Savings Accounts FAQ

Frequently Asked Questions about Savings Accounts

How do I choose an online savings account?

While a high APY should certainly be a factor, rates change, so it is not wise to choose an online savings account based on interest rate alone. Some banks with the highest rates also have many strings and conditions, such as a high minimum balance requirement, or an APY that shifts based on your balance or drops dramatically after an initial promotional period. When selecting an online savings account, you should read the terms carefully while considering how much you are likely to deposit in your new account. It is also worth considering the quality and availability of an online bank's customer service, as well as ease and convenience of the online banking interface.

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