Regular savings accounts provide a secure place to set away money for future use. There are multiple benefits to using savings accounts in your financial portfolio, such as easy access to your funds.
Keep reading to learn how regular savings accounts can be a useful tool to grow your savings.
Benefits Of Regular Savings Accounts
There are many benefits to growing your savings in a regular savings account. If you are considering opening a savings account, you may want to consider the following points:
Preparation. The primary purpose of a savings account is to set aside money for future use. Experts recommend that individuals have at least three to six months' worth of expenses saved at all times to cover unforeseen events. Whether saving for a specific goal like paying for college, buying a new car, planning for retirement—or simply preparing for an emergency—opening a regular savings account is the first step to creating a comprehensive savings plan.
Security. Different financial strategies carry varying levels of risk. Depositing at least a portion of your money in a low-risk savings account can improve your financial future. Many regular savings accounts are FDIC-insured for customers up to $250,000, per depositor, per insured bank, for each ownership category.
Accessibility. With other products like CDs or IRAs, withdrawing your money may incur a penalty. You can generally withdraw money in a regular savings account at any point for any reason. Many banks provide an ATM card for quick withdrawals and allow access your account online and by phone.
Consider building a regular savings account into your portfolio when creating your financial strategy.
Opening A Regular Savings Account
Synchrony Bank offers award-winning, high yield savings accounts that provide security and accessibility. Our accounts are FDIC-insured for customers up to $250,000, per depositor for each ownership category. We offer easy withdrawals online, over the phone or with an ATM card.*
*Federal regulations limit the number of electronic and telephone transactions you can make with your High Yield Savings 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 .
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.
FDIC INSURANCE: FDIC Insurance up to $250,000 per depositor, per insured bank, for each ownership category.
IDENTITY THEFT RESOLUTION SERVICES are provided by CyberScout™.
AWARDS: Synchrony Bank achieved a five-star rating for 1st Quarter 2014 through 2nd Quarter 2015. Click here to see our Why Us page for details.
NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. as of 3/01/2017. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed. Please click on "Learn More" above for additional disclosures for each product.