If you're saving for something special such as for a child’s education or large purchases, open a saving account. Many people also open a saving account to keep an emergency fund. Banks, savings and loans, and credit unions offer a variety of accounts that pay interest and are insured by the federal government including saving accounts. Usually $100-$300 is enough to open a savings account.
Interest rates for saving accounts vary between financial institutions. Before open a saving account, you'll need to do a bit of shopping to find high interest savings accounts and most suitable terms. A little comparison shopping before you decide where to store those dollars could result not only in a higher percentage return but in better service and perhaps a saving on fees besides. After find bank or financial institution that offers the highest interest rate, go to the office and ask the manager how to open a saving account.
Interest rates for saving accounts vary between financial institutions. Before open a saving account, you'll need to do a bit of shopping to find high interest savings accounts and most suitable terms. A little comparison shopping before you decide where to store those dollars could result not only in a higher percentage return but in better service and perhaps a saving on fees besides. After find bank or financial institution that offers the highest interest rate, go to the office and ask the manager how to open a saving account.
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