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Once you decide to open a savings account (a good thing!), you will want to find best savings bank for your situation. Here is a list of tips to help you:
1. Consider is the savings rate. Most banks will offer a variety of accounts based on the amount you have to put into savings and also they may offer you an option to have your checking tied into your savings account. If you are new at saving, chances are you want to limit your access to your money.
2. The best savings banks do not have minimum balance requirements. This means they will not charge you a fee if your balance falls below a certain amount of money.
3. How long do transfers take? In the case that you do need to use your savings and want to transfer it to your checking, how long does the bank take to make your money available? Will they automatically use your savings as overdraft for your checking?
4. Do they have a limit to how many transactions you can do a month before they charge you a fee? Many banks will limit the amount of times you can either withdrawal or deposit money. Some banks will also charge if you use the drive-up.
5. Are they insured? All the best savings banks are insured by the FDIC .
5 Tips To Pinpoint The Best Saving Bank
