How To Open a Savings Account

There are plenty of options, information, and some simple steps that goes into opening an account and choosing the right one.

A savings account is a financial account that you periodically deposit money into with the purpose of saving that money to use down the road.

What Is A Savings Account?

1. Decide if you want a savings account with your bank directly tied to your checking account or a savings account with a different institution that may pay a higher interest rate.

How do I open a savings account?  (4 simple steps)

2. Search online for savings accounts and the interest rates those banks provide. Credit unions or online-only banks can be great options too.

How do I open a savings account?  (4 simple steps)

3. Confirm how much the initial deposit is for that savings account by looking at the bank’s website. Some banks require an initial deposit and some do not. Also look for what the minimum balance is as well.

How do I open a savings account?  (4 simple steps)

4. If you choose your bank: go there during business hours with the initial deposit and your identification. If you choose a separate online institution: follow the guides on their website and/or contact their customer service. Many banks allow you to open an account from their website.

How do I open a savings account?  (4 simple steps)

Simply transfer money from your checking account into your savings account. Transferring the money depends on the relationship between your checking and savings account.

How Do I Put Money Into A Savings Account?

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