Three Things to Consider When Choosing a Savings Account

We all wish money grew on trees.  But if that were the case, I would not be writing this article. I would probably be somewhere on an island drinking Corona and playing my ukulele. But, I digress! Since money, unfortunately, does not come easy these days saving it has become more important for the future. When we put our money away, we want it to be safe, secure and easy to manage.Savings accounts encourage people to save by stashing money in a secure albeit less accessible spot than the piggy bank on the shelf. They also allow for money to be made, a magical term known as interest. When choosing a savings account, there are three important aspects you should weigh when choosing the right savings account for you. 

Minimum Balance Required!

So we all love to save money, but plenty of savings accounts require a minimum deposit to get started. Many banks only require a minimum of $1 to open a savings account. This is definitely something you want to be sure of before walking into the bank with your satchel of money. It may seem a bit contradictory, given the whole idea is to save more money, you want to make sure that you have the necessary amount of money and a steady income to get your savings account started.

Location, Location, Location

 One of the most important aspects of starting a savings account is making sure it is easily accessible and convenient for you.  Being able to make quick stops at the bank to deposit money or withdraw from the ATM is very important. This may seem like a pretty simple thing to consider, but there are plenty of people who continue to make this mistake. Choose a bank close to home that will not make you go out of your way to handle your money. ATM fees may seem small but they sure do add up. Choosing a conveniently locatedsavings account can eliminate unnecessary fees and enable you to troubleshoot money problems with real people rather than the computer screen.

Always have an interest in interest

One of the most rewarding parts of a savings account is that it enables you to not only save, butearn money as well. This act of earning money is called interest and involves nothing but storing your money away. Interest is essentially the bank thanking you for letting other people use your money—(Don’t fret! Your money is not going anywhere) All banks and accounts have different interest rates,  however, sodo your research and choose a proper account with a high interest rate.

So if that shoebox of cash underneath your bed is getting a bit too full (which is actually a good problem to have) It may be time you take your money elsewhere. Whether you’re saving for something big or small, choosing the proper savings account is very important for your future. Review the aforementioned aspects to ensure that you choose an account that is both convenient and works with your financial needs. Remember, saving can be exciting, but only if you do it right.

This article was written by Stephen Gerard on behalf of Conestoga Bank. Conestoga Bank is a full-service bank providing personal savings options for consumers in the Philadelphia and southeastern Pennsylvania region.

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