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It’s pretty much universally accepted that saving money is a good idea. It’s not always easy to save money, and it will often take a lot of hard work to change your spending habits. However, it’s always a good idea to save money whenever possible.
One of the easiest ways to save money is to open a savings account. The exact qualifications you’ll need to do this can vary, but for the most part, you’ll need a government-issued ID, Social Security number, contact/personal information, and an open checking account.
Why Should I Open a Savings Account?
The simple answer is that many benefits come with having a savings account and there are virtually no downsides. The money in your savings account is FDIC insured and backed by the National Credit Union Administration (NCUA), so the government protects you against loss. You can’t lose any money in your account as you might with an investment. The money is liquid, so you can use it whenever you want. The list goes on and on, but you get the idea.
If you don’t already have a savings account, you should consider opening one. With mobile banking, savers can open online accounts with traditional banks for easy access, wire transfers, check writing, and higher interest rates.
Of course, there are plenty of in-person options for compound interest and high-yield savings accounts, savings account offers with low or no ATM fees, and check deposit insurance. With so many options, it makes sense to consider a savings account.
What are the best savings accounts in 2023?
It’s not particularly difficult to find a financial institution that offers a savings account to new or existing customers. Financial institutions rely on savings accounts to grant loans and make money. They commonly compete for your business and incentivize you to stash as much cash in their vaults as possible.
These incentives might not be as lucrative as other saving options out there. However, the low risk, accessibility, and simplicity of a traditional savings account make them a viable option for people of all ages.
These are the six best savings accounts currently available in 2023:
- Citizens Access
- CIT Bank
Save today to prepare for tomorrow
The future is always uncertain, and you never know when the next emergency might hit. Depending on the type of emergency, the contents of your savings account can be the difference between eviction, severe illness, and even death.
Learning how to save is a skill that requires a lot of patience, practice, and discipline. It can be very challenging for some adults to hone this skill, but it’s essential for financial security and stability.
The quickest way to jumpstart your savings journey is to open a savings account with one of the financial institutions listed above. Of course, other banking options didn’t quite make a list, including:
- Ally Bank
- Capital One
Building your savings account will take time, but the above incentives will make it easier for you. Remember that every savings account starts small and grows over time. If you keep adding money to it, you’ll reach your savings goals before you know it.
Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results