A saving account is everyone’s need as 69% of Americans have at least $1,000 in it and $1.2 trillion in their personal savings account. You will choose what suits your needs. There are 22% of retired Americans who save $5,000 within one month.
The savings accounts used to go regularly, raising money. There are different savings accounts: sight savings account, unconditional money term savings account, deferred draft savings account, housing accounts, savings accounts for higher education, savings accounts for sports, and voluntary pension savings (APV).
Best savings accounts for 2021: How to choose a savings account?
When choosing a savings account, we must bear in mind that they work like having a piggy bank or purse in the bank. This type of accounts offers us a return for our money; profitability will be considered as interest. The bank pays us interest in the time we have left our money there. Therefore, when choosing a savings account, we must find the bank that provides us with the highest interest by depositing our money in it. Some tips for choosing the best savings account are:
- Find an account that shows good interests
- Take into account if you have a minimum or maximum amount
- Review periods that have high profitability
- Search accounts that have no permanence or penalty for account cancellation
Best savings accounts for 2021: What types of savings accounts are there?
Do we want to contract a savings account? The first thing is to know the characteristics of the savings accounts in the market to choose the one that best suits our needs and interests.
- Saving account insight: in these accounts, the saver does not receive readjustments or interest. The main objective of these accounts is to keep the money in a safe place. In these accounts, we can have our money when we need it.
- The account of savings with unconditional turn: in these accounts of saving, the account holder can turn when it wants all the deposited money. These accounts can be readjusted or not readjusted. In these savings accounts, you can spin up to a total of six times without losing money.
- Term savings account with deferred draft: the saver can only turn the money deposited with prior notice from the bank, always with a minimum of 30 calendar days in advance.
- Housing accounts: these savings are used for the purchase or construction of a new or used home.
- Savings accounts for higher education: in these savings accounts, the money is included to pay the expenses related to the higher education studies of the person holding the account.
- Savings accounts for the sport: only people who have a savings account for the sport will be eligible for the subsidy to finance sports activities of the State of Chile.
- Voluntary pension savings plans (APV): serves to save an amount higher than what workers compulsorily save in their Pension Funds Administrator. This savings account serves to anticipate the retirement age or to increase the amount of the pension.
Benefits of saving accounts online
Most people don’t prefer to give their money to unknown companies for saving due to cybersecurity phobia. Some of them are those that don’t know about an online saving account. That’s why we are going to discuss a few benefits of online saving accounts. In this way, you can understand the difference between brick-and-mortar banks and online saving accounts.
Highest interest score
It clarifies a major difference between online saving accounts and brick-and-mortar account policies. The savings account’s interest score is 0.70, related to the national average annual percentage yield (APY) report. We get a 0.01% interest rate for saving accounts from brick-and-mortar. These statistics imply that you will have 100 times better saving scores if you benefit from online banking.
Availability
The major benefit of having online bank accounts is to have 24/7 hours services. As the competition level rises, online banks will provide their customers with around-the-clock services online or by phone, even if they have user-centric websites and apps. A few credit unions and national banks offer non-stop service to their customers. 9 to 5 business hours have physical locations.
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