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However, there are smart money moves consumers can make to help make their savings work for them.
Here are fivecostly mistakes to avoid whenchoosing the right bank for your savings account.
double-check that the account youre considering offers a competitive yield.
Failing To Shop Around
Savings accounts arent set in stone.
Shopping around for the right savings account could help consumers maximize their purchasing power.
Zimmerman explained, However, not all banks do this simultaneously or by similar margins.
As banks continually change their rates, rate comparison platforms can help you identify the top rates.
Banks with NCUA or FDIC insurance cover up to $250,000 per depositor.
Unexpected fees can quickly wipe out your interest earned.
Compare terms and conditions, as well as interest rates.
Kullberg said consumers should consider savings accounts with low or no fees and low or no minimum balance requirements.
You should also look into maximum withdrawal limits in the event you plan to access your cash more frequently.
In addition, transfer speed and the ease by which consumers can access their money matters.
Look for same-day or next-day transfer options.
A reliable online platform and a user-friendly app are a must if you want to manage everything seamlessly.
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