Personal Finance

Opening a Savings Account – What to Know

Opening a savings account is a great way to prepare yourself for a bright financial future. When you’re looking to open a savings account, you should evaluate the different options you have available for yourself.

Whether you are a student who needs help opening their first savings account, working on climbing out of debt or building your wealth; a good savings account is vital to your personal finances.

Opening a savings account gives you the ability to start earning money by keeping your money with a high-yield savings account. You can create new money from the cash you already have saved up.

High-Yield Savings Account

High-yield savings accounts are bank accounts that give you the ability to park your money in an interest-bearing account and collect extra money on your savings. Opening a savings account will open your eyes to the power of investing and help you choose to save rather than spend your money. You can actually make more money by saving your money for the future.

What You Need to Open Savings Account:

  • Valid form of identification
  • Social security number
  • Valid proof of address

When comparing different savings accounts, it is helpful to analyze what offerings and added value the banks can offer you for parking your money with them. High-yield savings accounts can typically be opened online with a few easy steps.

There are multiple FDIC high-yield savings account options you can choose from. Between Marcus by Goldman Sachs, Ally Bank and HSBC Direct; there are a handful of FDIC high-yield savings accounts you can choose from.

Start saving today with these high-yield bank accounts. I want a. Savings Account, CD, Checking Account. and I have $.

Best High-Yield Savings Accounts

It’s very common for banks to offer special enrollment deals or exclusive programs that you can qualify for by opening a savings account with them. It’s an added bonus if they are willing to give you a cash bonus for opening a new savings account with them; that is the best case scenario.

If you cannot find a cash-bonus to open a savings account, you should at least make sure your banking partner has superior customer service and maximize your interest rates. If you can find 1.5-2% FDIC high-yield savings accounts, you’re on the right track.

Basic Things to Expect From Your Bank:

  • Online banking and a mobile app
  • Zero fees and transparency
  • Ability to link other bank accounts
  • 24/7 customer service

Online banking has changed the way people are able to manage their personal finances. Bank accounts often come with simple online banking tools and mobile apps to help you track your finances accurately.

It’s hard to imagine that you have to worry about transparency with your bank, but that is a non-negotiable. You should aim for zero banking fees and transparency when you open a savings account.

Make sure you have the ability to link your online bank accounts with each other. This enables you to integrate accounts and send money in real-time with no delays on your transfers. This small feature makes all the difference for a seamless banking option.

All banks sell themselves on the same features but lack the most important thing; customer service. If you are opening a high-yield savings account, the bank should have 24/7 customer service around the clock. Your personal finances are the most important thing to your financial future; make sure you choose the right savings account for you.

Sources: FDIC, Marcus, HSBC, CIT, Ally, Schwab, Capital One, Fool

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