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One of its most important aspects Increase your savings Ensuring your hard-earned dollars go toward your savings goals, not fees. You can maximize your earnings with an opening High Yield Savings Accountwhich may offer interest rates 10 to 15 times higher than a Regular savings account. But if fees hit your account, they can eat up your balance no matter how high your rate is.
Fortunately, it’s easy to reduce or avoid the fee altogether. In this article, we’ll outline three ways to avoid pesky fees and keep more money in your savings account.
Check today’s savings account rates online now to see how much more you can earn!
How to get a high-yield savings account with no fees
Follow these tips to avoid savings account fees such as maintenance, withdrawal and overdraft fees.
Look for fee-free accounts
before Open a high-yield savings accountResearch and compare the options available to you.
Many banks and credit unions offer Savings account with no monthly fees. These accounts carry no ongoing maintenance fees or minimum balance requirements, although some may charge you for wire transfers or closing payments (which you can easily avoid with some plans).
Choose an online bank
Many high yields are offered by savings accounts Online Bank. These banks operate completely online through mobile apps and websites. Although they may offer ATM access through an authorized ATM network, they do not maintain physical locations. This means they have lower overhead costs, which they pass on to customers in the form of higher interest rates and low or no fees.
Come with online high yield savings account Many of the same benefits As a regular savings account, with easy access to your funds and customer service via phone, secure message or online chat. The only drawback is that you can’t go to a branch to talk to someone in person. If this is not essential for you, online banks are often a good option.
Note any requirements
You may decide to opt for an account with fees in exchange for a higher interest rate. If this is the case, you’ll want to make sure you adhere to any requirements or limits so you don’t lose any of that interest in fees.
Always read the fine print before opening an account and take the following steps to avoid incurring fees:
- Maintain the required minimum balance: One way to do this is to set up regular recurring transfers from your checking to your savings account so that the balance doesn’t get too low when you withdraw or transfer.
- Set up notifications to alert you when your balance is low: This can help you stay on top of your account activity and avoid overdraft fees.
- Do not make unnecessary transactions: If your account limits how much money you can withdraw or transfer each month, use the account only for long-term savings goals, not day-to-day expenses. A Checking account More suitable for your daily transactions.
Explore high-yield savings account rates here to see how much you could earn
Bottom line
In addition to avoiding fees, you should make sure your savings account is with an FDIC-insured bank or NCUA-insured credit union. These accounts are protected by federal deposit insurance up to $250,000 per account per institution, so if the bank or credit union fails, your money will still be there. safe.
all Accounts in this list Offers high yield with FDIC insured security.
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