have your health, you have everything. But oftentimes, paying for healthcare can be the thing that costs the most. According to the latest data from the Centers for Medicare & Medicaid Services, the average American spent $10,348 on healthcare in 2016. If you have a High-Deductible Health Plan — defined by the IRS as a deductible of $1,350 for individuals, $2,700 for families — you qualify to open a Health Savings Account (HSA).
  • Be in control of your finances. Banks typically offer several account types with different features, so you can find the accounts that fit the way you bank. Make sure to check the monthly fees and minimum balance requirements. Think about how often you’ll use the account and whether it will be for paying bills, daily expenses, long-term savings or short-term saving goals. With the right options, you’ll have accounts that meet all your needs. Often, banks provide benefits like better rates based on your relationship there. And, if you need a little guidance, you can always call or visit a branch and ask a banker your questions without a commitment.

Consolidating bank accounts can simplify your life and give you a better, more holistic perspective on your total financial picture. If you’re considering moving accounts and want advice on how best to do that based on your personal situation, consider talking to a KeyBank Relationship Manager.

This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent or is offering any tax, accounting, or legal advice.

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