Putting some money aside for savings is always an excellent idea. It is always nice to have a sum of money set aside for future investments or contingencies. Out of the numerous banks in Syracuse with their respective offers, sometimes you may get lost in a sea of options. Here are tips on how to select the best savings account for you:
Know the type of savings account
Banks in Syracuse nowadays offer numerous savings account options. This article presents you with two examples, but you can check on banks in Syracuse and learn more about their other offers by clicking here.
Regular savings account
If you are a student or a low-income earner, or perhaps you have just gotten a job, then the option of a regular savings account is the best for you to start with. Regular savings accounts have fewer opening requirements, and also have a lower maintaining balance. Hence, you do not have to worry about suddenly having to empty up your savings in case an emergency arises.
The only disadvantage to a regular savings account is that it also earns a lesser interest. When you choose this savings option, do not expect high growths or yields in profit.
Time deposit account
A time deposit account is a type of savings account that you cannot access for a certain number of years. For example, you put in 1,000 USD on a time deposit account locked at ten years. After ten years is when you can choose to withdraw this amount, or continue to keep it on deposit.
Opening a time deposit account works best for those who have more to spare, and are certain that they do not need this allocated amount for the years that it is left locked in the bank. For example, a particular portion of your hard-earned money, from whatever online or extra job you may have been doing. Time deposit accounts also offer higher interest rates than a regular deposit account.
Ask about the features that might come along with this bank, and this type of savings account
Banks also offer different features that come along with their different types of savings accounts. For example, some accounts come with checkbooks, while others do not. When selecting between various offers, ask about the technology and features that these savings accounts come along with. You can choose those that suit your needs and your lifestyle.
Check the rates of fees
There is no single best bank in Syracuse. Every bank has their strengths and their weaknesses as well. One of these is the difference in the rates of fees. Do remember that a bank is a business institution, too, and they have bills and utilities to pay. Hence, they will charge fees on every savings account, in addition to taxes as well. It is essential, therefore, that you also check the rates of the fees and compare these rates with at least two other banks in Syracuse.
Have your lifestyle in mind, too
When opening up a savings account, it is crucial for you to remember your lifestyle. For example, do you have to travel from your home to a particular branch in Syracuse merely to pay bills, make a deposit or withdraw money from your savings account? Or are you a busy mom or entrepreneur who needs the convenience of online bank transfers, ATMs, and the like?
If you also travel frequently, it is vital that you have a way to quickly access your savings account, even while you are away, in case of any emergency that you might encounter that will require for you to have more money than expected.
Keep in Mind the Insurance Aspect
All banks in Syracuse have their savings account protected and insured by the Federal Deposit Insurance Corp., for up to 250,000 USD. To be extremely cautious, however, do ask about this as well, to make sure that you are dealing with a legitimate bank. Be wary of banks that may try to scam you by offering extremely high interest rates, low rates, and charges, as there are a lot of banking frauds nowadays. Always choose the savings account that has this insurance protection.
Most banks in Syracuse offer the same services or savings account options. Therefore, your worry shouldn’t be in the specific bank to choose, but in determining the best savings account for you, your financial position, and your lifestyle. To narrow down your options of banks in Syracuse, select the one that is most convenient for you to access, and has also been in the industry for many years now. After making this choice, you can have these tips in mind when narrowing down your options as to which savings account to open in that particular bank.