November 12, 2020

5 ways to choose the best savings account for you

Here are few things you need to consider when choosing a savings account.

When choosing a savings account, look for a competitive APY, balance requirements, introductory deals, extra fees and charges, and access that suits you.

Here are 5 ways to consider for a savings account:

1. Look for a competitive annual percentage yield (APY)

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. 

2. Watch for minimum balance requirements

Some accounts offer a higher yield - but only with a minimum balance. Make sure you can commit to their minimum before opening the account. 

3. Check the fine print on introductory deals

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.

4. Track other fees and charges

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

5. Look for accessibility that suits you 

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.

Compare Bright’s high APY

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. 

Recommended Readings:

How does Bright build more savings?

How to Build Your Savings Through the Holidays

Amit Bendale
Co-Founder & Head of Data Science
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