How Many Savings Institution Jobs are Available?

by Jacky Chou
Updated on

How many jobs are available in the savings institution industry? This blog post looks at the latest data to give you an idea of the job market in this sector.

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How Many Savings Institution Jobs are Available?

The number of jobs in savings institutions is expected to grow by 2 percent from 2019 to 2029, according to the U.S. Bureau of Labor Statistics (BLS). That’s slower than the average growth rate for all occupations during that time period.

Savings institutions are a type of financial institution that offers savings and checking accounts, certificates of deposit, and other services such as loans and money transfers. They include credit unions, savings and loan associations, and mutual savings banks.

As of May 2019, there were about 584,000 people employed in savings institutions across the United States. The vast majority worked in Credit unions (57 percent), followed by savings and loan associations (34 percent) and mutual savings banks (9 percent).

Employment in savings institutions is concentrated in a few states. As of 2019, the five states with the highest employment levels were California, Texas, New York, Florida, and Illinois. These states also had some of the highest concentrations of jobs in this industry, meaning that there were more jobs relative to other industries in those states.

The majority of jobs in savings institutions are expected to be found in credit unions, which are projected to add about 15,100 new jobs between 2019 and 2029. The BLS notes that this growth will be driven by an increase in the number of credit unions as well as memberships at existing credit unions.

What are the Different Types of Savings Institution Jobs?

Savings institutions are financial institutions that accept savings deposits and give loans. There are different types of savings institution jobs, which include tellers, loan officers, and customer service representatives. Each type of job has different responsibilities.

Tellers are responsible for handling customer transactions, such as deposits and withdrawals. They must be able to calculate interest, provide information about bank products and services, and resolve customer complaints.

Loan officers evaluate loan applications and make decisions about whether to approve them. They must be able to assess risk, calculate interest rates, and negotiate terms with borrowers.

Customer service representatives handle customer inquiries and complaints. They must be able to resolve problems and provide information about bank products and services.

What are the Requirements for a Savings Institution Job?

In order to work at a savings institution, you will need at least a high school diploma or equivalent. Some jobs may require additional education, training, or experience. For example, tellers often need cash handling experience, and loan officers need experience in the financial industry. Many employers also require background checks and drug tests for all positions.

What are the Duties of a Savings Institution Job?

A savings institution is a financial institution, such as a commercial bank, savings and loan association, credit union, or savings bank, that accepts deposits from the public and makes loans to customers.

The primary duty of a savings institution is to promote thrift among its depositors and to make funds available for productive uses in the economy. In addition to accepting deposits and making loans, savings institutions provide other services, such as check-cashing services, safe-deposit box rentals, and money transfers.

What is the Salary Range for a Savings Institution Job?

The salary range for a savings institution job varies depending on the position and the employer. Tellers, for example, may start at $9 per hour, while loan officers may earn an annual salary of $30,000 or more. Some institutions offer bonuses and commission-based pay in addition to base salaries.

What are the Hours for a Savings Institution Job?

The hours for a savings institution job may vary depending on the position you are interested in and the location of the institution. Some positions may require extended hours, while others may be more flexible. It is important to check with the specific savings institution you are interested in to learn more about their hours and job requirements.

What is the Work Schedule for a Savings Institution Job?

The work schedule for a savings institution job is typically Day through Friday, with some jobs having rotating or evening shifts. Many institutions are closed on weekends, but some may offer Saturday hours. Some tellers may also be required to work holidays. The hours for teller jobs vary by bank, but most full-time tellers work approximately 40 hours per week.

What are the Benefits of a Savings Institution Job?

There are many benefits of working at a savings institution. Below are some of the most common benefits:

-Competitive pay: Savings institutions typically offer competitive pay, which can help you Act and retain top talent.
-Generous benefits: Many savings institutions offer generous benefits packages, which can include care retirement savings plans, and more.
-Flexible hours: Many savings institutions offer flexible hours, which can allow you to better balance your work and personal life.
-A stable career: Working at a savings institution can provide you with a stable career path.

What are the Disadvantages of a Savings Institution Job?

Savings institutions job growth is expected to be slow in the coming years. The number of people employed in this field is projected to grow by just four percent between 2016 and 2026, which is slower than the average for all occupations. Because of this, competition for jobs will be high.

There are a few disadvantages to working in a savings institution. One is that the hours can be long and irregular, especially if you work in a bank branch. Tellers and customer service representatives may have to work evenings and weekends. Another disadvantage is that the pay is often low, particularly for entry-level positions. And finally, job stress can be high due to the constant pressure to meet sales goals and provide excellent customer service.

How to Find a Savings Institution Job?

There are many ways to find a savings institution job. You can start by looking online, in job postings, or in classified ads. You can also contact your local Chamber of Commerce or the Better Business Bureau for leads on open positions. Finally, you can check with your state’s financial regulator for a list of licensed savings institutions in your area.

Auther name

Jacky Chou is an electrical engineer turned marketer. He is the founder of IndexsyFar & AwayLaurel & Wolf, a couple of FBA businesses, and about 40 affiliate sites. He is a proud native of Vancouver, BC, who has been featured on Entrepreneur.comForbesOberlo, and GoDaddy.