Best Savings Accounts
Maximize your savings with a high-yield Savings Account
Don’t simply store your savings, put them into a savings accounts where you can earn money out from them. When you deposit money into a savings account, they earn interest based on the rate of the account.
What is a Savings Account?
A savings account is a type of account where your money grows or earns interest accordingly to the interest rate of the account. So if you have savings for an emergency or a large future purchase, like a car of a big holiday, you could put this money into a savings account to earn interest until the time of withdrawal. The key differences between a savings and a checking account is that you may be limited on the number of transactions you can make out from a savings account, which means your money will not be as accessible as it is when stored in a checking account.
What Do You Need to Open a Savings Account?
First of all, you need to determine what the best bank and savings account are for you. If you are opening the account in person, make sure that you have a branch located near you for easy access, although some banks may allow you to open the account online or over the phone. Some banks will require you to be 18 years or older to open an account and will ask you to fill out an application form as well as submit some form if ID. Once the bank has confirmed that you can open the account, you will need to deposit the minimum amount required into the account. If you are opening a savings account with a bank you also hold other accounts with, the process may be easier, and you may get extra benefits because of this.
How Do you Choose the Best Savings Account?
Comparing different savings accounts offered by different banks is a good way to start when choosing the best savings account for you. You should look into the minimum balance required to open the account if any, if the account has any monthly fees or other fees associated with it and the maximum number of transactions allowed. Most importantly, you should look into the interest rate, as this will determine how much your savings will grow overtime. The higher the interest rate, the more money you will earn from your saving
Popular Savings Accounts guides
Pick the best saving account for your needs and make the most out from your savings. Read the tips and latest articles on how to do this.