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Types of savings accounts
Your Guide To Savings Accounts

There are so many different types of savings accounts on the market now that it can be difficult to know what to look for in savings accounts.

Some types of savings accounts like to grab your attention with a stunning rate of interest, but that doesn’t necessarily mean they give you everything you need from an account.

Take a look at the following points to find out what to look for in savings accounts, so you’ll be more prepared when you actually go and open one.

  • Accessibility:  Some savings accounts are more accessible than others.  For example, you might be able to get a high rate of interest, but only if you are prepared to tie your money up and not touch it for a year or more.  Will you be able to do this?  If you want instant access you’ll have to settle for a lower rate, although some saving account types still offer a good rate even on balances starting for $1.  You just need to shop around to find these types of savings accounts.
  • Good return for your money:  It’s worth having a list of what to look for in savings accounts, and this should be near the top.  You need to balance how long you want to save for with how much you’d like to earn on your money.  401ks are a good bet if you can tie your money up, and you’ll get tax free interest to boot.  Regular savings accounts reward you for putting an amount of money into the account every single month, while standard savings accounts give you the most flexibility by letting you start with a low amount and pay in and withdraw cash whenever you like.  These will usually pay the lowest rate of interest, however.
  • Online savings accounts:  If you are familiar with the internet, you might find an online account easier to operate.  Internet banks often allow better rates of interest since they have no branches to run.  These types of savings accounts are ideal if you are already banking online.
  • Payment regularity:  Consider whether you want to put money away every month or whether saving money is generally a more spasmodic affair.  You’ll have regular savings accounts to consider, no notice accounts where you can draw your money out instantly, or 401ks where you can put a maximum sum away every year – and ideally not touch it.  There are also accounts which require you to pay in a minimum amount every month.  Consider which format suits you best, and then you'll know what to look for in savings accounts.
  • Fixed rate:  While no account will fix its interest rate forever, some of them will offer a good rate of interest and fix it for a year.  This gives you a real incentive to get as much cash stashed away in it as possible.  Watch out though, as these types of savings accounts sometimes limit the amount of money you can put into them every month.  The best bet is to find one with no limits and the highest (and longest serving) fixed rate possible.

When you are looking for a good home for your money, it’s natural to want to get the best deal possible.  But you need tofigure out what to look for in savings accounts – and what you can give – before finding the right types of savings accounts that will bring you the best return possible.

Find the best savings accounts

 
 
 
 
 
 
 
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