ALMA Insights

Why Should You Have a Personal Savings Account?

Posted on 7/31/2018

There are plenty of good reasons to have a personal savings account.

The number of American households that have no emergency cash in the bank to fall back on is nearly unbelievable. It’s estimated that more than 34% of Americans don’t have a savings account at all, and 62% of those people who do have a savings account have a balance of less than $1000.

Piggy Bank

The most recent Federal Reserve data from the “Report on the Economic Well-Being of U.S. Households in 2015” surveyed Americans and mentioned that “forty-six percent of adults say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.

Most financial experts suggest that you should have a cash reserve equal to six months of your current expenses.

You may want to consider these Important reasons to have a savings account:

  • Have Emergency Cash on Hand: To meet urgent and unplanned situations or events, from a broken major appliance to an expensive automotive repair need.
  • Security: The money deposited in a savings account is protected by FDIC insurance, up to $250,000 per depositor.
  • Save Money for Life Changing Goals: Think in terms of college, marriage, buying a house, children, retirement or even taking a great trip.
  • Easy Access: While investing in stocks and bonds or real estate is great because if can offer higher returns – you might not have access to it on short notice. A savings account is easily accessible.
  • Earn Interest: Unlike cash that may be sitting in your wallet or at home - when you put your money into a savings account, it earns interest.

Alma Bank offers a broad range of personal savings account options, from our basic Personal Savings Account which is a great place to start saving (with $100 minimum to open) to our Premier Personal Savings account - where combined balances with your Alma Bank checking account can earn even higher savings interest rates.

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