A Guide to Choosing the Right Savings Account

posted 5/15/2015 in Banking

Americans as a whole are terrible at saving money.  According to a study last month from Neighbor Works America, about one-third of American adults, or 72 million people, doesn’t have any emergency savings.

The first obstacle in this lack of savings is not having a savings account. Which do you choose? With many savings options available in the market today, it can be hard to know where to start.

When searching for a savings account, ask these five questions to ensure you open an account that best matches your financial needs.

  1. What are your savings goals? Short and long-term savings goals are important to know as they help you determine many of the answers to the next two questions…

  2. How large of a balance do you want to carry? There are minimum required balances on many savings accounts, as well as limitations on earning interest at certain balance levels.

  3. How accessible do you need your money to be? Remember, this is money that you may need in an emergency, so the more accessible the better. ATM accessibility or the ability to make transfers through online banking or mobile banking are things to look for.

  4. What services are included? Additional services like online banking or mobile banking that add convenience are a bonus.

  5. What fees go with this savings account? Withdrawal limit fees, minimum required balance fees, transfer limit fees and other fees may apply, so be sure you know which could apply to you.

Saving money is key to future financial success, so finding the right savings account is vital to your financial management. 

Lincoln Savings Bank offers three savings options, each with their own features and benefits. Be sure to check our Savings Comparison and then apply for your savings account directly from our website. If you have any questions, we will gladly help you find an answer.

Our next post will look at adding another tool to your financial toolbox: a credit card. Stay tuned!

We look forward to hearing from you soon!

-Lincoln Savings Bank, member FDIC

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