- 1). Determine your purpose for saving. If you want to save for a short term goal like holiday gifts or a vacation, then the interest rate for the account you choose will not be as significant as that for college savings or other long-term goals. Have an idea of how long and how much you plan to save.
- 2). Gather the amount of money you want to deposit into your savings account, once it is open. Money market accounts usually require a larger deposit to open an account because they sometimes offer higher interest rates than savings accounts. Compare banks that offer a minimum opening deposit that fits your budget.
- 3). Visit an online savings comparison site. Online savings account comparison sites rank the best banks for saving based features most important to customers. For example, bankrate.com will compare interest rates, minimum deposits, and other features so you can make an informed choice. If you want to open an account at a local branch in your area, sites like bankrate.com can compare all the banks in your area based on your zip code.
- 4). Choose which features are important to you based on your deposit and your purpose of saving. Consider the account's interest rate, minimum required deposit, fees and penalties. Your goal is to save as much money as possible.
- 5). Select an account that gives you the most convenient access to your money, based on your goals. Some individuals prefer to have it difficult for them to liquidate their accounts so they can save easily. Other individuals prefer accounts that have debit cards and online banking so they can easily access their money in the event of an emergency.
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