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What are things that I should consider when choosing a savings account?

  1. ezhang profile image
    ezhangposted 6 years ago

    What are things that I should consider when choosing a savings account?

    It's about time I should make myself a savings account. What are some factors I should think about when choosing the bank to open my account at?


  2. KK Trainor profile image59
    KK Trainorposted 6 years ago

    Make sure they have branches that are convenient for you; check the fees and find one with a free savings account; make sure you can link it to your checking account - it's good to have both at the same bank; see if you can find one that pays a decent interest rate, some do; and make sure there are no penalties if you make several withdrawals a month since you may need to get your money out occasionally.

  3. simonpeter35 profile image60
    simonpeter35posted 6 years ago

    High interest rate. Direct debit from your daily use account. Hard to withdraw (the more easy to withdraw, the harder for you to save).

  4. Paul Edmondson profile image
    Paul Edmondsonposted 6 years ago

    If you're thinking about a savings account as an investment, then I'd start with an S&P Index fund.  They're more risky, but will most likely have superior returns over time.  Find one with the lowest expense ratios you can because this will save you a ton of money over time.  Check out Vanguard as a starting point.

  5. MicahI profile image83
    MicahIposted 6 years ago

    Since most savings accounts currently pay next to nothing in interest, I would focus on an account that comes with no fees whatsoever, and allows you to easily transfer funds back and forth between savings and checking, also with no fees.

  6. SpiffyD profile image84
    SpiffyDposted 6 years ago

    Things that you should take into account include service charges, minimum balances, interest rates and availability of funds on demand. You should also consider the financial strength of the institution.

  7. profile image45
    rosemarypaulposted 6 years ago

    What are things that I should consider when choosing a savings account?

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