1. Short title This Act may be cited as the Strengthening Financial Security Through Short-Term Savings Accounts Act of 2018 . 2. Purpose The purpose of this Act is to improve financial security, facilitate convenient and affordable access to all types of employer sponsored short-term savings accounts, reduce leakage, and complement overall retirement savings. 3. Stand-alone short-term savings accounts (a) In general An employer may make available to employees a stand-alone, short-term savings account, using an automatic contribution arrangement (as defined in section 514(e)(2) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1144(e)(2) )) in accordance with this Act. An employer that offers employees a short-term savings account shall deduct amounts from each participating employee's wages in accordance with subsection (e) and transfer such amounts to a savings account that meets the requirements of subsection (b). (b) Account requirements (1) In general A short-term savings account offered in accordance with subsection (a) shall— (A) have no minimum balance requirements, reasonable fees as determined by a joint rulemaking by the Secretary of Labor and the Secretary of the Treasury, in consultation with other financial regulators, and a maximum account balance of not to exceed $10,000, adjusted annually for inflation and by the Secretary of the Treasury; (B) have a balance that is made readily available, in whole or in part, at any time to an individual who owns the account, subject to any reasonable, limited restrictions imposed on withdrawals pursuant to the terms of the arrangement