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Frequently Asked Questions
Saving doesn't have to start with a large deposit or a perfect plan. In many cases, the best way to begin is to set a goal, save consistently, and choose a savings account that fits how you want to use your money. State Bank of Bement offers savings options designed for everyday saving, longer-term goals, special-purpose savings.
How much should I try to save?
Your savings goal depends on what you're saving for. For emergencies, the FDIC generally recommends building up at least six months of living expenses. Any amount saved is positive as it can help you handle unexpected costs in the future.
Will I earn interest on my savings?
Yes. For current rates and and more information about how we calculate interest call us or request more information here.
Can I access my money when I need it?
Yes, but access depends on the account type. A savings account offers immediate and everyday access to funds, a Money Market account provides access with transaction limitations (6 per statement cycle), and a CD is intended for money you do not need right away because early withdrawal penalty's will apply.
Can I access my account and set up automatic transfers online?
Yes. If you sign up for online banking when establishing your account you will be able to view your account balance, set up transfers and deposit money into your account through the online banking portal or mobile app.
How much do I need to open an account?
Opening deposit requirements vary by account. Regular savings accounts require a minimum $10 deposit. CD's require a minimum $1,000 opening deposit and Money Market accounts require a minimum opening deposit of $2,500.
Which savings option is right for me: Regular Savings, Money Market, or CD?
The best account depends on how you plan to use your money. A Regular Savings Account is a strong choice for everyday saving, a Money Market account may be better if you keep a higher balance and want added earning potential, and a CD can be a good option if you want to lock in a fixed rate for a set term. We currently offer all three options with CD terms ranging from 7 days to 30 months.
