If you’re thinking of opening a savings account, you’ve likely realized there are many options in the marketplace. How do you know which account is best? The ability to open an account instantly is only one feature of a savings account to consider.
It’s worth taking the time to shop around for the best savings account for you. Read on to find the top six features of the best savings accounts.
Not all savings accounts are created equally. If you are looking for the best way to save instantly and securely, look for these six features in your savings account:
1. Open an account instantly. The best banks allow you to open an account online quickly and easily, without the hassle of having to visit a brick-and-mortar branch. Online banks often provide fast and streamlined savings account applications.
2. No minimum deposit. Saving money can be hard—especially for young people just starting out. Some banks charge their customers a fee for failing to maintain a minimum balance, which, on average, is $3.30. An account with no minimum deposit makes it easier to save since you won’t lose your earnings to penalties.
3. No monthly service fees. Maintenance or services fees can quickly diminish your savings. The best banks offer a savings account with no monthly service fee.
4. Online transfers between accounts. Online banking gives you more control of your money and instant access to your savings. It can also help you to save by allowing you to transfer funds from your checking account into your savings.
5. Direct deposit into savings or automatic savings transfers. Financial experts recommend finding a savings account that allows you to directly deposit a portion or all of your paycheck into savings. This way your money instantly moves into savings before you feel tempted to spend it. Using an automatic savings transfer feature also helps with saving, as your money will transfer automatically from your checking to savings account at set intervals.
6. FDIC insured. Make sure that your savings account is insured by the Federal Deposit Insurance Corporation. That means that your money is protected up to $250,000 in the event of a financial catastrophe.
Synchrony Bank offers all of these features—and more.
Our savings accounts allow for quick withdrawals online, over the phone or with an ATM card. In addition to our award-winning customer service, customers also find that we have no minimum balance or monthly service fees* with our high-yield savings account. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category. Opening a high yield savings account with Synchrony Bank is easy and fast.
Call Synchrony Bank at 1-844-345-5789 or visit us online to instantly find the best savings account for you.
Consumer Federation of America: http://www.consumerfed.org/pdfs/Traditional-Saving-Report.pdf
*Federal regulations limit the number of electronic and telephone transactions you can make with your savings or money market account to six transfers or withdrawals per monthly statement cycle. If you exceed these limits, we may close your account.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 06/21/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.