How to choose a savings account when you want to save money in cash
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- The right savings account is one that helps your money grow, and has the features you want, whether that's the highest interest rate or a good mobile app.
- You'll also want to read the fine print to make sure there aren't any fees for regular activity that you don't want to pay.
- But, remember that there isn't too much pressure here: A savings account isn't invested, so you can get your money any time without long-term commitment.
- See Business Insider's picks for the best high-yield savings accounts »
Most everyone can use a savings account. While your checking account should be a pit stop for your money on the way to the next place, a savings account is a holding cell for your cash until you're ready to spend it on your goals. It's liquid, accessible, and a safe place to keep the money you might need in the next few years.
That said, there are a lot of options for savings accounts. They're offered by a variety of institutions, from traditional brick-and-mortar banks to online-only banking service — and they're all a little different. See the rest of the story at Business Insider
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See Also:
- What credit score is needed to buy a house? It depends on your lender and loan type
- There's a dead giveaway you should be using a high-yield savings account, according to a financial planner
- Here's the difference between a financial planner and a financial adviser
* This article was originally published here
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