Personal banking in Utah includes establishing a strong savings account

It’s likely that you’ve seen many new families in your neighborhood in the past few years. That’s because Utah has become one of the hot destinations to move to, thanks to its surrounding beauty, economic strength in the tech sector and its low cost of living compared to other Western states.

In fact, Utah’s recent job growth is among the best in the nation, according to this story from news outlet KSL, which reported on the recent Economic Report to the Governor. There have been more than 48,500 jobs created in the past year, according to the report with a 3.3 percent job growth rate, which is among the best states in the nation.

There’s also good news when it comes to cost of living. Although Utah has been cited often as a state where consumer goods and necessities cost less than in other states, it was proven with that same economic report. It states that Utah is lower than the national average, with a 3 percent positive difference in cost of living.

With a move to a better life happening daily in our state, personal banking in Utah has become a necessity as new residents search for a place to place those paychecks. It’s also a time to perhaps reassess how you have been using savings accounts in the past, to see if maybe there are some changes that can make you even more resilient when it comes to the money you earn.

At First Utah Bank, we have three personal savings account options from which to choose depending on your personal situation, and our bankers are great at guiding you to the best one.

For broader advice, though, here are some financial tips from a recent Yahoo news story that can help change your priorities for the better.

Reasons to consider a savings account

One of the things that a personal savings account from a Salt Lake City bank does is give you the comfort you need to use other types of financial services and tools to make sure you not only have the money you need but also money for the future.

Here are three advantages to planning for a savings account, and why it’s important for everyone to have one.

No. 1: Fewer impulse buys
According to the story in Yahoo Finance, having a savings account is great for taming impulse control for the things you want. It creates a sense of financial discipline and makes it easier to give priorities to the items you want and what makes the most sense as you start a new family or professional life (or both) in Utah.

No. 2: Setting some goals
Remember when you were a kid and you had to save up to get that new bike or video game console? It’s the same now that you are an adult when it comes to something like a boat, second car or a fun week-long getaway. Writing out when you plan to buy something, and how long it would take in your savings account to reach whatever the goal is, will make those bigger buys easier to manage with the regular day-to-day expenses.

No. 3: Put it in writing

There are plenty of electronic ways to keep track of your financial records, and they should be utilized to the full. It’s important that, even if it’s a pen-and-paper type of method, to keep thorough financial records and a monthly budget that takes into account all of the income you earn, and what you spend it on. And, if you have children, show them how you manage your money when the time is right, so you will model good behavior they can use later in their own lives.

There are choices for your money

Choosing First Utah Bank for your personal savings needs means options for ways that you can set aside funds for the future.

Our basic savings account includes free personal online banking, mobile banking and messenger. You also receive free eStatements so you can follow closely what is going into your account. If you use an ATM with First Utah Bank, there’s also no fees at our banks or MoneyPass ATMs with a basic savings account.

You may also consider a personal money market account. It has tiered interest rates, which means to you can earn more into your savings account as the balance grows. You can also place unlimited deposits and make unlimited withdraws and transfers at any First Utah Bank branch office. You also get free personal online banking, messenger, bill payment and mobile banking as part of a personal money market account.

As you continue with your journey in Salt Lake City, consider having First Utah Bank by your side to help you save for the future. Learn more at our banking website, or call First Utah Bank at 801-308-2265.