Category: Saving Accounts

Savings Account Interest Rates

A savings account is a good place to keep money safe and liquid, but it’s not a great place to earn money, right? Not necessarily. Some banks and credit unions offer savings accounts with respectable interest rates that rival the rates earned with CDs—but without the restrictions.    We review more than...
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Banks for Savings Accounts

Savings accounts are an essential part of your finances. But the best banks for savings accounts allow you to do more than park your money somewhere safe—they also allow you to earn a decent amount of interest on your balance. Choosing the right account helps you grow your savings...
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Alternatives to the Basic Savings Account

While many people head to their local bank when it comes time to open a savings account, it’s likely that the rates you find there will be relatively low. To get the best possible rate, you might consider something different than a basic savings account. Online savings accounts Online-only...
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Access Money From Your Savings

To use your money, you’ll often need to move funds out of a savings account. In most cases, it’ll go to a checking account, and you can write a check, use online bill payment, or use your debit card for spending. But there are several ways to use money from...
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How to Add Funds to Your Account

When it comes time to contribute money to your savings account, you take one of the following steps: Deposit cash: A traditional way to make deposits is to bring cash to a bank or credit union branch. You also can make deposits at some ATMs, allowing you to deposit cash...
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Multiple Savings Accounts

Some people like to maintain more than one savings account, assigning different purposes to each one. For example, you might have a savings account designated for Christmas. By contributing a little bit at a time throughout the year, holiday expenses might be less of a burden. As another example,...
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Using Your Savings Account

A savings account is a good place to keep money safe for future needs. Savings accounts are particularly useful for the money you may need within the next few years. You might not earn much in savings, but as long as your funds are federally insured and you’re fee-conscious,...
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Savings Account Costs and Limitations

While savings accounts typically are free, there are limitations and potential costs. Accounts generally have minimum balances they require you to maintain. Banks often will charge a monthly fee, an annual fee, or both if you do not maintain this minimum balance. The fees will be withdrawn from your...
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How Savings Accounts Work

It’s generally wise to have a savings account, and they’re mostly free—especially at online banks, community banks, and credit unions. Keeping cash elsewhere that you don’t plan to spend in the immediate future is unsafe, and using a savings account has a psychological benefit: It’s tempting to spend money...
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How to Open a Savings Account

Opening a savings account should take less than an hour (sometimes just a few minutes), and the account will serve you for many years to come. The easiest way to open an account is to do it online or with your mobile device. If you prefer in-person guidance, visit...
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