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#ONLINE SAVINGS PLANNER FOR FREE#
To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Your needs and behaviors can help guide you toward the savings account that’s right for you. If you often need to bank while on the go, find an account with a highly rated mobile app. It’s also important to consider your financial goals and needs to figure out which savings account features are most valuable to you.įor example, if you need help setting and tracking financial goals, choose an account that offers savings tools. At credit unions, make sure the account is insured by the National Credit Union Administration ( NCUA).
Look for an account insured by the Federal Deposit Insurance Corporation ( FDIC), which provides up to $250,000 in insurance per depositor, per bank, for each account ownership category. Check withdrawal options and the excess transaction fee of each institution before you open an account. And although the Federal Reserve Board has suspended Regulation D, which restricts the number of transactions a saver can make per cycle from their savings account, each institution has its own policies. Banks and credit unions vary in how they allow you to withdraw funds from a savings account. For instance, if you frequently deposit checks, make sure mobile deposit is available.
Look for banks with solid online and mobile experiences and consider the features you use most often. Especially if you’re using an online bank with no branch access, it’s important to make sure you can access a customer care representative whenever you need to-and that they’re responsive to your requests. Generally, lower minimum requirements make it easier to maintain the account. Banks and credit unions vary on the minimum deposit they require to open an account and the minimum balance they require to earn interest. And some online savings accounts even charge fees if your balance falls below a minimum balance threshold anytime during the billing cycle. Monthly fees and excess transaction fees can eat into your earnings. In addition to APY, here are some other features to pay attention to when shopping around: One account may suit your financial goals and banking habits better than another, even if it offers a slightly lower APY. Still, there are other important criteria to keep on your comparison checklist. It’s crucial to find an account that helps you get the most for your money. APY may be what catches your eye when shopping for a savings account, and rightfully so.