news.cuna.org/articles/Money_market_accounts_bolster_savings_habit:_CUNA's_Dosher_to_Bankrate

Money market accounts bolster savings habit: CUNA's Dosher to Bankrate

April 14, 2015
MADISON, Wis. (4/15/15)-- A CUNA editor recommended money market accounts as a great way to bolster savings in a recent Bankrate.com article.
 
The article explored how consumers could save money on "autopilot"--that is by having money automatically diverted from a paycheck into savings.
 
Michelle Dosher, CUNA managing editor for consumer education, suggested consumers explore money market accounts.
 
"Some money market accounts have a limited number of withdrawals allowed monthly," Dosher said. "It's a good feature for those who fear they'll raid reserves for impulse buys."
 
Asking that a debit card not be linked to the account might serve as protection when the urge to spend arises, Dosher told Bankrate.com.
 
The article also recommended that savers first track their expenses for a month or two to determine how much they can save each month.

If the consumer's employer can't directly deposit the funds into savings, most financial institutions will make a regularly scheduled transfer into savings, Bankrate.com said.
 
The funds should be accessible so they can be withdrawn without penalty if an emergency occurs, the article recommended.