How To Open a Savings Account [The Complete Guide]

Opening a savings account is one of the smartest financial decisions you can make. Of course, you have to consistently save for it to be truly effective.

What Is A Savings Account?

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.

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.

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)

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.

3. Confirm how much the initial deposit is for that savings account by looking at the bank’s website. 

How Do I Put Money Into A Savings Account?

If you opened a savings while starting your checking account then you should be able to transfer money between the two accounts online or on your phone via the bank’s app. Here you will see your funds transfer immediately.

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