There are so many banks and types of savings accounts to choose from that it can be overwhelming to pick the right bank and account. There are certain things to consider to help you choose the best option for yourself.
The first thing to consider is your financial goal. Do you have short-term or long-term saving goals? If you have a short-term savings goal, then a traditional or high yield savings account could be the best option. If you have a long-term savings goal, then you might consider a Money Market account, Certificate of Deposit, or high yield savings account.
The next thing to consider is the type of bank that you want. Do you want a traditional bank where you have a physical branch or do you want an online bank where you can get higher interest rates? This is up to you and how you prefer to bank. Both have pros and cons.
Once you have the type of account and bank in mind you have a few other things to consider. Do your research and compare a few banks for this account. Is there a required initial deposit and if so, does one bank have a lower initial deposit required? Is there a monthly maintenance fee to keep your money in the bank and if so, is there a way to get this fee waived? Choosing a bank with lower or no fees as well as a lower initial deposit will be the best option.
