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:
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!
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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.
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:
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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.
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!
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.
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.