Setting Up Savings For Sudden Home Repairs

In the Virgin Islands, homeowners face the full impact of home repairs. Unless certain items are covered under an insurance policy, the homeowner must pay out of pocket to have the items repaired. A financial advisor helps homeowners generate savings for sudden home repairs.

Contributing to a Savings Account

According to financial advisors, homeowners should start their savings account as early as possible. They can contribute any value they prefer initially. However, the financial advisor may provide insight into how much and how often the homeowner should deposit. If they live in a new construction, it is less likely that they will need funds immediately.

Online Interest-Bearing Checking Accounts

Online interest-bearing checking accounts generate higher interest values than standard options available at local banks. The accounts require the consumer to maintain a specific balance at all times to maximize their interest. The total value that stays in the account affects …