The Best Bank Account For Saving You Aren’t Using

bank accounts for saving

The Best Bank Account For Saving.

You might’ve read that sentence as if it were in a serious tone. That looks pretty serious, doesn’t it? Maybe you’re a little skeptical about the claim. Let’s take a step back for a minute.

Why do most people have just one bank account? Is it because there’s just one bank account that does everything well? Nope, it’s because people are simply familiar with their current accounts or set up their accounts many years ago and never really reviewed them to see if they were getting the most out of them.

The same can be true for credit cards and investing accounts. As financial institutions introduce new products and incentives, it’s time for us to pause and rethink our accounts – do we need an IRA but not a 401k? Do we have enough saved in our emergency fund or worse yet – no emergency fund at all?

 Best Bank Account For Saving

How much should I be saving per month?

That is a question that gets asked all the time.

Well, it depends on multiple factors. What is your monthly income? What are your expenses? What is your emergency fund?

But since we don’t know any of those things, let’s stick to a more general answer.

If you have debt, you should take out a loan and pay off all of your debts (except for your house). For example, if you have $50,000 in debt and can afford to pay $200 a month towards it – do so. That will get you out of debt in less than 7 years! And once you’re out, keep paying the same amount each month so that your debt doesn’t come back. For this example, let’s say that you had $200 leftover after paying off all of your debts.

If you don’t have any debt, then save up an emergency fund first. Your emergency fund should cover two months’ worth of expenses or more. If possible, save up 3-6 months’ worth of expenses. Once you’ve done that, start putting money away in retirement.

 

Which bank pays the best interest on savings?

There are thousands of savings accounts offered by banks, credit unions, and online-only lenders. The rates of return range widely — and that’s why it pays to compare the best savings accounts before picking one.

Consider the case of Axos Bank: it offers a savings account that pays an annual percentage yield of .61 percent — but what sets it apart from other accounts is the fact that its APY is available to anyone, regardless of their personal or business relationship with Axos Bank.


 

Features Comparison

 Best Bank Account For Saving  High Yield Savings Average Savings Accounts
Up to 0.61% APY  0.10% APY1
 Zero Monthly Maintenance Fees  $165.59/Year2 in Maintenance Fees
 Free Incoming Wires  $13.88/Incoming Wire3
 $250 Opening Deposit Requirement  Opening Deposit Varies
 Zero Minimum Balance Requirement  Minimum Balance requirement

Best Bank Account For Saving

 

Is it worth keeping money in a savings account?

If you’re like most people, you probably have a mix of savings and checking accounts. But you might be missing out on the best account to hold your cash — one that pays interest.

Here are some reasons why it makes sense to stash your cash in a savings account:

Your money earns interest

No minimum balance required

You can withdraw money without affecting your rate

Direct deposit is available for many institutions.

How much money should you keep in savings?

One of the biggest myths about savings is that you should keep a certain amount of money in an account. Some people believe you should have six months’ worth of expenses saved, for example. However, it’s a myth because it’s impossible to predict every expense down to the dollar.

You could be saving for something specific, like a wedding or a new home. If you don’t know how much that will cost, having a predetermined number in savings isn’t very helpful.

Trying to save for a rainy day is smart, but if you do not have an emergency fund and know exactly how much it should be, you’re not being smart with your money.

The best savings account is one that gets you into the habit of saving and allows you to access your money quickly when you need it — without penalties and fees.

So how much money is too much in your savings account?

The general rule is 30% of your income, but many financial gurus will argue that 30% is much too high. It all comes down to what you need your money for. Do you have a specific purpose in mind, like saving for a vacation or home repairs? Or are you trying to build up an emergency fund that’ll be available if you lose your job?

Axos Bank is one of the top banks among all the banks. With less money, you can earn a lot and this is possible because of the high-interest rate given to another product of Axos Bank. Therefore, it is important to know that the condition for this product must be fulfilled in addition to having a minimum balance you have to have for opening an account. It’s easy to operate, free of charge on ATM uses and deposits and withdrawals are also free. So I think Axox is the best high yield saving account that one can have.

#ceotruckergroup