When to Keep a Brick-and-Mortar Savings Account: Identifying the Best Value
Thursday, 9 May 2024, 12:00
When to Keep a Brick-and-Mortar Savings Account
Brick-and-mortar savings accounts often have low interest rates, but exceptions exist. Large national banks typically offer the lowest rates due to high operational costs. However, regional banks and credit unions might provide better deals, such as Peoples State Bank offering 5% APY on the first $15,000 savings balance.
What to Look for When Choosing a Savings Account
- FDIC insurance: Protects up to $250,000 against bank failure.
- Maintenance fees: Ensure no additional costs.
- Online tools: User-friendly mobile and online banking.
- Support methods: Accessible customer service options.
- ATM card: Look for accounts with ATM card options.
- Other fees: Understand all possible charges.
Compare different savings account options to make the best choice for your financial goals.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.