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Did you know that a staggering 34% of Americans have no money in a savings account? This lack of savings can mean financial ruin in the event of an emergency or unexpected expense. To encourage more Americans to utilize their savings accounts, we’re giving you the tools you need to shop for your perfect savings account. There are many different types of savings accounts at many different types of financial institutions. Learn about these varieties and how to research the features that are most important to you. Together we can increase the percentage of Americans who hold money in their savings accounts.

Savings accounts with easy, flexible access

Most financial institutions will have a standard savings account. There will be a minimum balance requirement and multiple ways you can deposit and withdrawal from the account. These simple savings accounts are perfect for those just starting to save, and those who need easy access to their funds.

Savings accounts with higher yields

Since the goal of a savings account is to save money, it makes sense to look for high interest rates. The higher the rate, the more dividends you earn on the total amount in your account. Two popular types of high yield savings accounts are Money Market accounts and Certificates of Deposit (CD). While these will provide the highest interest rates, you will not have easy access to your funds.

Savings accounts for specific goals

Many financial institutions are trying to make it easier for members to save for specific financial goals. At AmeriChoice, we offer several unique programs geared toward certain life events. You can get a higher interest rate by using savings accounts for events like vacations or holidays. Plus, we even have a first-time home buyer savings program, called the Home Savers Club. Using these types of accounts are perfect if you have a specific goal in mind. They will often offer benefits not found in all-purpose savings accounts.

Seven questions to ask when shopping for a savings account

Once you’ve narrowed down the type of savings account that is best for you, it’s time to research the fine print. What policies and features are most important to you? Here are seven questions to get you on the right track.

1. Is there a minimum balance?

Most savings accounts require a minimum balance amount. If you don’t reach that amount, you could be charged a monthly maintenance fee at many banks. At a credit union, the reason for the minimum balance is that your savings account doubles as your member share. It represents your stake of ownership in the financial institution. At AmeriChoice, that minimum balance is only $5.

2. How easy is it to deposit and withdrawal money?

If you’re serious about saving, then it must be easy to transfer funds. Look for accounts that offer these capabilities:

• Automatic transfers
• Mobile check deposit
• Surcharge-free ATMs
• Direct deposit

3. What are the interest rates?

Most savings accounts at financial institutions will not have impressive interest rates. However, if the only difference between two savings accounts at separate banks is the rate – then pick the one with the higher interest rate. Otherwise you’d be losing out on free money!

4. Are there any hidden fees or policies?

Banks are notorious for hidden fees. Look for the fee schedule on the financial institution’s website. This will list all the fees you could incur, including overdraft fees, minimum balance fees, and monthly maintenance fees.

Also consider the withdrawal policy. How many times can you make a withdrawal from the account in a month? If the number is too low, it could limit your access to your funds.

5. Where is the closest branch?

If you will need to regularly visit the financial institution in person, then don’t forget to check the locations of their branches.

6. Will I have access to my savings account online?

Look for online and mobile banking systems so you can view your account balances and make transfers from wherever you are located.

7. Is the account insured?

For banks, look for the account to insured by the Federal Deposit Insurance Corporation (FDIC). For credit unions, look for the National Credit Union Administration (NCUA) to insure the account. Only use insured accounts, so that if your money was ever lost or stolen, you would be reimbursed.

Weigh what options are most important to you

Different people will require different types of savings accounts. What is vital for one person may be unimportant to another. Doing thorough research is the best way to shop for a new account. Money Under 30 says,

“As you search for an account, you may find the need to compromise: the banks that are most convenient (lots of branches and advanced technology) may be the ones with fees. Smaller banks and credit unions may have fewer locations but can often offer more rewarding accounts and more personal service.”

If you’re looking for a new checking account too, read our guide on checking accounts!

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