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But exactly what kind of savings account?
But today, you have options including traditional savings accounts, high-yield savings accounts and money market accounts.
What should you look for in a savings account?
How do you know which one is the one?
Or should you have more than one savings account?
Lets hear what financial experts have to say on the matter.
Also here isa breakdown of what a savings account isand how it can be a benefit to you.
Look for a savings account that is offering high interest rates.
Youll find thebest rateson high-yield savings accounts (HYSAs).
While the national savings average is 0.58%, most online banks are paying more than 4%.
Your money should be working hard for you, protecting you against inflation, he said.
Look for FDIC Insurance
Zimmerman explained the importance of having a bank account that is FDIC insured.
Lets touch on why thats crucial.
The FDIC protects money (usually up to $250,000) you have in a bank.
Increasingly, banks are getting FDIC insured.
Look For Low or No Fees
You shouldnt have to pay a fortune to house your fortune.
Look for a savings account that has low or, better yet, no fees.
Banks needs for deposits change from time to time and so do their rates, Zimmerman said.
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