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3 Reasons to Love Savings Accounts

A savings account is, of course, a place to stash your money at a bank. However, it can be far more than just a place to keep your cash. Used as part of an overall financial plan, savings accounts can provide:

• A feeling of financial stability from knowing your principal is safe and the interest income is reliable
• A pain-free way of tracking and accomplishing your savings goals
• A financial budgeting tool to help you cover unexpected expenses or self-insure purchases

A solid savings plan and a growing nest egg allows you financial flexibility--particularly if you can get the best savings account rates. 

Unlike the old days where you'd just walk or drive to your local bank and wouldn't think twice about where to put your money, there are lots of decisions to be made.  From internet banking options to different deposit account types there's a lot to learn, so get the details here. 

Are All Savings Accounts Created Equal? >>

Compare savings accounts:  not all savings accounts are created equal

No. Although many savings accounts will share common features such as FDIC insurance and interest yields, a savings accounts can differ in the features and terms they offer. Fees, minimum balances, and of course savings account interest rates will differ from bank to bank and even within a bank's own offerings.

Before you compare savings accounts, draw up a list of features that best fit with your banking behaviors. For instance, do you want an account that won't charge fees without direct deposit? Do you want a savings account that can be linked to your checking account in order to avoid or reduce checking overdraft fees? Do you want the ability to set up targeted sub-accounts earmarked for specific categories of savings?

Then there are bank-specific considerations: Do you want ready access to a real live teller, 24/7? Do you care if your bank is online only, or if it's covered by FDIC insurance? (The answer to the last question is always yes!)  Being thorough about these questions can help you choose the best savings account for you.

While you're assessing your banking needs, keep in mind that traditional savings accounts are just one option. You can also consider money market accounts and certificates of deposit (CDs), which offer better interest rates on average but can come with limitations such as required minimum investments or inability to access the funds for a certain period of time.

What's the Best Way to Choose a Savings Account? >>

What's the best way to choose a savings account?  What are the best banks for savings accounts?

When selecting a savings account, rank the features in order of importance to you. For instance, you may decide that you will select a savings account based on:

• Savings interest rates
• Ease of online banking features
• Whether they will waive a monthly fee with a minimum balance
• Strong reputation of bank

If the most important feature to you is that your new savings account offers a high interest rate, a great way to narrow the field is to compare savings rates online in order to find the highest rate offered.

Are Online Savings Accounts Better? >>

Are online savings accounts better?

An online savings account is an increasingly popular option. There are pros and cons to keeing your savings account with an online-only bank. Here are a few of the important things to keep in mind:

• Fees. The costs to operate an online bank are sometimes much lower than the cost to operate a traditional bank. This can translate to lower fees for customers (although this is not necessarily the case for all online banks).
• Savings interest rates. For the same reason, you can sometimes find better interest rates with online banks. You will want to compare savings interest rates online to find the highest rate.
• Transferring money. When you use an online savings account, it can take a day or two to transfer funds to other accounts. While this is inconvenient in some ways, it also helps to prevent impulse spending. This makes saving easier!

These benefits are great, but it's important to know that internet banking is not right for everyone. Learn more about the pros and cons of having an online savings account.

How Does FDIC Insurance Protect Savings Accounts? >>

How does FDIC insurance protect savings accounts?

When choosing a bank for your savings account, you want to confirm that the bank has FDIC insurance. This is insurance offered by the federal government to banks in order to protect the money that you, as a depositor, put into savings.

The FDIC guarantees that your money (up to at least $250,000 per depositor at each banking institution) will be protected even if the bank goes out of business. This protection is particularly valuable in poor economic times, when the last thing you want to worry about is whether your bank might go belly-up. While individual banks may fail, the FDIC protection has not failed its customers since opening in 1934.

With thousands of FDIC-insured banks to choose from, there's no reason not to go with the safe and sure route.

What's my next step? >>

I want to open a savings account.  What's next?

If you're just getting started with savings accounts, you may want to explore all the ways you can use savings accounts.

Whether you're new to shopping for savings accounts online or an experienced rate chaser, though, you'll want to make sure the best interest rates on savings accounts in the market is not leaving you in the dust. If you take a few minutes to compare savings rates from time to time, you'll sleep soundly knowing your deposits are safe--and earning you money.

SavingsAccounts.com will help you find the online savings account that fits your needs best. We can help you compare high-yield online banking options to find the bank offering the highest interest rates and account features you want. Smart financial planning can help you achieve your goals. The sooner you start saving more, the faster you will get there - so start now!