Popular Savings Accounts

To help your money grow, open a savings account backed by the federal government. High APYs, or annual percentage yields, are a defining characteristic of the top savings accounts. More money will be earned over time if the annual percentage yield is higher.

To help your money grow, open a savings 

account backed by the federal government. High APYs, or annual percentage yields, are a defining characteristic of the top savings accounts. More money will be earned over time if the annual percentage yield is higher.

FAQs

Consider factors such as interest rates, fees, minimum balance requirements, accessibility, account features, customer service, and the reputation and stability of the financial institution.

The interest rate determines the amount of money your savings will earn over time. Higher interest rates can help your savings grow faster, so it’s important to compare rates and choose an account with a competitive rate.

Common types include basic savings accounts, high-yield savings accounts, money market accounts, and certificates of deposit (CDs). Each has different features, requirements, and interest rates.

Some savings accounts may have monthly maintenance fees, minimum balance fees, or transaction fees. Look for accounts with minimal fees to maximize your savings.

Many savings accounts require a minimum balance to open and maintain the account. Consider your ability to meet the minimum balance requirement when choosing an account.

Some savings accounts offer easy access through online banking, mobile apps, ATMs, or branch locations, while others may have more restricted access. Choose an account with the level of accessibility that suits your needs.

Account features to consider include automatic transfers, direct deposit options, mobile banking features, budgeting tools, and the ability to link the savings account to other accounts for easy fund transfers.

Choosing a savings account with a reputable and stable financial institution helps ensure the safety of your deposits. Research the institution’s history, ratings, and customer reviews before opening an account.

Yes, you can have multiple savings accounts to help you organize and allocate your savings for different purposes or goals. Consider whether the financial institution allows multiple accounts and if it meets your needs.

Customer service is important if you need assistance or have questions about your account. Look for financial institutions that provide reliable customer support through multiple channels, such as phone, email, or live chat.