The times of big interest earnings on savings accounts has passed. You may look at your statements and wonder if it is worth it to keep trying to build up your savings account if you are not making any interest on it. But even though the interest rates have fallen, there are other benefits to saving money. Having a good savings account can be a big asset in many other ways.

One benefit is that using savings instead of credit is much cheaper. If you need to purchase something, it is much cheaper to borrow from yourself than it is to borrow from a credit card company. The interest rates are so high, that you will be paying much more for something if you are paying back a credit card than if you are paying back your savings account.

Credit agencies are looking more closely at personal banking habits these days. Some are even basing their ratings on the amount of deposits into your accounts. If you have more money going into your account than you have going out, your credit score may positively reflect that.

If you have accumulated a good amount of savings you may be eligible for rewards from your bank. They may waive fees on other accounts if you have a certain amount of money in your savings account, or you may qualify for rewards programs that your bank may offer. If you can build up your savings it may benefit you in several ways.

Another way that building up your savings account may help you is if you need credit. If you have a good amount of liquid assets, a bank or other financial institution will more more apt to do business with you. This could benefit you if you are looking for a mortgage or even a car loan. Not only will they be more likely to help you but the rates may be better.