We value customer service, local partnerships, and an exceptional staff that cultivates Spring Bank creating a place for personal connection and financial empowerment. As a community bank in the Bronx, NY, we also value the power of small business ownership and the wealth-building opportunities it can bring to people in New York City. This month, we are proud to highlight the contributions of Erica Rosero, our Small Business & Nonprofit Loan Officer.

Erica has been transforming the lives of entrepreneurs and nonprofit organizations as a member of the Spring Bank team for over two years. Her role goes beyond underwriting small business loans and providing working capital for nonprofits. Erica also prioritizes her clients’ business needs, helping them access the resources and information that help ensure that they can make the best financial decisions for their business.

“I understand what our customers need. I look at their financials from their point of view. From my previous experience, I can teach business owners about financial management and planning,” she says.

Erica brings her previous small business experience to her work at Spring Bank. She received her bachelor’s and master’s in finance and international business from Lehman College in the Bronx. She initially studied to become a math teacher and has leveraged her exceptional math skills in business and finance.

While in school, Erica worked for Lehman’s Small Business Development Center (SBDC) as a counselor and certified business advisor. She supported small businesses at all life stages with tools from the Small Business Administration (SBA) to support business expansion. Coincidentally for the five years she worked there, Erica referred clients to Spring Bank to open affordable small business accounts and access credit.

Erica was the perfect person to join our team when a vacancy opened in our commercial lending team. She came on board during the pandemic, a critical time for small businesses and nonprofits, and reviewed many of the applications she had initially met through the SBDC. Transitioning to supporting small businesses in a lending capacity from a mission-driven perspective was inspiring for Erica.

“As a community bank, we are trained to understand the community’s needs. The idea of helping the community motivates me. We all need to learn to manage our money and plan,” she shares.

Erica is committed to education and transparency with her small business clients. Larger financial institutions and fintech lending institutions will approve or decline people for a loan without an explanation, including hidden fees, predatory interest rates, and a one-sided automated online service. Erica approaches the lending process with a personal touch. She seeks to understand her clients and ensure they understand their business finances.

“The fact you’re starting a business doesn’t mean you’ll see revenues immediately. But, typically, at least in the first year, you may see losses on your balance sheets, and you need to be ready for that,” Erica states.

There is a lot to account for when seeking money for your business or nonprofit organization. Having at least three months of expenses ready in a small business account, developing a good business plan, and knowing the right tools to manage your business finances are just a few. But, even if you are not ready to apply, we’ll always point you in the right direction to become a better applicant to try again in the future.

“The most important thing is to tell our customers the truth. If there is something we can do, then we’ll work with them on how to proceed. But if we can’t, we’ll try to refer them to somebody else who can,” she says.

Erica’s ability to make others feel heard and understood is refreshing to her clients. She takes the time to listen to her clients and address their needs individually. She understands that people fear the unknown and lack trust in banking.

“We all work hard for our money to get what we need. If we are investing it or saving it somewhere, we want to ensure that it’s super safe and will be there when needed,” Erica empathizes.

We value trust as active contributors to the community to keep relationships strong. This integrity keeps our small business and nonprofit services growing, including our nonprofit lending programs. For example, through our affordable capital options, Erica has worked with local community-based organizations such as the Kota Alliance, Rocking the Boat, and the Bronx River Alliance to support their positive initiatives.

We’re excited for the growing clientele of small businesses and nonprofits seeking Erica’s services, and she is too! Erica enjoys speaking with clients, reviewing their financial activities, and finding the right financial solutions to reach their goals.

Are you looking for financial support and counseling to grow your business? Check out three reasons to open a business checking account. Learn more about our small business lending program here. Contact us today to schedule a consultation.

Celebrating National Small Business Week This May

“We understand every single stage of the business and are here to help you. We are a small business ourselves.” – Erica Rosero, Small Business & Nonprofit Loan Officer

Whether you’re just starting your business or have been operating for many years, there are challenges at every stage of owning a small business. For example, managing finances and obtaining capital is a common hurdle for entrepreneurs. Here at Spring Bank, we’re equipped with the resources, tools, and education you need to understand and prepare for the lending process. In addition, unlike larger conventional banks that use a standardized approach to manage thousands of clients, we bring a personalized approach to help you grow your business. Finally, we want to get to know you and your business, and developing a good relationship starts with building trust.

Erica Rosero, our Small Business and Nonprofit Loan Officer, works one-on-one with clients to align their finances with their small business goals. While in university, Erica worked for Lehman’s Small Business Development Center (SBDC) as a counselor and certified business advisor. She supported small businesses at all life stages with tools from the Small Business Administration (SBA) to support business expansion. Coincidentally for the five years she worked there, Erica referred clients to us to open affordable new business bank accounts and access credit.

“Once the business is established, at some point, you will need a line of credit, credit card, or a business bank account, depending on what kind of product or service you are offering,” says Erica.

In addition to our business bank account, our most popular small business product is our $10,000 micro line of credit. This microloan can help you get things off the ground or expand your existing business. If you are not ready to apply, Erica will never simply decline you. Instead, she will always connect you to the necessary tools to get you on track for approval.

So, what does a human-centered, personalized approach to small business lending look like?

Our Unique Approach

The personal experience you get with us is unlike any other bank. We value meaningful relationships in our work. Here’s what you can expect from our lending experience compared to high-interest FinTech lenders in the market:

No snooping

We only look at your bank statements and ensure the line of credit we offer will not hurt you. We don’t want you to devote all of your cashflows to repayment.

In-depth expert review

We take our time to understand the business, its needs, and why you are looking for the money. Then, we look at it as a case-by-case scenario and customize the lending experience. In some cases, we offer more or less than what is requested based on our review of the financials.

Additionally, we understand and address the other challenges small business owners face, such as preparing your credit score for review when applying for loans and ensuring you keep your personal and business transactions separate using a personal checking account and a business checking account.

No predatory lending

We don’t just give you a ‘yes’ or a ‘no.’ We will always explain why you are approved or denied for a loan. Of course, not everyone likes to be denied what they request, but it’s essential to understand that things could change at any moment. For example, how will you support your business in an emergency if you plan to allot all your savings to pay off the loan? In this way, we protect you from unnecessary debt. We also offer affordable interest rates with no interest rate floor.

As a Community Development Financial Institution (CDFI), we commit to supporting small businesses that create jobs and living wages. We offer various new business bank accounts, lending options, and free financial counseling services through our community partners, like GreenPath Financial Wellness and Start Small Think Big, to get your business on the right track.

Are you ready to experience small business banking on a whole other level? Get expert knowledge and personalized service from our community bank. Ready to start your entrepreneurial journey or build your existing business? Contact us today to learn more about our $10,000 micro line of credit and small business bank account options.

Empire Tool Rental, A Small Business Feature

“I know Spring Bank has my back. My business is built on relationships, and I can’t speak more highly of the caring, quality relationship I have with Spring Bank.” — Terry Fuhrman, CEO of Empire Tool Rental.

Born in Jackson Heights, Queens, native New Yorker & CEO of Empire Tool Rental, Terry Fuhrman, describes his entrepreneurial journey as an adventure.

“Business can feel like a merry-go-round. I didn’t know how to start one, and I did. I didn’t know how to sell one, and I did. You’re always figuring out the next step,” he explains.

What Terry is most certain of in his business journey is the invaluable importance of maintaining healthy, collaborative relationships. At the top of 2023, Terry expanded Empire Tool Rentals by purchasing a building in the Bronx from a landlord he worked with in his twenties. We are proud to have provided Terry with a commercial real estate loan for the purchase.

“In my much younger years,” Terry laughs, “I was in the conference room of the property I just purchased, selling Gary Mahoney, the owner, rental tool packages.”

Today, Terry is the proud owner of Empire Tool Rental, formerly known as Air Tools Sales & Repair, a one-hundred-year-old Bronx tool repair company. Located in the Mott Haven neighborhood of the Bronx, Empire Tool Rental rents, sells, and services tools and equipment for a wide range of customers – including contractors, municipalities, special events, and facility managers.

When Terry acquired the business from the owner and his friend in 2019, he brought his tool rental expertise as a secondary revenue stream.

We met Terry years ago through a mutual contractor friend, so when Terry needed guidance with a commercial real estate loan, he knew he could turn to Akbar Rizvi, our Chief Lending Officer. Like Empire Rental Tools, we are also a relationship-based business, and it was our privilege to be part of the growth of the century-old Bronx business.

“Not only did I expand my business, but the loan with Spring Bank also helped me purchase a real estate property which I can rent out no matter what happens with the market or the business,” explains Terry.

For the next three to five years, Terry is focused on growth. With a new location in Florida and the expansion in the Bronx, he will continue to explore consolidation and acquisition opportunities. We look forward to supporting Empire Tool Rental along the way.

“The commercial real estate loan gave me capital to get going, and now I have a foundation. If you own a small business in the Bronx, Spring Bank is there to help you. Demetris saw the big picture for Empire Tool Rental. I can’t talk more fondly about Spring Bank,” says Terry.

We proudly support hundreds of small businesses like Empire Rental Tool across New York City with affordable loan products. We offer commercial, mixed-use, and multi-family real estate loans between $100,000 and $6,000,000. Our dedicated lending team will walk you through every step of the process and help you set up your new business bank account with access to all the great features of our business checking account, like Autobooks.

Learn more about small business accounts and how you can take advantage of our personalized approach to banking as one of the only community banks in Bronx, NY.

This article is a partnership with GreenPath Financial Wellness

Debt can be challenging to manage, even in the best of times and even more so in a climate with pressing news about rates and the rising cost of borrowing daily. With all that is happening, you may be pondering how to manage your debt effectively.

Here are three areas to review and reflect on to determine how well you are positioned to handle debt:

Credit score and history

Knowing this information helps you understand how rising interest rates will impact you. Some research shows that only 33 percent of Americans check their credit score yearly. This is concerning as many factors can affect your score. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide valuable information to strengthen your credit score. This, in turn, can potentially minimize your risk towards the rising cost of borrowing.

Debt portfolio

Creating a compilation of debt, offers an overview of your current borrowing status. To create a debt portfolio, first, list your current debt, such as credit cards, car loans, student loans, and other debts, to visualize the big picture of your financial situation.

An effective next step is reviewing your balances, terms, and interest rates monthly. By staying on top of this vital information, you can make adjustments and informed decisions about reducing any existing balances.

Realistic payment plan options

Are you able to make consistent payments to pay off your debt? If you earn more than you spend, you may be better positioned to pay off and build personal savings for your future. Maintaining a financial budget is key to managing your spending and avoiding high-interest debt.

Starting with the highest-interest credit cards or loans is ideal as a debt paydown strategy. Additionally, consider paying  balances in full by the due date each month. Then, you can avoid interest charges on what you purchase, which means rising interest rates may not affect your household finances as much. Setting financial goals, preparing a financial plan, sticking to a budget, and setting up an emergency personal savings fund are other ways to ensure your financial well-being does not suffer as interest rates rise.

Trusted resources for support 

There may be times when you need additional help to manage your debt and personal finances. As a community bank in NYC, we provide exceptional personalized customer service to help you at any stage of your debt-managing journey. We also offer the best savings accounts online with flexible options to build secure personal savings to reach your goals. In addition, our partner GreenPath Financial Wellness gives free counseling and free debt management advice. When you connect with a GreenPath financial expert, they’ll walk you through addressing your financial concerns and develop a plan for debt payoff, building savings, and creating a financially solid future.

Contact us to learn more about our personal savings account options and schedule an appointment with GreenPath Financial Wellness today.

A Spring Bank Staff Feature

We love getting to know our community. The gift of being a local bank in NYC is the personal connection we make with our clients every day. For Keila Mendez, Head Teller and Customer Service Representative at our Bronx branch, the most meaningful part of her work is her connection to you, our community. For this month’s Staff Feature, we are excited to feature Keila, who has been an integral part of our team for over seven years.

Keila embarked on her journey with Spring Bank when she heard about a teller opening at our Harlem Branch from a family friend, and eagerly applied.

“Harlem is a special place. I’ve lived and worked there for many years,” says Keila. “Harlem has a special place in my heart, and I really enjoyed my time as a teller with the people at that branch.”

Two years ago, Keila moved from the Harlem branch to join the team at our Bronx headquarters. Keila knew the promotion to Head Teller would require her to move out of her comfort zone and develop her skills in providing exceptional customer service. Nevertheless, she considered the challenge an opportunity for growth.

“I saw an opportunity to grow more with the bank, and I took advantage of that. I am grateful to now work as the Head Teller, and I’m looking forward to learning new things,” she says.

In her new role, Keila connects with clients one-on-one. Keila has found her flow in creating an excellent customer experience. She tackles any inquiry with her superior knowledge of our services and affordable products.

“We offer many products and services that other banks don’t, including free financial counseling and access to community resources through our partners,” says Keila.

As Head Teller, Keila sees firsthand how our unique range of financial services helps our community. She supports local entrepreneurs by assisting with the business checking account setup process. She continually pushes her boundaries and unlocks new skills that make her a talented, dedicated team member.

“I enjoy what I’m learning in banking, giving back to the community, and I appreciate being part of this team,” says Keila.

We are grateful for Keila’s leadership and commitment to helping our clients build long-term wealth!

Are you determined to reach a personal savings goal? Keila and our team can help you open one of our great-rate personal savings accounts. Want to improve your credit? Learn about our Credit Builder Loan, which is known to improve your score by 40 points in just 12 months. Need to set up a direct deposit? We have a personal checking account that will fit your needs. Learn more.

Proud to be a new member of The Global Alliance for Banking on Values (GABV)

We are excited to announce that we joined a collaborative and international network of mission-aligned financial institutions and leaders called The Global Alliance for Banking on Values (GABV). We are one of just a handful of banks invited to participate from the United States, including our colleagues and B Corp peers at Amalgamated Bank, Beneficial State Bank, and Sunrise Bank.

The collective goal of the GABV is “to make the banking system more transparent and support positive economic, social, and environmental change.”

The approach includes:

● Making the business case of values-based banks through thought leadership
● Setting the standard for triple-bottom-line finance through the GABV scorecard
● Addressing urgent challenges like climate change
● Driving systemic change through industry engagement
● Supporting leadership development through a leadership academy
● Sharing best practices at an annual conference and online gatherings

“We are excited to be joining an international network of like-minded banks. We hope to learn from other GABV banks about how to best utilize our unique position as capital providers to advance economic and climate justice. At the same time, we hope that we can contribute what we have learned over the past fifteen years as a mission-driven financial institution so that more of us in the financial services industry can be a part of the solution to economic justice and the climate crisis rather than part of the problem.”
— Demetris Giannoulias, CEO, Spring Bank

If you follow our story, you’ll know that we are continually working to improve how we increase access to capital and help people build generational wealth. When we opened our doors fifteen years ago, we were the first bank to headquarter in the Bronx in over 20 years, and we knew we needed to stay committed. At first, it wasn’t easy developing trust in the South Bronx, a community where many people had negative experiences with banks or had never opened a personal savings or checking account. We knew it would require time, relationship-building, and reliability. As our President and Compliance Officer, Eric Pallas, says, “we defied the odds.”

We quickly realized we needed to join arms and learn alongside like-minded financial institutions that also balance profit and mission goals. Part of what holds us accountable to our mission of financial inclusion is the B Corp and Community Development Financial Institution (CDFI) communities. We are grateful to now also be held accountable by an international network of banking peers at the GABV. Learn more about The Global Alliance for Banking on Values here. Follow their work on LinkedIn here. Explore why we are one of the best community banks in Bronx, New York.

Featuring GoGo Gone & Our E-Bike Loan NYC

To say that owner Diego Costales and his team at GoGo Gone are passionate about bicycles is an understatement. An avid cyclist, Diego’s goal is to ride at least 2,000 miles a year, but he never planned to open a bike shop. A talented photographer and freelance art director, Diego helped a client take pictures of bicycles and posted them online for sale. The bikes sold immediately, and Diego knew there was an entrepreneurial opportunity.

“With a little market research, I discovered Interbike, North America’s largest bicycle trade show. I came home ready to open my own shop. The first thing I did was find a bike mechanic, because I knew very little about how to repair them,” says Diego.

Like most bicycle shops around the city, GoGo Gone experienced high demand during the height of the pandemic.  Though traditional bicycle sales have since slowed down, Diego is confident that e-bikes are part of the industry that will continue to grow. He estimates that by 2025, e-bike sales will surpass all bicycle sales.

“People are not coming into the store to buy traditional bikes like they used to because prices have increased,” says Diego. “More people are interested in e-bikes.”

What Diego appreciates most about e-bikes, as opposed to road bikes or single speeds, is how they are an accessible form of transportation. He has witnessed people of all abilities navigate the city streets on an e-bike.

“Anyone can ride an e-bike, even if the last time they were on a bicycle was as a kid. People of any age can ride, and you have control of your time and route, which is empowering. You are not dependent on often delayed trains or traffic,” says Diego.

We are grateful for our partnership with Diego and the team at GoGo Gone as one of the first shops to participate in our E-Bike Loan NYC. Through our Employee Opportunity Program, employers can help employees purchase an e-bike and save money, time, and stress on their daily commutes. Our E-Bike Loan NYC is the newest component of our Employee Opportunity Program, and like all of our consumer loan products, is designed to help people build credit.

“I know that the E-Bike Loan NYC with Spring Bank will help folks have ease of mind when they need transportation,” says Diego. “It’s a really good option for riders.”

Learn more about how our E-Bike Loan NYC and how to offer your employees access through our Employee Opportunity Loan Program. Stay tuned as we will soon provide our E-Bike Loan NYC to the public through participating bike shops like GoGo Gone.

We encourage you to visit GoGo Gone and check out their in-store selection of e-bikes in the Lower East Side at 317 Grand Street in Manhattan. You can also view what their online store offers here.

Are you and your organization looking for banks in NY? Open a new business bank account with us, and you’ll immediately have access to one of the best savings account online. We will support you one-to-one as you build your personal savings. Learn more about our community approach to banking at spring.bank

$10M from Mizuho Bank for Mission-Based Lending

Trust is the foundation of our business. As a Community Development Financial Institution (CDFI), we are positioned between larger financial institutions, many of which have no physical presence or retail space, and the financial needs of our community. Investments of affordable capital from other financial institutions help support our lending goals.

In December 2022, Mizuho Bank (USA), a partner and leading wholesale bank, placed a $10 million deposit with us. This deposit directly supports the growth of Bronx-based small businesses and nonprofit organizations, including Empire Tool Rental, Rocking the Boat, and Bronx River Alliance.

“We are grateful to Mizuho Bank for its investment in our community. It is always a challenge for CDFI banks with branches in low-income communities to generate deposits that fund loans to individuals and small businesses in our neighborhood in the South Bronx,” says Demetris Giannoulias, our CEO. “The Mizuho Bank deposit helps us do this.”

“We rely on partnerships and the skills and expertise of people that operate and have strong relationships in under-resourced communities. So, when we were thinking about how to deploy more capital into the communities of New York City, Spring Bank was on the shortlist,” says Lesley Palmer, Managing Director, Head of Community Relations, and CRA Officer at Mizuho Bank (USA), a subsidiary of Mizuho Americas LLC. “We are committed to putting resources into the hands of CDFIs and mission-driven organizations that can use them most effectively.”

We equally rely on the quality of our relationships—to receive significant investments from larger institutions like Mizuho Bank and lend that capital back to businesses in New York City. Like a loan to long-established Empire Tool Rental, a construction equipment and tool rental, service, and sales company, to help acquire a commercial building in the South Bronx.

“Not only did I expand my business, but the loan with Spring Bank also helped me purchase a real estate property to rent out no matter what happens with the business,” says Terry Fuhrman, CEO of Empire Tool Rental. “I know Spring Bank has my back. My business is built on relationships, and I can’t speak more highly of the personal, quality relationship I have with Spring Bank.”

Check out Empire Tool Rental and read the features on Bronx River Alliance and Rocking the Boat: The Bronx is a Place Where Everything Is Possible,

Learn more about Spring Bank, its commitment to New York City communities, and its impact on local economies through the great work of CDFI Certified Banks.

We hope you’ll consider us for your new business bank account among banks in Bronx, New York. We offer small business accounts and a business checking account, and one of the best savings accounts online.

Featuring Five Staff Perspectives

Seven proud years and counting.

When we first joined the B Corp community in 2016, we saw the B Corp model as an opportunity to formalize and be held accountable to our community-centered mission. We exist to create financial inclusion for families, small businesses, and nonprofit leaders in the Bronx and across New York City.  Today we experience being a B Corp as a way to certify that our model is working for all our stakeholders; measuring our internal and external impact across our community, workers, customers, the environment, and also as part of a movement of leaders to “go beyond.”

The B Impact Assessment has helped us to understand and guide our path toward carbon neutrality; to shape our products like our E-Bike Loan NYC and accessible and transparent nonprofit and small business checking accounts. We are proud that our score has steadily increased over the years and that today our overall B Impact Score is 161.2 the highest B Corp Bank score in the U.S.

Read Celebrating Earth Day Big! We Are Officially Carbon Neutral

Read Happy B Corp Month, Celebrating 5 Years in the B Corp Movement

Check out Our B Corp Profile

Because we see being part of the B Corp movement as an opportunity for ongoing thinking about how we create positive impact through our business and use our power as a financial institution for the benefit of all, the B Corp values have become the barometer for our decision-making and have influenced our team. So, this year, as we celebrate our seventh B Corp month, we want to share the impact the B Corp movement has made on our team and culture.

Here’s what being B Corp means to us:

Erica Rosero, Small Business & Nonprofit Loan Officer
Community Impact

“Because we are one of a few small community banks in the Bronx, New York, we understand the needs of the people surrounding us. We work hard to ensure our neighbors have equal access and the opportunity to build personal savings and prosperous futures for their families. We also support organizations and community leaders in the Bronx, Harlem, and New York City.

For example, our customer, The Kota Alliance,  empowers women and fights for gender equity;  Greyston Bakery provides work for people who have experienced barriers to employment through their innovative Open Hiring policy; and University Neighborhood Housing Program (UNHP) helps create thriving neighborhoods. These are just a few of the nonprofits and small businesses we proudly support.

These organizations share a common denominator: empowering our community. By investing in them, we invest in the people surrounding us. We would all benefit if more financial institutions became part of the B Corp movement!”

Read The Kota Alliance: Changing Lives Through Empowerment

Josefa Ruiz, VP/Branch Market Manager

Customer Impact

“We’re unlike other banks in NY because we build and prioritize relationships, offer time and personal attention to our customers. We meet with our clients one-to-one to better understand their financial needs and help provide solutions.”

Read Rooted in Community: A Conversation with Josefa Ruiz, VP & Branch Market Manager

Germarie Medina, Commercial Loan Underwriter
Environmental Impact

“It is tough to imagine how a bank can make a positive environmental contribution. When describing the B Corp movement to my customers, friends, or family, I always start with the fact that we are carbon neutral with no fossil fuel investment pledges. However, when choosing a financial institution, most people do not instinctively consider community and environmental impact.

As an underwriter, I take pride in the fact that we support organizations that work to clean and restore the Bronx River, like Rocking The Boat and The Bronx River Alliance. The nation would be different if all financial institutions adopted the B Corp ethos or became a B Corp.”

Read: How Germarie Uses Her Financial Expertise to Help Her Community

Read: Change Flowing Through Our Community, The Bronx River Alliance

Read:  The Bronx is A Place Where Everything Is Possible

Katherine Martinez, Consumer Lending Associate

Workers

“When I started working at Spring Bank, I didn’t know about the B Corp movement or its significance. Now I understand how powerful it is for us as a bank in the financial capital of the world to be the first B Corp bank in New York City. Knowing we are doing something for the community is big for me. I’ve also always been focused on how we can do better for individuals and the environment.”

Read Building Our Bronx Community with Katherine Martinez

Read How B Corps Are Building People-First Workplaces

Susan Chapas, Marketing Analyst

Governance

“Working for a B Corp is extremely reassuring. I know that my work makes a positive impact because Spring Bank’s business structure protects our mission as the first priority. The bank’s decisions must be made ethically — focusing on affordable banking products, equal access, and equitable assistance for underserved communities.”

Read Introducing The E-Bike Loan NYC

Find out how you can bring our Employee Opportunity Program to your organization.

Learn about our nonprofit checking options

Learn about our Green Checking, a personal checking account

In Partnership with GreenPath Financial Wellness

Finance may not be the most romantic of conversation topics, but it’s undoubtedly essential for couples. Studies show that one in five couples claim money as their greatest relationship challenge. In addition, building up emergency savings, paying off debt, and saving for milestone events such as a dream vacation or new home topped the list of goals for couples.

Enjoy a more harmonious relationship by aligning your money matters. Check out our suggestions on how to get started together:

Have Open Communication 
If you want to successfully manage your money as a team, it’s important to get comfortable talking about it first. Being transparent about your earnings, debt, and money philosophies may feel awkward initially, but full disclosure is critical when making joint financial decisions. Discussions about merging personal checking accounts and tackling bills are important topics to cover. Make check-ins a regular conversation so you have a sense of how to tackle financial hurdles together when they do happen.

Create Joint Financial Goals
What do you want to achieve as a couple? Do you need to create an emergency fund, or jumpstart personal savings for a home purchase? Are you looking to budget for an upcoming vacation, or pay off a high-interest credit card this year? Narrow down your primary financial priorities and keep them somewhere you can refer to periodically, such as a shared document or financial budgeting app. Finding a system that works for both of you will help you achieve your personal savings milestones.

We can also help get you there. We offer various personal savings accounts to meet your unique needs. For example, our Club/Vacation Savings Account has zero maintenance fees and competitive interest rates to help you save faster for big purchases. Similarly, if both you and your partner have Spring Bank debit cards connected to your personal checking accounts, you can combine points through our Scorecard Rewards program and use those points to upgrade your tech, book that bucket list trip, purchase a new appliance, or dance to your favorite band at that sold-out concert.

Organize Your Accounts
Take time to fine-tune what constitutes “mine,” “yours,” and “ours,” and how much you want to budget within those categories so that you’re comfortable with any shared discretionary spending.

And remember, we offer Zelle as a safe, fast, and easy way to send money. As long as you hold a Spring Bank personal checking or personal savings account, Zelle allows you to securely send money with just a phone number or email address, regardless of where the recipient banks.

Plan for Your Future
Do you need guidance planning your financial future together or creating a realistic household budget? Our nonprofit partner GreenPath Financial Wellness works with thousands of people each month to help them pay down debt, improve their credit, and achieve their goals. Schedule a free and confidential call with them today.

Looking for more financial wellness resources? We’ve got you covered:

• LEARN: Tips & tricks to start saving now.
• READ: How to budget during times of inflation.
• TEACH: Kids & young adults healthy money habits.
• BONUS: Need some date night ideas? Check out our NYC Dining Guide!