Now that economic reality has hit many of us, and we’re scrambling for places to put our money which offer good interest rates and rewards, banks and financial institutions like U.S. Bancorp are responding to the new trend of cutting back on spending and putting more of our money into savings.

To that end U.S. Banccorp is offering an incentive of $50 in the form of a Visa gift card for customers to deposit a minimum of $1,000 into a special savings account created for that purpose. Another part of the deal is customers must agree to transfer funds to their savings from their checking account on a monthly basis.

Customers who participate in the savings account with U.S. Bancorp, which launches in December 2009, will also receive another $50 if they maintain a balance of at least $1,000 for a twelve-month period.

This is of course a great deal. No matter what the actual interest rates offered in the program are, you already receive a 10 percent return on your money guaranteed if you keep the $1,000 in the account for a year. Not bad at all. Add to that the interest you get and it’s a super deal in these difficult times, even if the 10 percent is offered in the form of two $50 gift cards.

Another good service being offered to help us save by U.S. Bancorp, along with other banks, it to give customers the option of having an automatic transer fo $1 from their checking to their savings each time they use their debit card; a very good service for those who have trouble putting money away for savings, or always forget about it.

This is a win/win for everyone involved, as consumers want to put away more money, and offering reward programs is a good incentive to get people to participate in that. Automating the process is also another proven method to help us save, and that should be a great service to offer while consumers continue to focus on the need to build up a nest egg to financially defend against the tough economic conditons that exist now, and in preparation for the long haul and the uncertainty concerning keeping a job will continue for some time.

Keep your eyes open for deals like the one offered by U.S. Bancorp, as not only does it help you build up a good nest egg to protect in times of trouble, but pays you a significant amount that is definitely worth the time and effort to take advantage of.

Tags: saving money, savings accounts

This entry was posted on Saturday, November 21st, 2009 at 7:00 am and is filed under reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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