When choosing a savings account, look for a competitive APY, balance requirements, introductory deals, extra fees and charges, and access that suits you.
Most savings accounts hover around the same APY. You find a lot of differentiation. But a little can make a difference, especially over the long term.
Some accounts offer a higher yield - but only with a minimum balance. Make sure you can commit to their minimum before opening the account.
Promotional rates often feature high APYs, but be mindful of the rate after the discounted period. You’ll likely use the account for years to come, and if the APY falls back down after the first several months, it may not meet your expectations.
Some accounts charge transfer fees, others charge extra if you make too many transactions. Think about how you save and how you access your savings.
With more banking going online, you may not need a brick-and-mortar bank to access your savings account. But if you want to make withdrawals directly, without transferring it to a checking account, make sure your account is easy for you to access.
5 ways to choose the best savings account.
Bright offers savings accounts to all our users, with unimited transfers and a very competitive APY. You can access your Bright Savings account directly from the app and transfer funds whenever it’s easy for you. Or you can ask Bright to save for you. Just set a goal, and Bright moves money for you, based on your finances and what makes sense for you.
If you don’t have it yet, download the Bright app, connect your accounts, and with your personalized Bright Plan, start saving more - automatically.
Amit is a Computer Science graduate from I.I.T Kanpur. He is a highly experienced data science system builder. He was with InMobi for 7 years