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How Many Savings Accounts Should I Have?

A man looks at his cell phone and a sheet of paper, while sitting at a desk in front of a laptop

There are a number of reasons you might be trying to save money. Maybe you’re getting married soon, or perhaps you are building up an emergency fund in case another year like 2020 happens.

But if you have savings on the brain, there is also a good chance that you are saving up for more than one thing at a time.

So how do you keep track of saving for multiple things at once?

One option that Landmark National Bank can help you with is opening a savings account—or two or three!

Why Should I Open a Savings Account?

A savings account is simple to open and earns you interest on the money that you put into the account. You might already have a savings account open at Landmark or maybe you’re new to the whole process of saving.

Whatever the case, opening a savings account, or another savings account, might be the next step for you.

But why would you open another savings account if you already have one?

The main reason is to keep track of your savings in a simple way.

The Benefits of Having Multiple Savings Accounts

Suppose you are saving for both a down payment on a home and also a family trip to Disney. While both aren’t cheap purchases, a down payment will require much more money and time spent saving.

Opening two savings accounts—one to keep track of saved money for your house and another to keep track of saved money for your vacation—will keep that money separate and allow you to track your savings.

Having separate accounts for these future purchases helps you better track your progress toward your financial goals. Tracking progress toward individual goals, rather than the lump sum of all your goals combined, can be beneficial in reaching those target savings numbers. It also may help you be more mindful of how much you spend and put into your accounts each month.

Keep Your Accounts Organized

However, it is good to be aware of how many accounts you have open and how much money is saved in each. Landmark’s online and mobile banking allow you to set nicknames for each account, like “Vacation Fund”, so you can easily distinguish the accounts with a quick glance. Most savings accounts have a minimum balance required in the account to waive fees attached to each account. To avoid those fees, keep the minimum balance in your savings accounts at all times.

You may also choose to stick with a singular savings account, depending on your account’s interest rate. Some accounts reward higher savings with higher interest rates, so read the fine print on your account and even use one of our financial calculators to find out what options will yield you the most money.

How Many Savings Accounts Can I Have at One Bank?

In general, there is no limit to how many savings accounts you can open with a bank. The number of savings accounts you can have open comes down to personal preference on how you can best keep track of your money.

Don’t hesitate to contact us if you have questions regarding savings accounts, interest rates, or any of the other services Landmark National Bank can offer you.

Schedule an appointment to talk to one of our knowledgeable team members today to find out the best saving account options for you!

How Do Savings Accounts Work?

A man and a woman pore over papers in front of a laptop and calculator

Whether you’ve just started a first job, graduated college, had a child, or started planning for your future, saving might be on your mind.

Putting aside money for college, a first car, a new home, retirement, or any other future expenses can be a wise financial decision. But what is the best way to go about this?

One option offered by Landmark National Bank, and many banks around the world, is a savings account.

What Is a Savings Account?

A personal savings account is a type of bank account meant to hold larger amounts of money that will ideally sit relatively untouched. Many people use a savings account to help pay for emergencies and unplanned expenses or to save up for things like a house, a car, or higher education.

A savings account also accrues interest at a higher rate than a standard checking account, so it is a great tool to help build wealth. With a bit of planning, a personal savings account can help you reach any of your financial goals.

How Does a Savings Account Work?

Essentially, a savings account lets you deposit money you have for safekeeping and in a way that will earn you more money in the form of interest.

Savings accounts are not designed to be transaction accounts, and excess withdrawals may incur fees. Instead, savings accounts hold your money until you are ready to withdraw, usually to make one of those big purchases you’ve been saving up for.

How Do I Open a Savings Account?

Opening a savings account can be rather simple, especially if working with a bank like Landmark.

Typically, you’ll need to have an opening balance. A Smart Savings account with Landmark Bank only requires you to initially deposit $50 into the account when you open it.

Once you have money in an account, your savings account balance will start earning interest from the bank. This means the bank will add a percentage of money to your savings account based on how much you have saved.

Though you do have to pay taxes on the interest earned on a savings account, the interest is earned without you having to do a single thing. Simply deposit and wait.

Why Open a Savings Account?

Having a savings account is a safe way to grow your money for a future investment.

Different banks and different types of savings accounts will yield different interest rates and have a variety of benefits.

At Landmark National Bank, options include Youth Savings for children under the age of 18, Smart Savings, an Optimum Money Market that requires a larger opening balance but earns tiered interest, and a Certificate of Deposit or Individual Retirement Account.

Open a Savings Account With Landmark National Bank

A savings account is a great tool to help you build financial stability, and make your money work for you. Our wide selection of savings accounts allows you to find a product that meets your needs, no matter what stage of life you’re in.

Contact us today to find out how you can open a savings account that meets all your needs with Landmark National Bank.

Is it Good To Have a Savings Account?

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If you’re getting ready to open your first bank account or move to a different bank, you may be wondering if it is good to have a savings account. No matter where you are in life, a savings account has many benefits. From college students to someone who is at retirement age, there are many reasons opening a savings account is a smart financial move.

What Is a Savings Account?

A savings account is a financial product that allows you to gain interest on your deposits. They are a safe and reliable way to build your savings while gaining interest.

The Benefits of Having a Savings Account for Each Life Stage

Regardless of what stage of life you are in, having a savings account is beneficial. In this article, we’ve highlighted the benefits of a savings account for college students, young adults, older adults, and people planning to retire soon.

Benefits of a Savings Account for College Students

Smiling college student looking up from his laptop

There are many benefits to having a savings account in college. Once you graduate, you might be out on your own, but saving up money can help your future. Benefits of having a savings account in college include:

  • You will have an emergency fund. If something unexpected happens, you don’t want to rely on a credit card or family member to bail you out. You can take care of emergencies yourself if you have money in a savings account.
  • You can gain interest on your money. Starting a savings account at a young age can help you grow your finances. At Landmark National Bank, we offer savings accounts that pay you interest on the money you keep in your account.

Benefits of a Savings Account for Young Adults

There are many benefits to having a savings account for young adults between the ages of 20 and 30. Many of these people are beginning their careers and have their first opportunity to make enough money to save some each month.

Many milestones happen to people between the ages of 20 and 30. For example, they might get married, have kids, get a master’s degree, or want to buy a house. Having a savings account can help young adults save for these milestones.

Benefits of young adults having a savings account include:

  • Helping to save enough money for a house. Having a larger down payment on a home can help secure a lower interest rate and pay off a mortgage faster. This can set them up for financial success in their later years.
  • They can save enough money for education. Many young adults pursue continued education after high school or college, and having money in a savings account can help young adults pay for higher education. Instead of getting loans and paying interest, they might have saved enough to pay for their education out of pocket.
  • It helps them stay out of debt. If you have to buy a new air conditioner for your home or you get into a car accident, having money set aside for emergencies can help you stay out of debt. Instead of having to pay for these unexpected costs with a credit card, you could use the money from your savings.

Benefits of a Savings Account for Older Adults

Similar to young adults, there are many benefits to older adults having a savings account. Emergencies happen, and having a proper emergency fund is beneficial. Also, you might accrue vacation time once you have worked long enough. A savings account allows you to save enough money to enjoy vacations without worrying about a strict budget.

Benefits of a Savings Account for People Planning To Retire Soon

Smiling elderly couple embraces each other

If you’re getting close to retirement age, a savings account can help tremendously. Especially if you started saving at a young age, your savings account could have accrued a lot in interest. Therefore, letting your money continue gaining interest is essential so you can live your retirement years with financial freedom.

Saving for Large Milestones

Many people go through life sharing similar significant milestones. It is best to prepare for these milestones by saving enough money, so you are financially ready when these events happen. Common milestones worth saving for include:

  • Having a baby
  • Going to college
  • Buying a house
  • Saving for retirement

If you save for these milestones, it can relieve financial stress and help you stay out of debt.

How To Open a Savings Account

If you’ve never had one before, you may be wondering how to open a savings account. Opening a savings account is simple. Just call or visit a bank branch close to where you live and request to open a savings account. The banking professional that assists you will be happy to walk you through all the steps necessary and gather all the information required to open a savings account in your name.

The Benefits of a Savings Account at Landmark National Bank

At Landmark National Bank, we offer various saving options. From youth savings to retirement savings accounts, we can help you find the right account for you. The benefits of choosing Landmark National Bank to open a savings account include:

  • Low fees
  • Low minimums
  • High competitive interest rates paid back to you

Choose from our five types of savings accounts to find what best fits your needs.

Open a Savings Account Today at Landmark National Bank

Begin your journey of making wise financial moves and open a savings account today. To open a savings account with Landmark National Bank, contact us! We can provide information on the savings account options and help you choose which type of account is right for you.

4 Tips for Budgeting in Times of Inflation

a calculator that spells “inflation” on it sits on top of a pile of money

As inflation rises in the United States, it’s hitting every part of our expenses, from everyday household goods and groceries to recurring bills. For an individual or a family in Kansas, it can be difficult to make ends meet as our budgets are stretched tighter and tighter.

While it can be discouraging and stressful to coordinate your finances, it’s not impossible. That’s why we’ve compiled these tips for budgeting during times of inflation.

1. Review Your Spending

While we notice inflation hitting our pockets, we might not always know where it’s hitting. If you haven’t already, create a budget to track your spending. Notice where your budget is hardest to control, categorize essentials and nonessentials, and identify areas of overspending. Both our online banking and mobile banking platforms have spending trackers to give you a clearer picture of where your money goes.

Then, evaluate your financial goals and how your budget is aligning with them. If you had planned to make a large purchase soon, look at how you can time that purchase with your other bills and expenses.

2. Find Ways to Save

Now that you’re more familiar with your exact spending, identify areas where you could potentially be savvier with your budget. Some examples would be:

  • Opt for the cheaper version of a product
  • Combine trips and reduce your travel
  • Monitor your utilities to prevent frivolous usage
  • Look at getting cheaper options at restaurants or coffee shops
  • Switch to less expensive packages for recurring bills

3. Cut Non-Essential Expenses

We can get used to certain accommodations, but there may be times when we need to think more intentionally about what matters in our budget.

Weigh the importance of various recreational, entertainment, and dining purchases in your day-to-day life. You can still enjoy non-essential spending, but prioritize what you’re spending money on. For example, while you may decide to cut your regular weekly lunches out, you could still keep your favorite streaming services.

4. Increase Your Income

Maybe easier said than done, but a good side hustle can help significantly to maintain your standard of living in times of inflation. This could mean picking up some extra hours at work, freelancing with some of your professional skills, or other local opportunities.

Depending on your location, you may be able to find places to watch someone’s dog or home on their vacation, make food deliveries in your free time, or a myriad of other possibilities.

Shore up Your Budget with Help from Landmark National Bank

Budgeting finances during times of inflation can feel like an uphill battle. Whether interest rates go up or down, trust your finances with Landmark National Bank — backed by Bauer Financial’s highest 5-Star rating for financial strength and stability.

With our dedicated and friendly team, we provide high-quality banking services throughout Kansas for both personal and business use. Learn more about our services and find a Landmark National Bank branch location near you today!

Frequently Asked Questions about Recessions

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Right now, you might be hearing a lot of news about a potential recession, but what does that mean to Kansas individuals and families? As you financially plan for yourself and your family, we’ve compiled this blog to help you understand what a recession is and how it might impact your finances.

What is a recession?

The term “recession” refers to a time of significant economic decline that can last several months or years. Officially, a recession is declared if there are two consecutive quarters of declining gross domestic product (GDP). The National Bureau of Economic Research is generally considered the authority on determining when a period of recession starts and ends.

What causes a recession?

Many things can cause a period of recession. However, a recession is considered to be a natural and healthy part of our economy’s rhythm; there will always be times of growth and contraction.

The following factors have previously led to an economic recession:

  • A sudden economic shock, like a pandemic or social crisis
  • Excessive debt by a significant amount of individuals or businesses
  • Asset bubbles by an inflation of the stock market
  • Rapid inflation
  • Rapid deflation
  • Technological change

What happens in a recession?

First, the economy slows down. This means businesses are producing less, consumers are buying less, and there may be a need for fewer employees. This can lead to layoffs and budget cuts. Second, interest rates rise and the stock market declines.

How does a recession affect me?

A period of recession can affect every person differently, largely depending on their financial and work standing before the period. Everyone will see an increase in general expenses, meaning budgets might need to be tighter. You may personally experience job loss or a pay cut. Additionally, any investments will go through a period of decline.

For those applying for loans, lenders are more likely to hold higher standards for applicants, and interest rates will be higher.

How can I be prepared for a recession?

While financial situations will look very different person-to-person, you should consider reviewing the following to prepare for a time of recession:

  • Review your financial plan: Take a look at your short-term and long-term goals, as well as your investments and retirement accounts.
  • Review your budget: Check in on where your money is going regularly and what purchases are essential and nonessential.
  • Fund your emergency savings: As a rule of thumb, it’s good to have at least three months’ worth of bills in your savings in the event of a layoff.
  • Pay down debt: Focus on paying off high-interest debt and improving your credit score.
  • Update your resume, network, and earn additional income
: Your professional network will become your greatest in the event of a layoff. Side gigs and freelance work are also helpful in creating multiple lines of revenue and security.

To prepare even further, read more about these recession preparation steps in-depth to get your budget and finances in shape.

Secure Your Financial Future with Landmark National Bank

As your work to prepare yourself financially, partner with a financial service that with banking solutions you can depend on. Recognized by Bauer Financial with their highest 5-Star rating for financial strength and stability, we’ll be there for you in all financial seasons. Find a Landmark National Bank branch location near you in Kansas today!

How to Prepare for a Recession

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With high gas prices and rising inflation and interest rates, fear of an upcoming recession is not uncommon for people across the United States. While a recession has not yet been confirmed, it’s important to understand what a recession is and how you can prepare for it financially. Our goal at Landmark National Bank is to provide our customers with financial and budgeting tips that will help make you feel at ease during a time of uncertainty. Here’s how to prepare financially for a recession and how we can help.

What is a recession?

A recession happens when there is a two-quarter decline in the country’s gross domestic product (GDP). The GDP is the value of the goods and services the country produces, and when this number drops, consumers experience a rise in costs of gas, inflation, and unemployment rates. A recession causes the economy to struggle because many people lose work due to companies making fewer sales. Many people experience financial hardships while in a recession, battling the high costs of everyday items and less income coming into their households.

Don’t get a recession confused with a depression, though. A depression is much worse than a recession with longer lasting effects.

5 Ways to Prepare for a Recession

Preparing your finances for a recession doesn’t need to be drastic. Taking small steps can make a big impact, and it all starts with reconsidering your budget, building an emergency fund, taking care of debt, updating your resume, and making smart decisions about your retirement funds.

1. Reconsider Your Budget

With higher costs of gas, groceries, and other essential items, creating a new budget and sticking to it is vital to prepare for a recession. Start by taking a look at all of your current expenses and determine things that may not be a necessity that you can cut back on. For instance, consider eating out less or getting rid of subscription services you don’t use as often.

If you are married or in a dual-income household, look at what things may look like if one of you loses your job and how you would handle your finances with one income. Reduce your expenses as much as possible, so you can use the extra money to build an emergency fund.

2. Build an Emergency Fund

a jar of cash labeled “emergency savings” sits on a shelf next to books

In the event of a recession, many employers can’t afford to keep paying all of their staff. This usually leads to mass job cuts and layoffs, which leaves many without a consistent income to rely on. To prepare for a potential layoff or reduced salary, it’s important to build an emergency fund that can help keep you afloat. Any money you’re saving from the reduced-spending budget you created can go directly into your savings account to be used as emergency funds. Because a recession can last anywhere from six to 18 months, we suggest you aim to have at least six months’ worth of funds set aside.

Don’t have a savings account to build your emergency fund in? Landmark National Bank offers a few different personal savings accounts that can help you reach your emergency fund goals. Learn more about our personal savings account options and open an account today.

3. Take Care of Debt

When a recession hits, it is common for banks to raise interest rates on consumer credit. That’s why it’s important to take care of your debt beforehand, so you aren’t stuck paying higher rates. Your mortgage rate and your auto loan rate are likely locked in, but you should monitor your credit card and other personal loan rates for a change. Continue to make your payments as you normally would. Although this shouldn’t be a top priority, pay off small debts if you have the opportunity. You can also reach out to your credit issuer to explore opportunities to reduce your interest rate. Getting your debt into a stable position before a recession will help relieve some financial stress.

4. Update Your Resume

a group of professionals are standing in groups speaking with each other at a networking event

As mentioned, layoffs and job cuts aren’t unheard of during a recession. While this may be the worst-case scenario, it’s always good to stay ahead of the curve and be prepared. Even if you’ve been at your job for a while, a recession can cause employers to make tough and unpredictable decisions that may leave you without a job. Stay prepared by updating your resume and staying connected to your professional network so you’re ready to land a new job sooner rather than later.

5. Be Smart About Your Retirement Funds

Lower incomes and higher expenses during a recession are sure to put a strain on your 401(k) and retirement funds. While it may be difficult to see the value during a recession, try to continue to contribute to your retirement funds. It has been proven that consistent investing pays off throughout time. It may be tempting to cash out your retirement funds, but if you can, try not to. This short-term decision can become very costly in the long run, and you might regret it. Overall, don’t panic when it comes to your retirement funds. Keep contributing to your accounts for as long as possible.

Stay Ahead of the Curve with Landmark National Bank

A potential recession is stressful to think about. When you need help budgeting and saving in preparation, count on our experts at Landmark National Bank. With branches located throughout Kansas, we’re here to provide you with the financial advice you need to be successful. Find a Landmark National Bank branch near you and learn more about our budgeting and savings tips today!

How to Decide If You Should Rent or Buy a House

Hand holding wooden block with text message Rent or Buy and wooden house, on wooden desk office. Save money and buy house concept.

The question of whether to rent or buy has plagued potential homeowners for decades. On the one hand, renting gives you the flexibility to move often, and your landlord handles maintenance. On the other, homeownership allows you to build equity while freely transforming a house or condo into your ideal living space.

You’ll have many factors to consider when asking if you should rent or buy a house. We’ll help you sort through key considerations affecting the decision to rent or buy a house.

Should I rent or buy a house?

If you do a financial health check and find everything is in order, it might be time to buy an actual house. Having the following in place means buying a home could be a good decision for you and your family:

  • You have three to six months of living expenses saved
  • You have enough money set aside for a down payment of 10 to 20 percent
  • Your job is relatively secure, or you could easily land a job that pays as well or better
  • Your mortgage payment, HOA fees, homeowners insurance, PMI, and property taxes add up to a quarter or less of your take-home pay

Planning for job loss, illness and other catastrophic events will help ensure that you can afford your new home while enjoying life and saving for the future.

Other Rent or Buy Considerations

Giving your money to a landlord can feel like throwing it away. After all, you’re not building equity in a home that’s all yours. And you can’t make major changes to your home without running them past your landlord. But renting can be beneficial under these circumstances:

  • You might need to move in the next few years
  • You aren’t able to keep up with a lawn or major home repairs
  • You don’t have enough saved for the down payment and other expenses
  • You owe a lot in student loans or haven’t paid off consumer debt

Taking all these factors into consideration is a must.

Look Ahead to Decide if You Should Rent or Buy

Having a big-picture view of things will help you make an informed decision. While the financial considerations are essential, it’s also important to answer these questions:

  • What is the cost of renting vs buying in your area?
  • Do you like the area enough to put down roots there?
  • Will your job require you to relocate in a few years?
  • Do you want to do any long-term traveling in the next few years that will require you to leave your home for months at a time?

If you have younger kids, area schools will play a major part in your decision—not just now, but for the next decade or so. If imagining yourself and your family in the same place for many years to come leaves you with a good feeling and the numbers add up, buying there makes sense.

Find out if You Should Rent or Buy with Landmark

The rent vs. buy calculator from Landmark National Bank takes some of the guesswork out of the homeownership question. Our friendly mortgage lenders can also help you determine whether the time is right to buy. Visit a mortgage lender at a Landmark National Bank branch location near you today!

How to Save for a House While Renting

A model home sitting on a desk with text that says "How to Save for a House While Renting."

If you’re a renter who dreams of homeownership, you’re probably aware of all the twists and turns on the road to buying your first home, especially in recent years. COVID-19 and inflation are just a few factors contributing to the increasingly expensive and competitive housing market in the United States.

While finding and buying a home requires dedication and a positive attitude, it’s not an impossible task. Learn how to save for a home while renting with helpful tips from Landmark National Bank!

Use Your Mortgage Options to Create a SMART Goal

Smart goal word cloud with words over white office table background.

 Every journey needs a destination, and homeownership is no different. You can certainly think of owning a home as your destination, but between working, paying bills, having hobbies, and spending time with loved ones, it’s easy to lose sight of a general goal like homeownership.

We recommend using the “SMART goal” technique to stay on top of your goal of owning a home. A SMART goal exhibits the following traits:

  • Specific—What are you trying to accomplish?
  • Measurable—Quantify your goal so that you can track your progress.
  • Achievable—Give yourself a reality check and confirm you can achieve your goal.
  • Relevant—Identify the “Why” behind your goal.
  • Time-bound—Create a time frame to help yourself focus on your goal.

A SMART goal about homeownership looks something like this: “I will save the amount of money I need for a down payment by setting aside $500 each month for 12 months.”

The community you’re looking at, the type of house you want, and your credit score will affect the time frame and dollar amount you use for your homeownership SMART goal. Landmark National Bank has a valuable you can use to create your SMART goal: our Quick Rate Calculator. Not sure if you should rent or buy a house? Dive into our Home Rent vs. Buy Calculator.

These financial calculators provide a quick and easy way to gauge your options for a mortgage. For more accurate insight, you can also find a Landmark National Bank mortgage lender near you to discuss the home loan process.

How much down payment do I need in Kansas?

Your down payment amount depends on several factors. The home loan process for a three-bedroom home in Topeka, for example, may look quite different from the process for a starter home in Overland Park. Find your nearest mortgage lender to discuss the best course of action for homeownership in your community.

How to Save for a House While Renting: 7 Tips

Female real estate agent offer homeownership to young couple.

Until you have the chance to talk to a Landmark National Bank mortgage lender, you can still work towards your goal of homeownership! We’ve gathered our best ways to save for a house while you rent.

1. Open a Savings Account for Your Home Fund

The first step is having a place to put your hard-earned money for that future home! Open a savings account at Landmark National Bank; our personal savings accounts are designed to help you reach your goals. If you’re not sure which account type is best for your situation, reach out to our helpful team.

2. Create a Budget

We can never say enough good things about a well-planned budget! Budgeting is important for many reasons. In addition to helping you plan for big purchases, such as a home, it can aid you in avoiding debt and overspending. Learn how to make a budget plan from scratch and determine how much you should spend on housing with the help of Landmark National Bank.

3. Calculate Your Debt Management

Student loan payments and credit card debt can slow down your journey toward homeownership. If you have the means and commitment to eliminate your debt sooner, use our Snowball Debt Elimination Calculator. We’ll help you learn to properly manage or accelerate your debt payments.

4. Develop a Side Gig

If you have a knack for knitting, painting, or other crafts, consider turning your hobby into a side business. You can even use playing video games to earn money through live streaming on platforms like Twitch.

5. Save Your Tax Refund

You may be tempted to splurge your tax refund, but consider putting it into your down payment fund. Even if it isn’t a large amount, it can still help push you a little closer to your goal.

6. Adjust Your Current Living Situation

It may require more commitment than our other tips for saving for a house, but renting an apartment or house with roommates is an effective way to save money. Whether it’s with friends, family, or your significant other, sharing the cost of rent gives you the option to set aside more money for a home in the future.

7. Apply for an Assistance Program

As we mentioned earlier, the road to becoming a homeowner has gained a few hurdles in recent years. At Landmark National Bank, we’re happy to help you work toward owning a home through our home loan options. Ask your local mortgage lender about first-time home buyers programs, USDA loans, and more.

Explore Your Mortgage Options with Landmark

At Landmark National Bank, we’re dedicated to helping our friends and neighbors throughout Kansas work toward homeownership and other financial goals with our financial products and services. Explore our financial calculators or contact a Landmark National Bank mortgage lender near you to learn about becoming a homeowner today!