Savings accounts allow you to effectively manage your finances, put aside some emergency money, and help make your long-term dreams a reality. However, not at all savings accounts are alike, so be sure to investigate your options and ask questions before deciding where to put your money. Below, professional bankers provide some ideas about which questions you should be asking.
4 Questions to Ask Before Opening a Savings Account
What Types of Savings Accounts Do You Offer?
Most banks have several options, any of which could be right for you, depending on your needs and financial resources. Regular savings accounts often have low interest rates and are usually free, while money market accounts accrue interest more quickly. However, these accounts often have minimum balances and fees that could eat into your savings.
Which Option Is Best for Me?
After going over your finances and spending habits, your banker should be able to recommend a savings account tailored to your needs. For instance, if you plan on accessing the funds fairly regularly, you'll probably just need a basic savings account. However, if you're more interested in long-term growth, you might consider investing in a money market or certificate of deposit.
Are There Fees or Minimum Balances?
Most banks don't charge service fees on basic savings accounts, but some do require you to have a minimum balance. Before signing up for any account, be sure you understand the fee structure and make sure the costs don't outweigh your potential interest earnings.
What Online Banking Options Do You Have?
Modern technology has made keeping track of your money easier and more convenient than ever. Before opening an account, make sure the institution offers mobile banking, online account management, and other services that allow you to access your money when you need to.
Since 1932, First & Peoples Bank and Trust Company has provided reliable banking services to individuals and businesses throughout Russell, KY, building a reputation in the community for friendly service, security, and convenience. Visit their website now to learn more about their services and options, call (606) 836-0211 with any questions, or just visit their location to open a savings account today. For more financial tips and banking advice, follow them on Facebook.