Here at the midpoint of 2023, there have been a number of interesting topics and trends regarding financial health and banking that have popped up this year. We thought we'd offer some advice on a few of them.

Save What You Can

Saving money is vital to your financial health. Even putting a little bit of something away every month can help you better get through the tough times that most everyone faces at least once in their lives.

The good news is, according to a NerdWallet study, nearly 90% of Americans are saving some money each month. The problem is, most can’t cover a $1,000 emergency.

Start by setting up an account with a rate that will yield better than average returns. Currently, the average annual yield is .25%, according to Bankrate.

Set a savings goal of $500. Once you reach that, increase your goal by $250, and continue that increase once each additional goal is met. The ultimate savings goal is to have three-to-six months' worth of expenses set aside.

It’s easier to reach your goals faster by setting up an automatic deposit each paycheck, and not saving more than you can afford. But the most important thing is just getting started.

Don’t Store Money in a Payment App

First, there is nothing wrong with using a payment app like PayPal, Venmo, or Cash App. According to a 2022 survey by Consumer Reports More than three-quarters of adults in the United States ages 18-29 have used one at least once.

Whether you use them on your computer or on your phone, is fine. What’s not a great idea is using one of these apps as a replacement for a bank.

The reason is that money in your app might not be held in an account at an FDIC member bank or NCUA member credit union, which means it might not offer federal deposit insurance. Money kept in a bank or credit union account is insured if the bank or credit union fails.

If the nonbank payment app’s business fails, there’s a good chance your money is either lost or tied up in a long bankruptcy process.

How Much to Keep in Checking

Figuring out the right amount of funds to keep in your checking account can be a tricky balancing act.

You want to keep enough money in there to cover your monthly bills, plus enough extra to cover unexpected expenses and avoid overdraft fees. But too much money could cause you to miss out on higher returns offered by savings or investment accounts.

The best way to know the right amount is to keep a budget. Add up how much money has to go toward fixed expenses like bills, rent or mortgage payments, and car payments. Then add variable expenses, such as groceries, gas, entertainment, and clothing. That total, plus a little extra, is how much to keep in your checking account.

Visit a RiverWind Bank Location

In-person banking is on the rise! According to a J.D. Power’s 2023 US Retail Banking Satisfaction Study, 21% of customers surveyed under age 40 say they expect their branch visits to increase this year.

Thus far, widespread use of visiting bank brick and mortar buildings has grown to just under pre-pandemic levels.

While online and mobile banking is still popular and important for customers, more people are looking for an opportunity to have face-to-face conversations. Those can include everything from deposits, withdrawals, and transferring money, to more in-depth discussions about their financial health.

At RiverWind Bank, we love any and every opportunity to talk with our customers. We understand the impact that a face-to-face conversation can have on your faith in our care for your financial future.

Visit to find the RiverWind Bank nearest you and feel free to either walk-in or schedule an appointment!