Organise your money and grow your savings

Bucketing your savings means dividing your money into separate accounts earmarked for specific goals. It’s a smart savings strategy that helps you reach your goals faster because when your savings are squirreled away, they’re less likely to be spent on other things. 

And if you automate payments into each bucket, you can sit back and watch your savings grow.

How you can get started 

Setting up a bucket strategy with Teachers Mutual Bank is easy. Here’s how:

• Identify your goals: Determine what you’re saving for – a holiday, home deposit, your children’s education or money that you can splurge with or spend on Christmas presents. It’s also worth having an emergency fund that can cover 3 months’ worth of your usual living expenses if you need it.

• Set savings targets for each bucket: Decide how much you want to save in each bucket in the Teachers Mutual Bank mobile app¹. Give each bucket a name such as ‘First home deposit’ or ‘Holiday fund’ to keep you motivated. 

• Automate transfers: Set up an automatic payment into your savings buckets just after your pay goes into your transactional account. You can do this on the mobile app or by logging into internet banking. That way your savings won’t get spent on other things. 

• Celebrate success: When you reach a savings target, celebrate your achievement. That way you’ll stay committed to your overall strategy.

How to set up buckets for your savings

• Set up your buckets: It’s easy to create an Essential Saver account for each of your goals. Simply become a Member to get started.

• To open an Account as an existing Member, simply Log in to internet banking¹;

Go to Self Service and select Open new account

Select Apply under the Savings account section and follow the prompts

Essential Saver makes saving easy 

You can open up to nine savings accounts with Essential Saver and earn a great variable rate on each one of them. Access your money whenever you need it, with no tricky deposit or withdrawal conditions*. So, whether you’re saving for something big, something small, or setting funds aside for an emergency, Essential Saver is the clever choice that helps you reach your savings goals faster.