Smart Strategies for Saving for Your First Home

Saving for your first home is a significant milestone, and we’re here to help you make it easier—and smarter. If you’re setting money aside for a down payment, where you save can make a big difference. Let’s talk about how to grow your savings faster with high-yield accounts.

Where Not to Save

Traditional savings accounts from major banks often offer shockingly low interest rates. Here’s how much your money earns annually at these institutions:

• Chase: 0.01% APY

• Bank of America: 0.01%-0.04% APY

• Wells Fargo: 0.15% APY

• Citibank: 0.05%-0.10% APY

Where to Save Instead

Switching to a high-yield savings account can dramatically increase your savings growth. These accounts offer significantly higher annual percentage yields (APY):

• Pibank: 5.00% APY

• CIT Bank Platinum Savings: 4.55% APY (on balances over $5,000)

• Varo Savings: Up to 5.00% APY

• Bask Bank: 4.65% APY

Why This Matters

Let’s break it down:

If you save $5,000 a month for a year in a traditional account earning 0.10% APY, you’d make just $60 in interest.

But if you save that same amount in a high-yield account earning 4.65% APY, you’d make $1,707 in interest. That’s an extra $1,647 toward your dream home!

The Benefits of High-Yield Accounts

• FDIC Insured: Your savings are protected up to $250,000, giving you peace of mind.

• Higher Earnings: More interest means you can reach your down payment goal faster.

• No Fees: Many high-yield accounts offer zero fees, so your money works harder for you.

Make 2025 Your Year to Buy a Home

You’re already doing the hardest part—saving consistently. By choosing the right account, you can maximize your efforts and get closer to homeownership.

If you’re looking for more tips on saving, budgeting, or starting your home search, let us know!

Together, we can make your homeownership dreams a reality.