The turkey has been carved and you’re officially ready for the holidays. While it’s known as the most wonderful time of the year, it can also be a demanding few weeks – especially financially.
Whichever holidays you celebrate, there’s lots to do – decorating, baking, preparing elaborate meals, making donations, and giving gifts to your loved ones. But for many of us, our hearts are bigger than our bank accounts and before we know it, we’ve spent too much money.
So, prior to loading up your shopping cart, it’s important to get a spending plan in place that’s right for you and your budget.
At Sunrise Banks, helping you avoid holiday-related financial pitfalls, such as overspending and credit card debt, tops our wish list. That’s why we’re highlighting some of our best products for keeping your finances safe, avoiding fees and penalties, and even saving money – all while making sure you’re still spreading holiday cheer this season.
A good financial education that sets you and your loved ones up for long-term financial wellness is the gift that keeps on giving.
Even though finances play an integral role in almost everything we do, very few people acquire adequate financial literacy. Banzai has been helping to change all of that with its free tools for students and teachers dedicated to financial education. Banzai’s curriculum is currently being implemented in 50% of schools in the United States.
Sunrise Banks is partnering with this award-winning online platform to bring critical financial resources to our customers and their families for free. We are proud to be a Banzai sponsor and support their work to interactively teach real-word finance and practical life experience within our community and beyond.
You can take advantage of Banzai’s full scope of courses, articles, calculators, and coaching sessions at any point in your financial wellness journey. Topics include creating a budget, paying off a credit card, preparing for college, running a business, vacation affordability, life changes, and much more.
We’ve all been there– you go to reach for your debit card at the checkout and it’s not there. It’s a terrible feeling and often people don’t know how to act quickly in the moment. However, if you have the CardValet® app, you have peace of mind.
Sunrise Banks offers the CardValet® app to all of our debit card users. With CardValet®, you can instantly lock your debit card from your smartphone if it's lost or stolen. When your card is turned off through the app, you can rest assured that no purchases or withdrawals can be approved.
CardValet® users have the option to implement transaction controls, which prevent the card from being used outside of specific geographical areas. App users can also monitor their account in real-time by receiving alerts on attempted or declined transactions. And, when your debit card is recovered, you can turn the card on again through the click of a button in the app. With all of these fraud prevention features, you can breathe a little easier knowing your funds are safe.
In addition to fraud monitoring and prevention, CardValet® can also provide the support you need to stick to your budget. Users can set spending limits on the card, as well as establish transaction controls for dollar amount limits and merchant categories – features that are sure to be especially beneficial during the season of spending.
Credit Builder Loans
One of the first steps toward financial wellness, no matter what the season, is a good credit score. A Credit Builder Loan through Sunrise Banks can be an effective way to improve your credit – especially as you prepare to make important life purchases. Attaining a good credit score and establishing a strong payment history are critical factors when applying for financial assistance such as a home mortgage, car loan, or credit card.
Customers interested in participating in Sunrise Banks’ Credit Builder Loan program can apply for a 12-month or 18-month loan. Upon loan approval, funds are placed in a Certificate of Deposit.
Customers with a Credit Builder Loan will follow a repayment schedule to make monthly principal and interest payments – usually around $50 per month. The Credit Builder Loan lives up to its name as it allows you to earn interest and create a positive savings history.
Prepaid cards are another great addition to your holiday savings plan. At Sunrise Banks, we offer customers a Prepaid MasterCard®, designed for individuals looking for a different way to manage and store their funds.
Benefits of this prepaid card include the convenience of a credit card, without any of the attached overdraft fees or debt. Sunrise Banks’ prepaid card can be used anywhere that debit Mastercard® is accepted, including at more than 10.7 million U.S. retailers. Because funds are preloaded onto the card, you won’t end up penalized with overdraft fees or accruing debt like can happen with a traditional credit card (see our disclosure of fees here).
Sunrise Banks also offers several easy and convenient ways to load funds onto your card. So, stick to your holiday budget with ease – learn how to get a Prepaid Mastercard® from Sunrise Banks before you set foot in the stores.
Through Sunrise Banks’ partnership with SavvyMoney, our customers have tools right at their fingertips for improved financial wellness. As a comprehensive credit score program, SavvyMoney provides you with instant access to your credit scores and reports – all in real time. Checking up on your credit through SavvyMoney is a soft inquiry, which does not affect your credit score.
Additionally, through this integration Sunrise Banks’ customers can receive the help they need to navigate financial decisions with customized education content and tools. In just a few clicks, SavvyMoney’s award-winning, innovative technology can empower you to control your own finances and your own future. All you need is a Sunrise Banks digital banking account to access it.
A Final Word on Financial Wellness this Holiday Season
At Sunrise Banks, our mission is to provide innovative solutions that empower financial wellness and advance financial equity. We understand that the holiday season can bring on a mix of thoughts and feelings when it comes to finances – and it can be easy to overspend. But we are here to help you with the tools and resources you need to trim your budget.. Contact us today to discuss any of these products and features, and to discover more ways Sunrise Banks is your partner in long-term financial wellness.