Do you need to open a new savings account? Are you not happy with the low interest paid by other banks or the low standard of service that you’ve received?
Then it’s time for you to find a local St. Louis bank that treats its customers like assets. At Jefferson Bank, we’re big on customer relationships….Yours!
Pay yourself first by putting money aside for emergencies or that future purchase by using your Jefferson Bank and Trust savings account. You can transfer money between your checking and savings accounts online, and setup transfers to happen on a schedule if you wish to automate your savings.
Our types of savings accounts include:
- Statement Savings: This is a savings account that pays a competitive rate of interest. It has a minimum balance and a transaction limit.
- Money Market Accounts: This type of savings account pays a slightly higher interest rate and has a higher typical minimum balance requirement.
At Jefferson Bank, we’re eager to help you to reach your savings goals. Call us at 314-621-0100 to start opening a savings account today! You can also reach us through our online contact form. We’ll show you why we are consistently one of the best banks in St. Louis for all of your personal banking needs.
How to Use a Savings Account to Manage Your Personal Finances
The best way to use a savings account is to keep a reserve of funds in the account that you don’t expect to need to access on a regular basis.
Personal finance experts suggest that it’s useful to keep enough money to pay for between 6-12 months of your regular expenses in a savings account in emergency savings. The reason for this is that it’s important to be able to cover your basic expenses in case of job loss, medical crisis, or another sudden issue. Having this cushion makes it so that you don’t have to borrow money or scramble to work a second job to cover your expenses in the event of a major financial issue in your life.
Other ways to use a savings account are to use it to save for a specific purchase such as a vacation or new vehicle purchase, as well as to keep funds that you don’t want to risk investing or just want to earn a guaranteed return on.
The FDIC insures your savings account for up to $250,000. That means that even in the event of a financial crisis that causes many banks to fail, your money will still be safe.
Alternatives to a Savings Account
Another common alternative to using a savings account to keep your money protected and earn interest includes certificates of deposit. Certificates of deposit are similar to savings accounts, but have a fixed term associated with them.
These pay higher interest rates than the typical savings account, but you can only redeem them before the fixed term expires if you pay a penalty. CDs of a longer term usually pay higher interest rates than ones of shorter term.
This alternative to a savings account is great for people who want to earn more interest on money that they don’t anticipate needing to access in the near future. There are also methods to space out when certificate of deposit terms mature using a CD ladder so that you can gain access to your savings on a regular basis before rolling over your CDs.
Learn More About the Savings Account Options Available from Jefferson Bank in St. Louis
If you are interested in savings accounts or other investment options, let us help you start planning your financial future. Call us at 314-621-0100, come by one of our St. Louis area banks, or use our online contact form to learn more about our savings account options.