8 Things to Look for in a Savings Account

The money you have set aside for emergencies shouldn't just sit in a shoebox under your bed. The best place to keep that money is a savings account, where it can earn interest until you need to use it. But not all savings accounts are created equal. Here are a few important features to look for in a savings account.

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Though savings account interest rates today aren't much to write home about, during periods when banks are paying more generously, there can be a huge difference from one institution to another. It never hurts to seek out a savings account that will pay you a higher interest rate on your money.

Some savings accounts impose a minimum balance. If you have enough money on hand to satisfy those requirements, this may not be an issue for you, but if you're first starting out on your savings journey, it pays to favor accounts that don't force you to have a certain amount of money on hand.

When you need to speak to a live person about an issue with your bank account, the last thing you want to do is sit on hold listening to elevator music. A good savings account provider is one whose customer service team is easy to reach.

Just as it's important to get quick access to customer service, so too is it essential that the representatives you reach actually know what they're talking about. A good savings account will give you access to people who are actually in a position to help when problems or questions arise.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

Financial fraud is a big issue -- one you really don't want to face. As such, it's important to find a bank that offers great security measures for both its physical locations and online accounts.

Many of us do the bulk of our banking online these days. You should look for a savings account that's easy to both access and navigate online. That includes having a user-friendly mobile site.

You never know when you might need to go into your bank and take care of certain transactions in person. Aim to open a savings account that comes with nearby branches. You can focus on a bank that's close to your home, your office, or both.

You may not take cash withdrawals from your savings as frequently as you hit up your checking account, but it still pays to maintain a savings account that comes with a number of ATMs close by. The last thing you want is to pay fees in the course of withdrawing your own money.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

The right bank account could spell the difference between earning more money on your savings versus less, and having an easy time banking versus a difficult time. If you're looking for a new savings account, aim to check these key items off your list. And if your current savings account doesn't meet these criteria, you may want to find yourself a new one.