Are Traditional Savings Accounts Dead?

are traditional savings accounts dead

There’s no denying that traditional savings accounts are no longer as popular as they once were. Many people are now questioning whether saving money in a savings account is the best option with all the choices out there. Our customers can still take advantage of traditional savings accounts at Physician Bank, but we also offer some great alternatives. In other words, if you’re wondering if saving accounts are dead, don’t worry – Physician Bank has you covered!

In the past, opening a traditional savings account was the only way to save money. Now you have the choice of either the Physician eCentive account or the Jumbo Deposit Account through Physician Bank. Compared to traditional savings accounts, these two accounts offer a number of great features and benefits. The options below may be of interest to you, so let’s take a closer look at them.

Deposit Accounts

You can consolidate your savings and checking accounts with an interest-bearing checking account. This can be accomplished through the Physician eCentive Account. Using the included debit card and great digital banking options, you can easily access your money. Account holders who meet our qualifications can earn our highest interest rate on deposited funds, and since the funds are a checking account, you are free to withdraw them at any time. In addition, there is no minimum balance requirement.

The Jumbo Deposit Account, on the other hand, offers a higher interest rate for larger deposits. The simplicity of this account makes saving even more convenient, regardless of fluctuations in your account balance. If your balance grows, you can take advantage of additional options to ensure that your funds are FDIC insured. Funds can be transferred easily between Physician Bank accounts with our digital banking options.

The question is, which account is the right one for you? The answer depends on the type of savings you desire and the needs you have. Savings accounts aren’t dead, but they are changing. However, if you want to easily access and consolidate your funds, a Physician eCentive account may be a better option. The Jumbo Deposit Account can provide you with the opportunity to earn interest on a large sum of money to fund your vacation, home improvement project, or new car purchase. No matter what you decide, both of these savings options are excellent alternatives to traditional savings accounts.

You can speak to a Physician Bank team member at 1-888-632-2651 if you have questions about which account is best for you.

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