With this guide, you will understand the ways to find the 2017 best savings account and tips to follow for achieving the same. First of all, don’t be surrounded by one single institution, search a bit and find a proper bank.
If you are a beginner and starting from scratch:
- Find the bank
The most plausible banks nowadays are online ones. They provide more facilities than bricks and mortar banks. Their fees are low and have got all the requirements according to your needs. There is no such thing as minimum balance in them. Big online players like HSBC online savings account carters with big substantial interest rates. Find the best high-interest savings account providers for yourself.
- Research and avoid the pitfalls
Once you have found the bank with the best interest rates for savings be sure that bank has FDIC insurance and if you are into the credit union, check for NCUSIF insurance. Because you have to look that your money remains safe if the bank is in trouble. Check the reviews of the account so as to confirm that the bank provides what it promises. Also, gather knowledge of perks and demerits of using an online banking system.
- Payment processes
We humans always elevate from the place we are within. Sometimes we want more than just best rate savings accounts. We want to paychecks, make online bill payments and make debit or credit cards transactions. For that search for hybrid accounts which gives you a checking account with the savings one. You can earn fair enough amount of money by paying through checking accounts and accepting in a savings account. Check for reward checking accounts as they pay you more money, and you can spend it on it more often.
There is a bank savings account which is of two types, one with unlimited withdrawal and the ones with fixed tenure withdrawal. There are 5 subcategories in fixed savings accounts.
- One-year fixed rates savings account
- Two-year fixed rates savings account
- Three-year fixed rates savings account
- Four-year fixed rates savings account
- Five-years fixed rates savings account
In a nutshell don’t be in a hurry to invest your hard earned money, roam a little and gather enough information and then step out for opening a savings account. These can be considered to be the tips for choosing 2017 best savings account.