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#Finance: Top tips for choosing a savings account

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There are a number of reasons why you might want to open a savings account, which run the gamut of setting money aside for emergencies to saving for your senior years – and anything in between. If you are interested in finally opening a savings account, you may be in need of some top tips to choose the right account for your needs. Not all savings accounts offer the same benefits, so the type of account you choose will vary depending on what you hope to accomplish and how you intend to use that account.

Will you need to draw regularly from your savings account?

The first item on your list should be in regards to how you intend to access your account. Of course, by its very nature, a savings account should be left alone unless there is some dire emergency requiring you to withdraw funds. That being said, many of us have good intentions, but you know what they say about those!

Yes, you want to leave your money to grow with interest, but if you think you will need to withdraw at semi-regular intervals, perhaps you might want to investigate the benefits of a money market account. The best money market accounts can offer more flexibility than the traditional savings account because most provide checks for you to write against the amount of money you have in your money market savings account. This negates the need to physically go into a bank to make a withdrawal.

Tip #1: Explore the benefits of money market accounts if you feel you may need to use money in your savings account.

Do you want a physical bank or are you looking only to bank online?

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Here is another area you may want to explore. So, you’ve chosen a money market account because you can write checks or use a card against your savings, but now you want to know if there are any online banks you can deposit your savings into. Actually, you can find online banks that offer money market accounts, which will mean you’ll never need to physically go into a bank to deposit or withdraw money.

Make sure to explore the various ways you can make deposits, though, because not all online banks operate in the same manner. Most will, however, allow for electronic transfer from your checking account, so that is always an option. The point is, you are looking for that added bit of convenience online banking offers, so choose a savings account that offers the greatest number of options for making deposits and withdrawing funds.

Tip #2: Explore the benefits of online banking for the convenience it offers.

Find a savings account with the best interest rates

Keep in mind that both money market savings accounts and traditional savings accounts will give you interest on the money you keep deposited in your account. Therefore, look at the various types of savings accounts and then look at the interest rates they offer. The purpose of saving money is to grow your personal wealth, so you want the best interest rates you can find.

Tip #3: Look for a savings account offers the best rates of interest on your savings.

Bonus Tip: Find a savings account with all these benefits AND with a mobile banking app and you’ll know you’ve found the right one!

 

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