Opening a savings account is an essential first step for anyone looking to save money. Whether you’re starting a new job or just want a safe place to park your funds while they grow, it doesn’t matter. In this guide, you’ll walk through the steps of opening a high-yield savings account in easy-to-understand language and provide tips on finding the right one for your needs.
Choosing the best high-yield savings account
The best high-yield savings account is one that offers you a high-interest rate, no monthly maintenance fee and no minimum balance requirement. You should also be able to open an online checking account instantly. When looking for the right bank, make sure to check out the customer service reviews as well as their reputation in general. One can also easily open a checking account online instantly these days.
A bank with a low minimum deposit requirement
A bank with a low minimum deposit requirement is an attractive option for those who need to open an interest-bearing savings account but don’t have enough money in their pockets at the moment. If you’re looking for a savings account that does not require you to have a large amount of money on hand, look for banks that offer low minimum deposits and avoid those that do not.
Some banks offer a no-fee Savings Builder Account with no minimum balance requirements. The only catch here is that this account comes with very few bells and whistles compared to other types of accounts like CDs (certificates of deposit) or IRAs (individual retirement accounts). However, if your priority is simply putting some money away without too many frills, then this could be the right choice for you!
A bank with low fees
When you open a savings account with a bank, you must know how much money you’ll need to keep in it. It may seem counterintuitive, but keeping less than the minimum balance will help you avoid fees. For example, if you want to avoid fees and still receive the features that come with an account, consider using a low-cost prepaid debit card instead of checks or direct deposit.
As per SoFi experts, “There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance.”
A mobile-friendly bank
The mobile app is an important part of your banking experience. If you can’t deposit checks with the push of a button or deposit cash, then it’s time to look elsewhere. The same goes for being able to send money, pay bills and make remote deposits.
Customer service availability
Another reason you should open a savings account is that banks provide 24/7 customer service. In addition to being able to chat online with one of their friendly representatives, you can also call them at any time and speak directly to someone on the other end.
It is found that most people like having this option because it gives them peace of mind. They don’t have to worry about whether or not their queries will be answered or if there will be any delays in getting help when they need it most.
If you’ve been looking for a way to save money, hopefully, this guide has helped you find it. The key is to choose a bank with low fees and a good interest rate on your savings. If you can do that, then you’re sure to be able to keep more in your pocket!