By Valerie Woodrum
VP, Retail Operations and Process Improvement Manager
Last year, Courtney Maszkiewicz met with a couple who were struggling to save money and the large expense of Christmas gifts was difficult for them.
“I thought this was the perfect time to introduce them to the You Name It savings account,” said Courtney, who is a banker at INB’s Montvale branch. “I explained how it works and asked if they would like to try it for the following year. They were excited and ended up saving $500 for presents this year!”
Name It, Save It How You Like
A You Name It savings account is just one of several options for saving money with INB. INB also offers Regular, Maximizer, Youth and Health savings accounts.
Since INB has recently closed its Christmas Club account option, the You Name It is an ideal replacement for those looking to save within a certain timeframe.
To create a You Name It savings account, set up your account at any INB location. Choose a specific monthly amount to contribute and a target end date for your account – whether that’s Christmas or a vacation date or the date you need funds to begin a renovation project.
You Name It accounts then receive monthly automatic debits from another INB account.
“Sometimes, this feels like a big commitment to customers, and they worry that they can’t access that money if they end up needing it,” said Montvale banker Mary Luft. “Two withdrawals are allowed per month before a fee kicks in for the third withdrawal. This helps you stay disciplined to leave your savings alone, but does allow you to access it if you absolutely need it.”
A major plus for both the Regular and the You Name It savings accounts is that you can take advantage of INB’s Pocket Change program. Through Pocket Change, you can opt to have your INB debit card purchases rounded up to the nearest dollar, and the change will be transferred to your savings account.
INB will even match that change up to $100 for the first 90 days! (Matching funds will be transferred to your account after the 90 days).
More than One Way to Save
Unlike You Name It accounts, Regular savings accounts at INB do not require automatic transfers. The account needs to have a minimum $200 daily balance, however, or a $2 monthly maintenance fee will be applied.
Four withdrawals a month are allowed with the Regular savings account – after that, there is a $2 fee for each withdrawal.
No matter what vehicle you choose, saving money provides peace of mind for the future.
“For those who have never saved, I even encourage them to start at $5 a month,” Mary said. “For our You Name It accounts, you can always change the amount if you want to, and you can add money if you get a windfall or an extra paycheck during a 5-week month.”
INB will reach out to you before the date your account is set to end on your You Name It account, to update you of the status and amount you’ve saved.
“Many of the customers we see need and want that discipline, but are hesitant to take that next step. But if you commit and need to change it, we can do that. Or if you want to start small and build up as you get used to saving, we can do that too,” Mary said.
Another individual Courtney met with decided to open a You Name It account for an upcoming trip to Mexico. Through a small amount each month, the customer was thrilled to save enough to cover her entire trip.
“This is a great tool to enable our customers to reach their goals in a specified timeframe!” Courtney said.
“It really is a great option, especially for customers who previously used a Christmas Club account,” Mary added. “Having that money sitting in your account that you’ve slowly saved up all year makes it much less stressful at holiday time. At the end of the year, you’re trying to buy presents but also need to pay your bills too. By using a You Name It Account, you have the money for both.”