Okay so you want a open a savings account, to me if you are just starting out, it doesn’t matter where you open your account. The point is to get into the habit of saving. Savings accounts are something that has always been ingrained into us ever since we were little kids. Our parents continue to tell us that we should work hard and save our hard earned money in these traditional banks to earn while we continue to save for whatever future need that we will have. This is good advice because it affords a person the necessary skills to make money and save it for the future.
However what do we know about savings accounts?
Banks will pay you a small amount of interest to use your money while you are saving. They make money on the difference in what they pay you and what they charge someone else to borrow the money.
What is the primary reason for a savings account?
To reach your personal and financial goals.
Where do they put the money?
Again check out traditional banks and online savings accounts. Remember the goal is to save money, there are many types of deposit accounts to keep your money for safety.
At first glance, it may seem like it is easy to just pick out any bank and go with that for your banking needs. In truth, it is not just that easy. Often, you have other thing to consider before making that final decision on which bank to choose.
You should be careful about higher interest accounts, because these banks can sometimes make that up with ridiculous fees. Some banks charge excessive fees in things like having a balance below the minimum or charging for additional withdrawal slips.
So, you can get the best interest rates out there. It never hurts to ask questions, so go ahead and contact a bank today and learn more about interest rates and savings accounts.
[sws_blue_box box_size="468"]The key to savings is save often, leave the money alone until you can get a better return on your money. Discipline and Focused Goals will help your savings account grow. [/sws_blue_box]