What is a savings account?
A saving’s account allows you to save short-term and long-term. Depending on what your saving needs maybe, your options become wider. In other words, you may want to open a savings account as an emergency fund that allows you to have quick access, but at the same time allowing that money to grow. This type of savings account is sometimes referred to as savings for a rainy day. Your rainy day emergency fund should be easily accessible, but not so easily accessible that you will be tempted to make withdrawals for everyday spending.
I’m thinking of opening a long-term savings account, I want to make sure I could have the best interest possible, what do you suggest?
The best way is to start exploring is through “America’s Best Rates” on Moneyrate.com. This website will give you a list of banks that offer a consistent high yields. Then go to Bankrate.com to see if any of those banks are around your area. This website also allow you to compare all the banks within your city limits along with the interest rate they offer.
Do i need to set up an appointment with my bank to get a savings account?
As long as you are at least 18 you can set up a regular savings account by simply walking in, no appointment required. However if you are not old enough you may be capable of taking a parent to cosign.
How do I choose the right savings account?
The savings accounts your local bank offers as add-ons when you open your checking account are probably not the best savings accounts. If you compare the best savings accounts online, you are likely to find a better savings account rate and some nice features (such as the ability to create targeted sub-accounts to save toward specific goals).