You should congratulate yourself for earning money as a result of all your hard work. However, it doesn’t end there as you’re then supposed to save your money instead of spending it too much on luxuries. But where will you save your money? Surely not in a shoebox under your bed! You’ll want to put your hard-earned money in a savings account instead! But choosing the best possible savings account that would help improve your savings can become challenging unless you start following these tips:
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Pick a savings account with a historically stable interest rate and steer clear of those that have either introductory or bonus rates.
When you decide to open a savings account in your chosen bank, you might be greeted by an introductory rate which is usually higher than its base rate. While you might initially get tempted to choose a savings account with an introductory rate, the said rate only applies for a certain period after which you’ll have to deal with the lower base rate. Thus, a savings account with an introductory rate isn’t a good option if you want to make your savings grow.
On the other hand, even if you’ve escaped the scourge that an introductory interest rate would have brought you, your chosen bank might have slapped a bonus rate on the savings account that you want to open with them. The rate would apply to you only if you’ve met certain conditions as imposed by your bank. Not meeting any of those conditions would result in you having to deal with your savings accounts base rate.
Because of this you should ensure that the savings account you’ll open has a historically stable interest rate, thus eliminating the need for either introductory or bonus rates.
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Select a savings account that doesn’t have as many fees attached.
If you can find a bank offering a savings account that doesn’t have any fees at all, you should have one opened under your name right away.
However, the usual case whenever you open a savings account in almost any bank is that they’ll charge you with various fees ranging from monthly account ones to those that involve withdrawal from another bank’s ATM, over the counter to branch deposit transactions, and more. You should choose a savings account that won’t charge you with too many fees.
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Look for a savings account that you can access anytime.
You’ll also want to ensure you can check on how the money is doing no matter where you are or what time of the day it is. You’ll want to select a savings account that you can access via ATM, your chosen bank’s different branches, mobile, or Internet banking.
According to a survey conducted by GOBankingRates last 2015, 21 percent of Americans don’t have a savings account at all. While the said percentage is small, it’s still indicative of how some people might not be aware that opening a savings account is now easier than ever. If you’re having trouble with your savings yourself because you’re still keeping your money in a shoebox, you should go to a bank nearest you and choose a savings account that can help you improve it with the above-listed tips in tow.
Amelia Smith
Amelia Smith believes that the key to understanding something isn’t always about how good the explanation is, but how engaged you are with the learning process. As such an integral aspect of her pieces for sites such as GoBear.com is to ensure that insurance and banking concerns of her readers aren’t tackled just in a technical sense, but also in a way that they can relate to their lives.
