Choose Best Savings Account For You

Virtual Bookkeeping Company Helps You Choose The Best Savings Account For You

All savings accounts aren’t created equal. YBKD virtual bookkeeping company knows there’s a lot to consider from the obvious such as interest rates and fees, to considerations people don’t really think about like customer service or the technology behind the bank. Just imagine the frustration of calling your bank and having to go through countless prompts, be placed on hold for what seems like forever, until you finally decide o just go in during your lunch hour.

It is important to have an account to store an emergency fund or save up for buying a house or going on a vacation. From repairs to health care to big purchases, a savings account can not only make it happen, it can also grow your money. So how do you choose the best savings account for you?

YBKD virtual bookkeeping company on interest rates

Interest rates are one probably the most important factor in choosing the best savings account for you. But brick-and-mortar banks typically offer low interest rates; anywhere from 0.1 to 0.3%. Of course, that doesn’t allow you to grow your money fast. That’s why online savings account may be a better choice for you. Those can give you 1%, while others can go up to 2.35% like PurePoint Financial.

Ally online savings account offers 2.20% with a minimum of just $1. Alliant, FNBO Direct and Axos are others in the online savings account arena. The virtual bookkeeping company suggests you do some research and find out what the requirements are before trying to grow your money online. Note that some traditional banks offered tiered savings account such as Bank of America, which offers an increasing interest rate as your balance grows.

Opening deposits and monthly fees in banking

More traditional accounts can require opening deposits or a minimum balance. For example, YBKD virtual bookkeeping company found that Bank of America’s Reward Savings Account requires a $100 opening deposit. Chase has two options with two different opening deposits. Chase Savings Account requires only $25, but their Chase Premier Savings requires $100. HSBC online savings account requires only $1, while American Express’ Personal Savings account requires $25,000 with a recurring deposit of $500.

Monthly fees differ as much as opening balances, some bank accounts require $5 like TD’s Simple Savings or PNC’s Simple Savings while others require $20 like Chase Plus Savings or Wells Fargo Platinum Savings.

Automatic transfers and technology

Automating your banking can help you save, but if every time you transfer money from your checking account to your savings account, well you’re just wasting your money. YBKD virtual bookkeeping company suggests you automate your transfers so you don’t have to think about it. Out of sight, out of mind right? Set up a certain percentage for every month, that’s taken directly from your paycheck to make it easier to grow your balance.

It’s also easier to save when you can use mobile apps to make banking easier. Just take a photo of a check, front and back, and deposit it to your savings account. No need to drive to the bank or wait in line for the ATM machine. The transaction is so fast, you won’t even have time to realize you’re saving the money instead of spending it.

Choosing the best savings account can be hard to do

Take time to research your options and make an informed decision that’ll keep you happy in the long run. For more ways to save and set up a healthier financial future, contact YBKD virtual bookkeeping company at 305.868.7620.