Savings Account FAQs & Basics

Should Couples Open Joint Savings Accounts? Compare the benefits and drawbacks of sharing a joint savings account to see whether couples can use one to manage their money together. Should You Create a Pet Emergency Fund? Photo of John Csiszar John Csiszar Should You Create a Pet Emergency Fund? If you’re working on creating a financial plan, you’ve no doubt heard that one of...

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Can You Use a Money Market Account for an Emergency Fund? See if you should keep your emergency fund in a money market account, which has key differences from a typical savings account. The Best Savings Options to Beat Inflation Learn about the different ways that you can make your savings and investments earn high enough returns to beat rising inflation rates. How to Prepare Financially for Losing Your Job Photo of John Csiszar John Csiszar How to Prepare Financially for Losing Your Job Sometimes, it’s clear you’re about to lose your job before it even happens. Maybe... 6 Ways You Can Set Up Savings for Your Grandchildren Photo of Lance Cothern Lance Cothern 6 Ways You Can Set Up Savings for Your Grandchildren Most grandparents love helping out their grandchildren when they can. Some... How to Choose the Right Savings Account as a College Student Learn the different factors that you should consider when you're looking to open the best savings account as a college student, including fees, rates, and more. How to Choose the Best Online Savings Account for You Learn how to choose among many online savings accounts available nationwide -- consider factors such as interest rates, monthly fees, mobile banking, and more. Savings Accounts vs. Bond Funds & ETFs: Which Offers Higher Returns? Photo of Kevin Mercadante Kevin Mercadante Savings Accounts vs. Bond Funds & ETFs: Which Offers Higher Returns? Everyone needs a corner of their savings or investment portfolio that needs to be... 6 Savings Account Fees You Need to Know About Photo of Thomas (TJ) Porter Thomas (TJ) Porter 6 Savings Account Fees You Need to Know About Savings accounts are designed to help you save money and earn some interest while... Why Were You Denied a Savings Account? Find out why you could have been rejected for a savings account. Learn about ChexSystems and how banks use it when reviewing your new account application. See what kind of marks on your ChexSystems report could have led to a denied bank account. Take steps to remove these violations from your record. Compounding Interest Daily vs. Monthly: What’s Better for Your Savings? Learn the differences between daily and monthly compounding interest to determine if it actually matters to you and your savings. Find out how the two terms are related to APR and APY. Understand how the rate of compounding is used to calculate the effective return of your deposits in savings accounts and CDs. The Differences Between Money Market Accounts and Money Market Funds Photo of Thomas (TJ) Porter Thomas (TJ) Porter The Differences Between Money Market Accounts and Money Market Funds Money market accounts and money market funds are two different types of accounts that... Calculate How Much Should You Have in an Emergency Fund Photo of Krista Baum Krista Baum Calculate How Much Should You Have in an Emergency Fund Dealing with an emergency, such as losing your job or unexpected car repair, is... What is the Average Interest Rate on Savings Accounts? Find out what the national average interest rate is on savings account in the United States. Compare the APYs provided from different financial institutions, including national banks, online banks, and credit unions. Learn how to build your savings balance faster without facing expensive account fees. Savings Account vs. Money Market Account: Which Is Better? Learn the differences between a savings account and a money market account (MMA). Find out which one you should choose to grow your savings depending on fees, features, minimum opening deposits, check-writing capabilities, and debit card access. Do You Have to Keep a Minimum Balance at a Credit Union? Photo of Thomas (TJ) Porter Thomas (TJ) Porter Do You Have to Keep a Minimum Balance at a Credit Union? Credit unions operate much like banks. You can open checking and savings accounts,... How to Open a Savings Account with Bad Credit Photo of Thomas (TJ) Porter Thomas (TJ) Porter How to Open a Savings Account with Bad Credit Your credit score is an integral part of your financial life. It is a record of... Do Savings Accounts Have Routing Numbers? Find out whether your savings accounts have routing numbers, which are important for identifying your account when it comes to transactions and transfers. Combined with your account number, it helps other financial institutions to identify your account so that the money is moving correctly. Can You Get a Debit Card on a Savings Account? Find out whether you can get a debit card in order to access your savings account. It's a good question for people who want to deposit and withdrawals cash from their main savings, or maybe they want to use a debit card to make purchases. Learn how it differs from ATM cards. What Banks Do With the Money in Your Savings Account Photo of Paul Sisolak Paul Sisolak What Banks Do With the Money in Your Savings Account That old adage of how a penny saved is a penny earned is exactly how banks make money... What is the Maximum Amount You Can Have in a Savings Account? Photo of Thomas (TJ) Porter Thomas (TJ) Porter What is the Maximum Amount You Can Have in a Savings Account? The savings account is a core bank account that is designed to be a place where you... How Much Money Should You Keep in a Savings Account? Find out exactly how much money you should keep in your savings accounts when it comes to emergency funds, home down payments, savings goals and more. What's the Most Amount of Cash You Can Withdraw at Once? Find out how much cash you can withdraw at one time from your bank accounts and learn what rules and security protocols apply to such a large transaction. How Does FDIC Deposit Insurance Work With Bank Accounts? Photo of Paul Sisolak Paul Sisolak How Does FDIC Deposit Insurance Work With Bank Accounts? Consider this troubling scenario for a second. If your bank just went under one day,... The Best Savings Accounts for Your Kids Photo of Simon Zhen Simon Zhen The Best Savings Accounts for Your Kids It’s a wise move to begin teaching your children how to save at an early age. They... The Difference Between Regular Savings Account and Health Savings Account (HSA) Learn the differences between a regular savings account and a health savings accounts. Find out how to save more money with these types of accounts. What is a Christmas Club Savings Account and Should You Open One? Learn more about Christmas Club savings accounts and how they work. Compare them to the top online savings accounts that may offer higher interest rates. A Complete List of Savings Accounts Offered by Online Banks in the U.S. Photo of Simon Zhen Simon Zhen A Complete List of Savings Accounts Offered by Online Banks in the U.S. Online banks, which may also be called "direct banks" or "Internet banks," are...