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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.
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:
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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