Whether you’re a high school student or a working professional, having a savings account is essential in every phase of life. Not only does it allow you to earn some interest, but it also acts as your emergency fund in case of unforeseen circumstances. But what type of savings account is a good match for your needs? The friendly bankers at Roundbank® in Farmington, MN, are here to discuss your options.
Regular Savings Account
You can stop into almost any bank to open up a regular savings account. Typically, it requires a minimum opening deposit and a monthly balance; otherwise, you may get charged. The bank will pay you interest on the money that is deposited into the account. While you can’t write checks, it is possible to link up to your checking account.
Online Savings Account
Online savings accounts are opened through an online bank and typically offer a higher interest rate and no monthly minimum. Many of these banks do not have physical branches, which means all of your transactions and communications must be completed online or over the phone.
Money Market Deposit Account
A money market account is a type of savings account that offers the highest interest. However, it also requires a minimum deposit and balance to qualify. You are also limited with the number of times you are allowed to withdraw from your account each month, which is usually no more than eight withdrawals.
When you’re ready to open up a checking or savings account, turn to Roundbank® in Farmington, MN. You can trust their professional personal bankers to work with you to find the right banking solutions to meet your needs. Contact them directly by calling (651) 463-8300 to schedule an appointment, or visit the website for more information about their various types of personal and business accounts.