Savings accounts are an important investment tool and a great way to build your next egg for the future. The Home Federal Bank of Tennessee is your local option for a savings account with a current offer for a 1% APY savings account interest rate.
The terms to qualify for the account are simple and include:
- Information applies to the Passport+ savings account
- Only $100 required as minimum opening balance
- A $50 balance is required to generate interest
- Monthly balances of less than $50 will incur service fees
- A $2 monthly service charge will apply to the above condition
- A $500 balance is required to avoid dormant fee of $2
- Interest is compounded daily and distributed monthly
- Interest rate may change at the bank’s discretion
- FDIC insured
The Home Federal Bank of Tennessee has been serving local customers since 1924. If you are interested in opening an account with one of the highest savings account interest rates currently available, simply stop by any of the local branches located in Knox, Anderson, Blount or Sevier counties. The Home Federal Bank of Tennessee is proud to have been named a named a 5-Star SUPERIOR Rated Bank by Bauer Financial, Inc. for 71 consecutive quarters.
Other Terms and Conditions may apply. Additionally, rates may have changed since this offer was posted. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.
When you choose a Knoxville savings account, you want to find a bank that will best meet your savings needs. Look for a bank that offers the highest interest rates at your minimum balance with the lowest fees. Many Knoxville banks require you to keep a certain balance to earn the quoted APY and to avoid fees. Banks requiring a higher minimum balance typically offer larger interest rates.
Knoxville Banking Rates has partnered with top banks to provide high interest rates on savings accounts to allow you to earn as much on your money as possible, while not risking it in any way like the stock market or other investments. A smart savings plan allows you to build savings and make money off the interest rates every single month.
Savings accounts give consumers an easy way to save money. You deposit the money into the account, let it accrue interest, and then withdraw it whenever you need it. However, some people need accounts for specific events in their lives. They do not want a general savings account but savings accounts for specific needs. These specified savings accounts give a higher level of organization, different interest rates, and keep you from spending that saved money on everyday needs. Here are some specific savings accounts, brought to you by Knoxville Banking Rates, which you should consider investing your money in.
- College – 529 College Savings Plan – These state-managed investment accounts allow you to save for college without paying taxes on the account’s earnings. You have control of the account, and it can roll over to another child if one decides not to go to college. Anyone can add money to this account, there are no income limitations, and there is no age limit for when the money needs to be used. If your child gets a scholarship, excess money can be withdrawn without penalty and is only taxed.
- Retirement -401(K) Account – Saving money for your retirement is a process that should be started as early as possible. If you start at the age of 30 or younger, then you will have to put away less money each year to have a lucrative savings account. A 401(K) is usually an employer-sponsored account where you can deposit part of your paycheck each month. Employers will sometimes match part or all of your contribution. Money in the account is income tax free until its withdrawal, and any interest you make is not taxed. You might even be able to upgrade to a Roth 401(K) which treats your contributions as after-tax dollars.
- Marriage – Wedding Savings Account - If you really are not looking for material wedding gifts, then a wedding savings account may be the best way to go. These banking accounts give you an easy way to have family members deposit cash presents. Some even will match contributions or make an initial deposit into your account, up to a certain amount. Although this helps you save after a wedding, also consider a high interest savings account to save for your wedding.
- Holidays – Christmas Club Account - Although not all banks offer these, Christmas club accounts offer a better way to go shopping for the holidays. You open an account in January and withdraw the money in November. Setting up monthly deposits from your paycheck can make Christmas shopping much easier.
- Vacation – Vacation Savings Account -Similarly to holiday savings, vacation savings are not offered by every bank. You deposit money during the year and withdraw it at the beginning of June. Keeping money in these accounts allows you to make monthly deposits without the temptation of being able to easily withdraw it.
