Do you have a savings account? If you don’t, now would be a good time to start one. To learn more about the differences in types of saving accounts, check out another post here.
If you already understand the basics, but need some more help deciding whether or not to start one, here are some more advantages to starting a savings account!
Savings accounts are created to help the customer maintain funds in one place. These types of accounts aren’t for daily access but do allow easy access to funds when emergencies do arise.
A savings account could be what is needed to help you maintain a proper emergency fund if you currently don’t have one.
Savings accounts are also super simple and easy to open. Depending on the bank, the minimum deposit is typically as low as $25. You don’t need to have a lot to begin with to get your savings started. While money is easily accessible, in comparison to certificates of deposit*, keeping the funds in the account will actually accrue interest. That means you can make money by not using your money! Even though regular saving accounts don’t have as good of a rate as CD accounts, it is beneficial to keep your money saved. These accounts are also FDIC insured. This means that your money is kept safe until you need to use it. For more information on the FDIC see here.
To further help you decide where you should open your account, we have done a little research to find the savings account’s interest rates among the top banks and credit unions in Utah.
1. America First Credit Union- If you have $0.01- $9,999.99 in your savings account, the interest rate is .1%, for $10,000- $24,999.99 the interest rate is .15%. For more information on America First Credit Union Savings Accounts go here!
2. U.S. Bank- All savings accounts under $1500 have an interest rate of .05%, $1,500-$9,999 have an interest rate of .05%, $10,000-$49,000 have an interest rate of .06%, and $50,000-$99,999 have an interest rate of .10%. For more information on U.S. Bank’s Savings Accounts go here!
3. Chase Bank- all savings accounts are at .01% unless you qualify for the Chase Plus Savings Rates. If you do, the rates are as follows. 0-$49,999 at .03%, $50,000-$99,999 at .05%. For more information on Chase Bank Savings Accounts go here!
4. Mountain America Credit Union- All accounts have an interest at .1% with a minimum deposit of $100 to start the account. For more information on Mountain America Credit Union’s Savings Accounts go here!
5. Wells Fargo-All accounts have an interest rate of .01% with a minimum deposit of $25 to open the account. For more information on Wells Fargo’s Savings Accounts go here!
Now that you know the benefits to starting a savings account, the next step is doing it. Open one today!
*Certificates of deposit, or CD’s, are for people who want to earn a higher guaranteed interest rate. However, these funds aren’t accessible for long periods of time.