There is no shortage of banks in the US that are offering potential customers multiple incentives to open an account with them, but that doesn’t mean you should go with just any one of the offers without actually knowing what you are getting into. On that note, here are a few tips that should come in handy as you try to find the savings account that would be right for you.
Find the Right Bank
Before anything else, you will need to choose the right bank of course and unless you already have a bank in mind that you are absolutely sure of, you should always consider all your options. For example, online-only banks usually let you open savings accounts without any minimum balance requirements and at higher annual interest rates. Then there are banks that pay very high rates of interest and multiple added privileges if you are willing to open a premium account with them. Make your decision easier by going through these savings account reviews that lay out all the details regarding rates currently offered by various banks across the US.
Setting Your Priorities
What might seem like the best savings account to someone else need not be the same to you. Set your priorities straight so that you can make your decision based on the features that matter to you and your financial situation the most. For example, digital banks are a great choice for people who largely conduct their financials online, but if you are someone who needs to deposit cash often, you will find it easier if your bank had at least one branch near your home or place of work. The interest rate isn’t the only thing that matters, so make sure that you factor in all the other features as well, before coming to a decision.
Any bank that you decide to open an account in should be insured by the Federal Deposit Insurance Corporation (FDIC). By making sure that it is, you will be ensuring the fact that any money that you put into your savings account or a fixed deposit account is going to remain safe against financial breakdowns, bankruptcy, robberies, etc. As most people are now aware of the importance of a bank being covered by FDIC insurance, it has even become a set standard in the world of banking.
Maintaining a minimum quarterly balance could be a bit of a headache, especially as the bank will charge you a lot of money as a fine if you don’t. However, it’s that same minimum balance that goes a long way towards keeping a bank in business in the first place. So there’s a chance that if a bank wants you to maintain a minimum balance, it may provide you with more premium benefits as well. Therefore, a lot of factors come into play such as your personal financial position and the minimum balance in question. For example, the premium benefits might not be of any use to you at all and it might be so that you would rather enjoy the headache-free banking benefits offered by a zero-balance savings account. Similarly, in every other situation as well, it all comes down to you and your own individual needs and expectations from your savings account and bank.