Do you know what to look for when conducting a comparison of savings accounts? Different savings accounts offer a wide range of features and services, so choosing the wrong account could cost you both money and time.
Here’s a list of what to look for when comparing savings accounts.
There’s more to a comparison of savings accounts than just interest rates. While choosing the highest interest rate can certainly help you earn more money on your savings, there are other features that affect the quality of an account.
Here are the five most important features to consider when shopping for a savings account:
1. Minimum Balance. A low or no minimum balance requirement helps you save money from day one. Some accounts can be opened with as little as $1 and require no minimum balance.
2. Monthly Fee. Many banks charge a monthly maintenance or service fee for their accounts, especially if your balance dips below a required minimum. Look for an account with no monthly fees.
3. Online Transfers between Accounts. A major advantage to using a savings account is the ability to access your money whenever you want. That includes transactions from the comfort of your home. You should be able to easily transfer funds between your checking and savings accounts online.
4. Automatic Savings Transfers. The best savings tool makes saving money as painless as possible. Some accounts will let you set up an automatic transfer of funds from your checking account at regular intervals. This feature helps you save money before you are tempted to spend it.
5. Security. Shop only for those savings accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). This protects your account balance up to $250,000 in the event of a financial catastrophe.
No comparison of savings accounts would be complete without reviewing the savings products offered by Synchrony Bank. Synchrony Bank offers all of these features — and more.
Our high yield savings accounts and money market 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 fee on our high yield or money market savings accounts. Our accounts are FDIC-insured up to $250,000 per depositor, for each ownership category.
*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 07/10/2018.
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.