When you are thinking about opening a new savings account, there are several things that you should look for. We are going to talk about these things so that you get the best savings to account for your needs.
Keep in mind that a savings account is important to have. This is where you are going to store emergency money for emergencies. However, with that being said, all savings accounts are not created equally. Let’s talk about what you should look for when you are thinking about opening a savings account.
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Interest Rates
This is one of the most important things to look for, however, most banks have low-interest rates. These rates are generally 0.01 percent which is frustrating. You cannot grow your money quickly at all with low rates like that.
With that being said, a savings account isn’t a place where you put money to grow. It is a place to keep your money safe. However, if you find a higher rate, you should always take it. Mywealthandinvestment can help you learn how to handle your money and what to look for. Always make sure that you are finding the best interest rates for your needs.
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Fees
Many banks will charge you monthly fees to keep the account there. Usually, if you keep a certain balance you will avoid these fees. Some banks may charge you five dollars a month if you don’t have at least three hundred in your account. If you are great at keeping money in your account, why take the chance of a penalty if you need to dip into that money. You should look for bank accounts that do not charge monthly fees so that you get all your money.
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No Minimum Opening Deposit
Some banks will require you to have a certain amount in your account before you can open in. Usually, this is a small amount such as 25 dollars. However, if you are looking for more freedom, look for banks that do not require a minimum deposit or that require a very low dep[osit. There are several banks out there, especially online banks. Just remember to look for any other fees that may come back to bite you.
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Transfers
We know that saving money is not easy. However, if you can make regular deposits into this account, you are likely to save more each month. You can have some of your paychecks directly go into this account. Your bank should offer automatic transfers from the checking account that you have into this savings account. Be sure there are no fees attached to this. You should be able to determine how much money you want to be transferred each week.
Conclusion
Taking the time to set up a savings account that benefits you is worth it. It is your money and you should be getting the most out of your money. This can be hard to do if you are not opening the right account for you. Determine your needs and go from there.
