4 Bank Products That Can Help Save You Money

As the Federal Reserve continues to raise interest rates to fight inflation, many consumers are looking for ways to improve their personal financial situation. Paying off debt and increasing savings are timeless strategies, but there are other ways you can save money and help improve your finances.

Here are 4 bank products that can help position you for financial success and help you save money.

Bank Product #1 - Personal Unsecured Line of Credit

Although it’s preferable to avoid debt, unexpected expenses like a medical or car repair bill are part of life. Because credit cards and payday loans carry high interest rates, it’s not ideal to use these financial tools to finance long-term debt. That’s where a personal unsecured line of credit comes in.

When you have a personal line of credit, you draw the funds you need, pay it back, and borrow again. A certain amount of money is made available to you based on your credit score, income, and other factors, but you only pay interest on the amount you borrow.

Personal lines of credit typically come with lower interest rates and higher credit limits than credit cards, making them well suited for larger transactions and longer-term borrowing.  

Bank Product #2 - On Budget Banking

Overdraft protection helps consumers cover a charge when a consumer’s bank account dips below zero — saving them the inconvenience and embarrassment of a rejected payment. But regular overdraft fees can become a major financial burden.

That’s why Zions Bank developed the OnBudget^® Banking¹ account, which helps keep clients aligned with their financial goals with a predictable monthly service fee of $5, mobile banking and no overdraft fees. The checkless account offers a Visa^® debit card for making payments and accessing funds. This service from Zions Bank helps consumers avoid high-fee alternative financial services and save money for future needs. 

Bank Product #3 - Military Advantage Checking

Members of the military gain unique benefits from Zions Bank’s Military Advantage Checking account.¹ This checking account is oriented towards military life and provides benefits that can help you save money. Account holders are offered a free standard size safe deposit box (where available), free and discounted checks, and a limited number of waived ATM withdrawal fees when using a non-Zions Bancorporation, N.A. ATM in the U.S.

You can obtain these money-saving military benefits and more if you are on active duty, Guard/Reserve personnel or their dependents, a veteran, an enlistee, or a contracted ROTC student. 

Bank Product #4 - CRA Home Loan

The Community Reinvestment Act was implemented to equalize the playing field for borrowers, giving them the opportunity to qualify for home ownership in designated census tracts.

If you’re eligible for the CRA home loan program, leveraging a CRA home loan² can often help you benefit from closing cost assistance, a competitive mortgage rate and low down payment requirements. Some qualified borrowers have only put down a 3% down payment while receiving lender-paid mortgage insurance. These benefits could translate into hundreds of dollars in monthly savings through a lower interest rate and paid mortgage insurance.

In uncertain economic times, it’s important to focus on things under your financial control. If you feel any of these money-saving banking products could be helpful, visit your local Zions Bank branch to speak with an experienced banker today.

1. Please refer to the Deposit Account Agreement, Account Disclosure, Deposit Rate Sheet and Personal Account Schedule of Fees available in the online Agreement Center, or speak with a banker for more details.

2. Loans subject to credit approval. Terms and conditions apply. See a banker for details.