Living up to its name, a savings account is a secure way to store and grow your savings. Savings accounts offer a plethora of benefits for individuals of any age within any stage of their savings journey. In today’s blog, we will share the importance of a savings account and the benefits they offer an individual’s financial toolbox. 

Offer Financial Security 

• Opening a savings account at a trusted bank provides you with a safe and secure place to store your money. If your bank is a member of the Federal Deposit Insurance Corporation (FDIC), your money is guaranteed to be backed and protected by the federal government (up to $250,000 of your savings). Knowing that your money is secure and protected can give you peace of mind when starting your savings account. 

House an Emergency Fund

• A key advantage of owning a savings account is that it acts as a financial backing in the case of an emergency. If you were to experience a medical emergency, a sudden job loss, or even a major car problem, having a set of funds set aside for emergencies will have you prepared for the unexpected. 
• Saving money for an unforeseen situation is easier said than done. With a savings account, you can easily and securely save your money to give you peace of mind. It’s important to note, some individuals have their emergency fund in a separate account from their savings. This is absolutely acceptable and recommended, so you only touch it when you truly need it! 

Grow Your Retirement Savings

• A savings account can help you save for the future, and one day be able to comfortably retire. It is never too early to start planning your retirement. The best thing you can do when it comes to saving for retirement is to start saving right away and have a consistent plan on how you will do so. 

Earn You Interest 

• When you utilize a savings account, you can earn interest to grow your savings. Over time, interest will add up and start increasing your total savings. The longer you have your savings account open, the more money you will accumulate on top of the savings that you put into the account. 

In conclusion, we all know the importance of saving our money, but now you are more equipped with the abundance of benefits a savings account can offer you. If you have been thinking about growing your savings, speak with our team about our savings accounts and how best we can align our products with your specific savings goals. Visit our website or reach out to our team to learn more and get saving!