This Mistake Has Helped Me Boost My Savings

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A simple mistake has had a big payoff.

Saving money has always been a big priority for me, but like most people I don't have a perfect track record when it comes to accomplishing my savings goals.

While I've made it easy to put money into savings by automating transfers from my bank account to a high-yield savings account, I sometimes end up taking money out of savings when perhaps doing so isn't the best idea.

That all changed a few short months ago, though, when I made the mistake of incorrectly entering my password too many times when trying to log into my online savings account.

Locking my savings account has paid off big time

I recently switched from a computer where I had the password stored to a new laptop where I didn't. As a result, I guessed my password incorrectly too many times.

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APY
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Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
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Because of this error, my savings account ended up locked. And in order to reset the password, I have to call the customer service phone number. Until I do that, I am unable to log into the online account.

The good news is, even though I can't access my account, I can still transfer money into it. I have my automatic transfers set up, which will continue effortlessly despite the blocked access. And since I can initiate the transfer of funds from my bank account to my savings account if I want to contribute extra cash, my locked up account doesn't stop me from growing my account balance.

What locking my account did accomplish, however, is making it impossible for me to get money out of my account. The only way to withdraw from the account is to sign in and initiate a bank transfer, and I can't do that as long as the account remains locked.

Of course, I do have the option to contact customer service at any time and regain access to my money. But because doing so has become a major pain since I'd have to look up the phone number, wait on hold, and go through the process of unlocking the account with a representative, I'd have to really want to get that money out in order for all of those steps to be worth it.

By introducing a barrier to making withdrawals, I've made it significantly less likely that I'll take money out of the account. In fact, since I made my password mistake, I haven't made a single withdrawal -- although I've thought about it a few times. This has helped me end up with a lot more money left in my savings account and forced me to really take the time to consider whether a withdrawal is worth it or not.

Some day, of course, I'll have a pressing need and will decide to call and unlock my online access. But after I've called to get the account unlocked and made my essential withdrawal, I plan on repeating my "mistake" and putting in the wrong password to lock it up again for a few months. Hopefully, the strategy will keep working indefinitely. and my savings account balance will keep growing.

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Rates as of Jun 20, 2024 Ratings Methodology
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APY: up to 4.60%

APY: 4.25%

Min. to earn APY: $0

Min. to earn APY: $0

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