Some savings accounts offer over 2% annual interest, while others offer .01%! Using a search and comparison tool is very important!
Once you’ve worked to save some money, it’s time to make that money work for you. First, you’ll want to identify the right kind of savings account, one that meets your needs and helps your money accrue interest. Financial recommendation engines like Fiona make the search easy by directly comparing all of your options for you.
Checking accounts offer a convenient way to take out cash, write checks and make purchases on a debit card — but they aren’t always the most effective way to earn interest on your money.
When you have spare funds sitting in your checking account, they stay stagnant and don’t accrue interest over time. If you were to transfer those funds into a savings account, specifically one with a decent APY—they may grow some nice extra cash for you to use in the future. With so many savings accounts out there, what’s the best way to find the one that works best for you?
When the sun finally comes out, so does the temptation to spend. Weekend vacations, increased childcare and happy hours can all chip away at your bank balance and raise your expenses along with the temperature. That’s why it’s important to start savings this winter, to ensure that when next summer arrives—you’re able to spend without worry.
High-profile data breaches have heightened concerns about privacy online, especially for sensitive financial information. Customers are no longer limited by location — new online savings accounts expand consumer options beyond the banks with branches on your street.
Over the last decade, annual returns on savings accounts have plummeted. The average savings account offers an annual percentage yield (APY) of only .08%, according to the Federal Deposit Insurance Corp (FDIC). Some traditional banks offer APYs as low as .01%.
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