Boost Your Savings Exponentially with This Quick 5-Minute Action

Boost Your Savings Exponentially with This Quick 5-Minute Action

If you keep your money in a traditional savings account, you know how slowly it grows. It can feel like watching paint dry.

Luckily, this is a simple problem to fix. In fact, you could grow your savings more than 10 times faster just by making a single five-minute move.

When you open a Jovia Online Savings Account, you’ll earn 5.00% APY on your savings. That’s more than 10 times the national average interest for a savings account, which, as of April 15, 2024, is just 0.46%, according to the FDIC.

If you’re not taking advantage of this earnings opportunity, you could be missing out on a lot of money.

So how much of a difference does APY really make? Well, if you put $5,000 into a Jovia Online Savings Account for one year, you’d earn $256.34 in interest, thanks to its 5.00% APY. In comparison, if you put $5,000 into a savings account offering the national average interest rate, you’d earn $23.05 in interest after one year. This means you’d earn $232.78 more just for keeping your savings with Jovia.

A competitive interest rate is one of the main benefits of a Jovia Online Savings Account, but it’s not the only one. Here’s a look at five other advantages you’ll enjoy by opening an account.

These days, everyone is busy. This can make it hard to get to a physical branch location, but you don’t have to worry about that with a Jovia Online Savings Account.

Manage your money on the go with mobile check deposit, automatic transfers, and early direct deposit by using online and mobile banking. The Jovia Mobile App is available on iOS and Android devices, making it easy to manage your money from anywhere.

Some financial institutions make accessing money in your savings account a hassle, but it couldn’t be easier with Jovia. After you open your account, you’ll receive a debit card.

This can make it easy to pay for purchases you’ve been saving up for. Instead of having to transfer the money to a checking account, you can just use your debit card to pay for it directly from your savings account.

Every time you use your debit card, Jovia’s Stash My Cash feature will round your purchase up to the nearest whole dollar and deposit the spare change into a separate account — i.e., a virtual change jar. Do note, fees may be assessed if you use your debit card for more than six transactions per month.

Sometimes you might need to take cash from your savings account, and Jovia makes this easy. Your debit card is part of the Allpoint Network ATMs, which offers fee-free cash withdrawals at more than 55,000 ATMs worldwide and Jovia’s ITMs on Long Island.

This means you won’t have to move money between accounts and wait for transfers to clear to access your money. Even if you don’t think you’d ever use an ATM to take money from your savings account, it still serves as a helpful backup plan in case of emergencies.

When you have bills to pay, waiting for your paycheck to clear can feel like an eternity. However, if you opt for direct deposit into your Online Savings account, you could get your paycheck up to two days early.

If your employer sends your funds to Jovia early, the credit union’s Early Direct Deposit feature may allow it to appear in your account up to two days before you anticipated it. This can help you avoid late fees.

You might be nervous about putting your money in an online credit union, because you’re afraid you won’t have access to customer service. This isn’t the case with Jovia.

Jovia’s Virtual Branch allows you to schedule an appointment with a member service representative six days per week — closed only on Sundays. Whether you have questions about your account, new products and services, need a new Visa Debit Card or want to review current rates, you always have easy access to a live person.