Everything your new savings account must have

Your savings account is an important tool that will hopefully play a big role in your life. For you to gain the most benefits, there are certain aspects that should be taken into consideration when choosing your new account. Take a look at everything your new savings account must have.

Even though you can open a new savings account in 5 steps, you need to be informed before doing so; it shouldn't be a decision made at random. If you know what aspects you should focus on and how they can impact your future earnings, you'll be able to thoroughly research which account suits you the most.

One of the most important things that your new account should have is easy access for you. You need to be comfortable transferring money and making deposits. If not, you risk skipping on good deals simply because of the inconvenience of using your account.

Check out everything your savings account must have!

Once you find an account whose functionality and features help you access and move your money, you'll be one step closer to having the most profitable one. You should be able to easily transfer money from one account to another, make deposits, and monitor your savings. It's usually helpful to have a mobile app that you can use and ATM access close to you.

Another thing to be aware of is the possible fees. Even though most banks won't charge any management fees, you shouldn't forget to check them, especially if everything else is fantastic. They could be a deal-breaker if you end up spending more money on them than actually saving it.

When it comes to increasing the amount of money you have, the APY is the most important variable. You shouldn’t mistake this for the APR! A higher APY equals a bigger interest rate offered by each account. Although you should still consider the possible fees and balance all costs, this item is very high on the list of things to consider.

However, for the APY to apply there are usually requirements to be met. If you direct your attention to the terms and conditions of the account that you're considering, you'll be informed of its possible minimum and regular deposit requirements. Since it's pointless to blindly open an account without considering these because you wouldn't get offered your wished APY, you should make sure that you'll be able to meet these minimum deposit amounts.

Even if you already have a savings account, you can still check if you’re making the most of it!

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