When money is tight we look towards brighter days. Having an account where your money is not locked away is critical when the economy is not doing well. It could happen at any moment that you lose your job. I have compiled a list of tips on what I look for when I am opening a savings account. What is the Best Easy Access Savings account you can get?
Type of Institution
When I am looking for a new account, I tend to look for an online account because many of them pay higher interest rates than the typical brick and mortar banks. Just because the account is online does not mean that they are any less of a bank than a brick and mortar bank that you are used to. The last 2 accounts that I have opened have been with online banks and at this point I do not see myself turning back.
Ease of Access
When I need money in a pinch, I do not want to have to worry if I can access my money or not. Many banks now offer various ways to access the money quickly. They allow you to deposit and withdraw while still earning a great interest rate. This is a big plus to me if I am going to have money sitting around, I want it to be gaining value for me.
Extra Features
What extra features does the bank offer, do they have a mobile app where I can check in to see how my money is doing? Do they have ATM locations or locations where I can withdrawal the money? What type of website security do they have, If I am doing a large percentage of my business online do they offer strong website security features?
Payments
Are you going to be sending or making payments from this account, make sure that your bank has the capabilities to accept and send payments via the account. Some accounts where the money is not readily available as it may be locked up in a CD or some other investment vehicle do not have this feature.
There are some lessons to be learned when opening up a savings account, maybe one of BM Savings accounts may be the best option for you. It is not just about heading to the local bank as you can see there are many options.
Great post! I agree that looking for options online is a great idea – I’ve heard so many great things about Ally, and they seem to have great interest rates on savings accounts.
The importance of an emergency fun cannot be overestimated. My wife and I haven’t had to use ours, but it keeps us from feeling anxious about an unexpected expense. We use our credit union savings account but we are looking into getting a money market account because it offers the same liquidity but with a better interest rate. Fortunately for us our credit union offers some great options for money market accounts.