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Opening a savings account is an important first step in securing your financial future, but you don’t want to take it without all the facts. Before you open that first account, take a look at these five important things to remember and ask your bank about before you make that big decision.
#1 Interest Rates: This is one of the most critical things to consider when choosing where you will save your hard-earned money. Find out if there are any bonuses or promotions that can help bump up those interest rates, so the more money you put in now and in the future, the more money comes back out tomorrow.
#2 Fees: To be clear, fees are not always bad. In fact, at times, depending on how much your bank charges, a fee can actually be the best way to help you put more money in your account from day to day. But fees might not always be clear. Bank fee examples include: monthly maintenance fees (which are paid by all customers to provide customer service), ATM fees, currency exchange fees and loyalty programs of different scopes (from state-level banks and credit unions). Before choosing a financial institution, ask about these examples and find out if the bank cuts down on these expenses or if they will increase them over time.
#3 Customer Service: This is an essential piece of information that you shouldn’t overlook when making a decision like this.
#1 Interest Rates: This is one of the most critical things to consider when choosing where you will save your hard-earned money. Find out if there are any bonuses or promotions that can help bump up those interest rates, so the more money you put in now and in the future, the more money comes back out tomorrow.
#2 Fees: To be clear, fees are not always bad. In fact, at times, depending on how much your bank charges, a fee can actually be the best way to help you put more money in your account from day to day. But fees might not always be clear. Bank fee examples include: monthly maintenance fees (which are paid by all customers to provide customer service), ATM fees, currency exchange fees and loyalty programs of different scopes (from state-level banks and credit unions). Before choosing a financial institution, ask about these examples and find out if the bank cuts down on these expenses or if they will increase them over time.
#3 Customer Service: This is an essential piece of information that you shouldn’t overlook when making a decision like this.
