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How to Choose the Best Savings Account

November 10th, 2022 | 4 min. read

How to Choose the Best Savings Account

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Did you know there's more than one type of savings account? Yep! There are quite a few out there so it can be tricky to determine where to park your money, especially if you don't know what you’re saving for.

To start, do you have a specific purpose or have any savings goals you want to achieve?  This can include:

  • Having financial security for yourself and / or family
  • Building an emergency savings fund
  • Saving for retirement
  • Making a BIG (or small) purchase
  • Planning a vacation

 

bubble-boy-savings-jar

Everyone's goals are different and sometimes a regular ol' savings account doesn't cut the mustard for their saving needs. This is why we'll review the savings account types, outline some pros and cons of each type, and more to help you determine which may be right for you.

Psst... I'll also throw in some budgeting tips and our savings calculator so you can get on track and see what your return in savings could look like!

 

take a quick look at what we'll cover


 

Savings-Icon-whitesaving account types

Regular Savings Account

HIGH-YIELD SAVINGS ACCOUNT

Certificate of Deposit Account (CD)

Money Market Account

TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT (IRA)

Roth IRA Account

Coverdell Education Savings Account (ESA)

SPECIAL SAVINGS ACCOUNTS

Whether you are looking for higher returns or prefer greater access to your funds, there are plenty of options available to help you meet your saving needs.

Before opening a savings account, make sure you research the financial institutions savings options. Look at their interest rates, minimum opening deposit required and their fees for their savings products that way you know what you would be getting into when having your savings account.  

 

Switch-Kit-Icon---whitewhich type of savings account is best?

Phew - that was a lot of information on savings accounts! Now that you know about the different types of savings accounts, which one do you think is best for you?  

Here's a comparison chart with questions that align with the savings account that may make sense for you:

traditional
high-yield
cd
money market
ira or roth ira
special
insured by ncua or fdic
Included
Included
Included
Included
Included
Included
higher interest rates
Included
Included
Included
Included
low to zero fees
Included
Included
Included
Included
easily accessible
Included
Included
ability to deposit more over time
Included
Included
Included
Included
Included
money is locked for a set term
Included
save specifically for retirement
Included
save for a specific goal
Included

Of course, every person's situation is different, so the best option for you will depend on factors such as your risk tolerance and personal preferences.

ready to get your savings going?

Ultimately, the most important thing is that you make a conscious choice about how much money you want to save and what kind of account is best suited to your needs. With the right planning and commitment, it is possible to build up a healthy nest egg over time, regardless of what strategy you choose. So don't hesitate – start saving today!

Explore Skyla's Savings Accounts

 

need help saving for a goal? bubble-putting-cents-in-piggy

Saving for a goal requires you to start thinking about your goals, examining your expenses, making a timeline and more - which isn't always easy-peasy. That's why I created some to-do's so you can get the ball rolling – but don't worry, I'll walk you through it all!

Don't worry, I'll walk you through it all. Start Saving for Your Goals

 

Any of the wonderful staff at your local Skyla branch will be more than happy to help! Not near a branch or short on time? Then simply send us an email or give us a call at 704.375.0183, or open your account online.  

Yanna

Yanna

As the Content Specialist and author of the Learning & Guidance Center, Yanna enjoys motivating others by uncovering all that's possible in the world of finance. From financial tips and tricks to ultimate guides and comparison charts, she is obsessed with finding ways to help readers excel in their journey towards financial freedom.

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