Banks in Austin 78742

[Jamey Swinton]

If you lost your job tomorrow, would you have enough money to pay your bills without running up credit card debt? What if your car broke down and you needed $3,000 to get back on the road? Could you come up with the cash?

If you answered "no," then you need to create a rainy day fund, dollars that you can tap in case of a financial emergency. The benefit of such a resource is obvious: If you have one, you will not need to go into debt to handle the economic crises that so frequently pop up.

If you do not have a rainy day fund, you are far from unusual. According to Bankrate.com's June 2017 Financial Security Index, 24 percent of U.S. residents have no money set aside for financial emergencies. That represents the lowest level since the Bankrate survey began.

Those that are saving have probably not saved enough. The Bankrate.com survey reports that 20 percent of respondents have less than three months’ expenses saved, and 17 percent with three to five months. Only 31 percent of the respondents had saved enough to cover six or more months of expenses.

How would consumers that had not adequately saved cover emergency expenses? Many would borrow from family members or friends while others say they would neglect a different financial obligation. Others would, of course, put the debt on their credit cards.

None of these are reliable options. The best bet is to have an emergency fund available. The good news? Starting an emergency fund is not overly complicated.

SAVINGS


With our Regular Savings account, you get a trusted and traditional savings tool. With an attractive interest rate and low minimum opening balance, your rainy-day fund will be ready to grow.

• Minimum Opening Balance of $250
• Interest-Bearing Account

PREMIER MONEY MARKET


For everyone looking for an attractive interest rate, the search stops here.

• Minimum Opening Balance of $2,500
• Interest-Bearing Account

HEALTH SAVINGS ACCOUNT


Tax savings1, convenience, portability. These are just a few of the perks of opening up a Health Savings Account (HSA) at Guaranty Bank & Trust. When an unexpected medical bill rolls in, an HSA can help you deal with the stress.

Account Details:

• Minimum Opening Balance of $50
• Interest-Bearing Account – Daily interest paid on the entire balance.
• Unlimited Check Writing
• Free Mastercard® Debit Card

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Banks in Austin 78742