When you have kids, you want to make sure even more than without that you have money saved for emergencies and some of the bigger expenses and investments in life. Knowing where to put your savings can be quite tricky to work out as there are so many different banks and other institutions offering similar-sounding accounts and solutions. To help you cut through the noise a little and find the best savings solution for you, take note of the following features all good savings accounts should have.
Very Low Minimum Balance or Deposit Requirement (Or No Minimum At All)
It can be hard enough to save money without a banking institute docking your account with a fee for not keeping to the minimum balance requirement. Therefore, look for a bank of the financial institution that offers a savings account without a minimum balance requirement/deposit or at the very least, one that is very low. Therefore, you won’t lose money even on the months when you can’t put anything into your savings account.
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The account is Quick and Easy to Open
Most banks that offer savings accounts these days make it relatively quick and simple to open one of their accounts. With many, you can even avoid the need for attending their actual physical bank and can carry out the application completely online.
Offers the Ability To Transfer Funds Online From One Account to Another
With online banking solutions, you have greater control over your finances and money, and it makes it much more direct and easier to access savings. As part of online banking, though, you should check whether you can easily transfer from one account to another using the bank’s online portal.
Look for a Bank That Doesn’t Charge Monthly Service Fees
Just as minimum balance charges can put a dent in your savings, so too can monthly and regular service or maintenance fees. So, if you want to ensure that your savings stays put and does not reduce, then look for banks that offer savings accounts, but without the fees.
Always Make Sure The Bank is Insured with FDIC
It is crucial that you only do business and keep your money with a bank with full Federal Deposit Insurance Corporation insurance. This means you will be covered for your savings if anything happens with the bank or it loses money.
Banks that Offer Automatic Savings Transfers or Direct Deposits
It is recommended, particularly by various experts in the sector, that you choose a bank that allows you to set up an automatic savings account transfer from your checking account. This means your paycheck will either completely or partially be moved to your savings account. This in turn helps to reduce the chance or likelihood of you spending it, because it is not directly accessible, something it most certainly would be if it all remained in your checking account.
We hope the above does not put you off from searching for a high-quality savings account. To give you further help, why not check out this link regarding Guaranty Bank’s offering at https://www.gnty.com/locations/location-detail/austin-downtown.