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As a reminder, all Austin Bank locations will be closed on Friday, July 4th, in observance of Independence Day. Offices with Saturday drive thru hours will be open July 5th, all others will reopen Monday, July 7th.

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Savings: Your Financial Cushion

Life is hectic and full of surprises, some of them being unpleasant. Whether you need a sudden car repair or face an unexpected medical bill, unforeseen expenses can tangle your finances. That’s where a savings account comes in: it’s a financial buffer against life's unexpected moments.

Where checking accounts are designed for everyday banking, savings accounts are meant to preserve funds for emergencies or short-term goals. They should serve as a financial safety net, ready to catch you during unexpected chaos, and prevent you from resorting to credit card debt or loans.

In order to build a successful savings account and create the peace of mind an emergency fund allows, consider the following strategies:

  • Create a savings plan. Assess your current finances and identify areas you can cut back. Set realistic savings goals depending on your income, expenses, and lifestyle.

  • Take advantage of bonuses. Unexpected income such as a bonus, tax refund, or birthday gift can give your savings a boost. Stay committed to reserving a portion of these funds for your savings account.

  • Maintain your funds. The reward of financial peace of mind is achievable through maintaining a solid savings account. Contributing regularly, avoiding the account for non-emergency expenses, and celebrating milestones are the keys to a healthy, long-lasting fund.

At Austin Bank, we offer four different types of savings accounts, as well as Certificates of Deposit. CDs offer high interest rates with a longer commitment.

Our four savings account types include:

  • Classic Savings account
    • Features a minimum opening balance of $100, monthly fee of $3 if $200 minimum monthly balance isn’t met, up to 6 free withdrawals and/or transfers each monthly cycle, and interest accruing daily.

  • Young Savers account
    • This savings account is perfect for minors under the age of 18. It features a minimum opening balance of $50 or $10 with a family relationship, no monthly fees, no minimum balance requirements, up to 6 free withdrawals and/or transfers each monthly cycle, and interest accruing daily.

  • Money Market account
    • Features market rates, minimum opening balance of $2,500, monthly fee of $10 if $2,500 minimum monthly balance isn’t met, up to 6 checks and/or transfers each monthly cycle, and interest accruing daily on balances over $2,500.

  • Health Savings Account
    • Designed to hold funds set aside exclusively for paying qualified medical expenses. You must be enrolled in a High Deductible Health Plan to be eligible. Features a minimum opening balance of $100, monthly fee of $5 if $200 minimum monthly balance isn’t met, interest accruing daily on actual collected balance of $1,500 and above, and one-time $15 account set up fee.

Need help deciding on the right account? Austin Bank has a team of financial advisors who are focused on helping you pursue your financial goals. To learn more about our savings accounts, click here

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