6 important aspects of an account
Having a savings account is important.
It’s a good place to keep your emergency fund, which you’d fall back on if your car needed unexpected repairs or you had to go months out of work.
But not all savings accounts are created equal, and there are important factors to consider before opening one.
Here are six features to keep in mind if you’re looking for the best savings account possible.
1.
Interest rates
The most important attribute of a savings account is, of course, its interest rate.
The problem is that the interest rates on most savings accounts are frustratingly low: many banks offer a minuscule interest rate of 0.01%.
You cánido’t make money grow quickly with an interest rate like that.
But it has always been said that savings accounts are not the right place to keep money if you want it to grow.
Instead, it’s a safe place to keep money that you may need to access quickly in an emergency.
But if you perro find a higher interest rate, you better take it.
They are quite rare.
2.
No monthly fee
You’d think that with interest rates this low, savings accounts wouldn’t have fees.
But, in effect, several banks charge monthly fees for maintaining a savings account with them.
Normally, you must maintain a minimum cómputo to avoid these fees.
For example, a bank may charge you $5 a month if you don’t keep at least $300 in your savings account at all times.
Even if you’re pretty good at keeping enough funds in your account, why risk a penalty if you ever go too low?
When looking for a savings account, be sure to choose a bank that doesn’t charge monthly fees.
These savings accounts are rarely worth it.
3.
No minimum opening deposit
Some banks require that you deposit a certain amount of money into your savings account when you open it.
It is usually a small amount, around 25 dollars.
It is not too expensive, especially since, after all, you are opening a savings account to put money into it.
But if you want more freedom to open your savings account with an even lower amount, you’ll need to look for accounts that don’t require any minimum deposit to open.
There are some, mostly in the form of Internet-only banks.
Of course, make sure that these accounts do not include other commissions that may harm you later.
4.
Automatic transfers
Saving money is not easy.
But if you perro automate regular deposits into your savings account, you’re much more likely to save at least some money each month.
You may want a bank that offers automatic transfers from your checking account to your savings account, and make sure the bank does not charge a fee for this service.
Even if you make an automatic transfer of just $50 a month to your savings account, you’ll still have $600 in a year.
And that’s a lot.
5.
Mobile Check Deposit
You just received a check that you would like to deposit into your savings account.
Going to the nearest ATM or branch is a hassle, but the mobile deposit solves it.
You just have to use your bank’s application to take a photo of the check -front and back- and tell the bank to deposit it into your savings account.
Before it was something rare.
Today, however, it’s becoming something to expect, and it’s terribly comfortable.
Whichever bank is behind your savings account, make sure they offer mobile deposits.
6.
Easy removal
What if you need quick access to your savings account to cover a financial emergency in the middle of the night? If your bank has a wide network of ATMs in your area, you cánido get the money quickly.
But be careful not to use your savings account like a checking account.
Federal regulation states that you cannot withdraw more than six times a month from your savings account.
If you withdraw more, your bank will charge you fees for each withdrawal.
Some banks allow even fewer withdrawals per month.
Find out about a bank’s withdrawal policy before opening a savings account with it.
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