2b:["$","$L2c",null,{"category":"$2d","relatedArticles":[{"id":"cG9zdDoxNzM0NTY=","databaseId":173456,"postId":173456,"author":{"node":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":{"url":"https://secure.gravatar.com/avatar/c2129e3c852ac8063af4562fe9605e22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":1235,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"rlake","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTUxOQ==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19519,"categoryId":19519,"link":"https://smartasset.com/checking-accounts/articles","name":"Checking Accounts","postCount":{"pageInfo":{"offsetPagination":{"total":16,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"checking-accounts","ancestors":{"nodes":[{"name":"Checking Account","slug":"checking-account","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Checking Account","id":"dGVybTo0NzIx","slug":"checking-account","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$2e","date":"2022-10-06T10:43:01","excerpt":"

\n","featuredImage":{"id":"cG9zdDoxNzM0NTc=","databaseId":173457,"altText":"money market vs checking","date":"2022-11-08T18:13:57","fileSize":32412,"mimeType":"image/jpeg","modified":"2022-11-08T18:13:57","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2022/10/worried-young-asian-man-using-laptop-computer-at-home-looking-and-picture-id1406318217.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-5-27","readable":"May 27, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/checking-account/money-market-vs-checking-accounts","metaDesc":"Money market and checking accounts are similar but you're limited on the transactions you can make with a money market account. Here's how each compares.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":7,"title":"Money Market vs. Checking Accounts - SmartAsset","__typename":"PostTypeSEO"},"slug":"money-market-vs-checking-accounts","status":"publish","title":"Money Market vs. Checking Accounts","uri":"/checking-account/money-market-vs-checking-accounts","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":"$2f","description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":"$30","email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":"$31","slug":"rebecca-lake-cepf","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybToxOTUxOQ==","children":"$34","databaseId":19519,"categoryId":19519,"link":"https://smartasset.com/checking-accounts/articles","name":"Checking Accounts","postCount":16,"slug":"checking-accounts","ancestors":"$36","parent":"$39","__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

Checking accounts offer convenience for managing your money in a single account and getting access to those funds at your discretion. You can use a checking account to pay bills, transfer money to linked accounts or make purchases using a debit. Those are also things you can do with a money market account, but there are a few differences. Comparing a money market and a checking account can help you to decide which one you might need. You can also consider working with a financial advisor to help you make all of your banking and investing decisions.

","

What Is a Checking Account?

","

A checking account is a type of demand deposit account that you can open at traditional banks, online banks and credit unions. Some brokerages may also offer checking account options for investors. When you open a checking account, you can deposit money into it and use that money as needed. Some of the things you can do with a checking account include:

","

Writing paper checks
Using a debit card to make purchases online or in stores
Withdraw cash at ATMs with your debit card
Deposit checks via mobile check deposit
Transfer money between linked accounts at the same bank or different banks
Schedule online bill payments
Direct deposit paychecks, tax refunds and government payments
Send money to friends and family

","

Having a checking account is a good idea if you want to keep your money accessible without having to carry cash or rely on alternative banking services, such as check cashing companies or prepaid debit cards.

","

Banks can charge fees for checking accounts, including monthly maintenance fees and overdraft fees. You may also pay fees for certain services, such as paper statements or wire transfers.

","

Checking accounts are safe when you hold your money at an FDIC member bank. The FDIC insures checking accounts and other deposit accounts up to $250,000 per depositor, per account ownership type and per financial institution. The National Credit Union Administration (NCUA) offers similar coverage for checking accounts held at credit unions, also referred to as share draft accounts.

","

What Is a Money Market Account?

","

A money market account (MMA) is a type of savings account that also shares certain features of checking accounts. Like checking accounts, you can find them at traditional banks, credit unions and online banks.

","

Here are some of the key features of money market accounts:

","

Balances can earn interest
Banks may offer check-writing and/or a debit card
Savers are typically limited to six withdrawal transactions per month
Can be linked to checking or savings accounts at the same bank or different banks
Deposits are FDIC or NCUA insured when held at member banks and credit unions

","

Banks can impose fees for money market accounts and there may be minimum balance requirements to avoid a fee or earn interest. Whether you can earn a higher interest rate with a money market account over a savings account or a certificate of deposit (CD) account depends on the bank.

","

Money market accounts may earn a flat annual percentage yield (APY) across all balances or rates may be tiered. Jumbo money market accounts may offer the highest rates, for instance, though you may need to maintain a balance of $25,000 or more to qualify for it.

","

A money market account is not the same thing as a money market fund. A money market fund is a type of mutual fund offered at brokerages. When you put money into a money market fund, you’re saving it in a low-risk way. When you purchase a money market fund, you’re making an investment that carries a higher degree of risk.

","

Differences of Money Market and Checking Accounts

","

Money market accounts and checking accounts have some things in common, though they aren’t identical. Comparing them side by side can make it easier to distinguish between the two.

","

How Money Market and Checking Accounts Compare

","$3b","

The biggest difference is what you can do with a money market versus a checking account and how often you can access your money. While you can withdraw from a money market account, your bank might charge an excess withdrawal fee if you go over six transactions per month. And it’s up to the bank to decide whether to give you paper checks, a debit card or an ATM card to access funds.

","

Checking accounts, on the other hand, usually don’t have those kinds of restrictions. The tradeoff is that most checking accounts don’t pay interest. It’s possible, however, to find interest checking accounts offered at some traditional banks and online banks.

","

Money Market vs. Checking Account: Which Is Better?

","

Whether it makes more sense to open a money market account or a checking account depends on your financial goals and needs. If you’re saving money for a down payment on a home, for instance, then you might want to park it in a high-yield money market account so you can earn interest in the meantime. When you’re ready to make your down payment, you can write a check or transfer the funds from your money market account.

","

Checking accounts are better suited for everyday use since there are fewer restrictions on how often you can make purchases, pay bills, write checks or withdraw cash. If you’re willing to shop around at different banks, you might be able to find a checking account that offers an interest rate that’s comparable to what money markets offer. Some checking accounts can also offer debit card rewards that pay you back a percentage of what you spend.

","

Of course, you could always split the difference and open both a money market and a checking account at the same bank or at different banks. That could be a good option if you want to keep the money you spend day to day separate from the money you plan to spend later. And you can link the two accounts so you can easily move funds back and forth between them.

","

The Bottom Line

","

Money market accounts and checking accounts can make managing money easier, though whether you choose one over the other can depend on your needs. You can also utilize both accounts if your financial situation benefits from having multiple accounts open. When opening a money market or checking account, remember to look at things like interest rates, minimum balance requirements and monthly fees to find the best banking options.

","

Checking Account Tips

","$3c","

Photo credit: ©iStock.com/AsiaVision, ©iStock.com/Ridofranz, ©iStock.com/SDI Productions

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\n","featuredImage":{"id":"cG9zdDoyNDc4ODU=","databaseId":247885,"altText":"Ultra high net worth clients reviewing preferential rates on loans and other financial products with a private bank manager.","date":"2024-05-10T23:51:57","fileSize":234113,"mimeType":"image/jpeg","modified":"2024-05-28T17:43:19","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2024/05/iStock-1427687213-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-5-28","readable":"May 28, 2024"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMzY=","databaseId":136,"userId":136,"avatar":{"url":"https://secure.gravatar.com/avatar/1d295f71ad5f26fc505155b8d7e5e2a0?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Jeff is a Writer/Editor for SmartAsset. He's an expert in a variety of personal finance topics, such as investing, banking and retirement. Jeff has received his JD and MBA and has been featured in a number of publications, such as Investopedia, The Street, Forbes, Yahoo! Finance and more. He currently resides in Utah with his wife and five children, where they cheer for the Denver Broncos and make it to the water to sail whenever given the chance. Jeff currently holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":{"expertise":"Financial Planning, Small Business, Retirement, Banking","__typename":"User_Additionalmeta"},"email":null,"firstName":"Jeff","fullName":"Jeff White, CEPF®","lastName":"White, CEPF®","name":"Jeff White, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":16,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"jwhite","__typename":"User"},"reviewedBy":null,"writtenBy":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1364,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"factCheckedBy":null,"secondEditor":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. As a certified educator in personal finance, he edits and writes content that focuses on retirement, investments, home buying and other financial topics.\r\n\r\nArturo is a bilingual native in English and Spanish, and also writes as a freelance journalist for NBC News, among other publications. 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For the ultra high net worth, managing and growing their wealth requires specialized banking services that go beyond the offerings of traditional retail banks. With investable assets of at least $30 million, these individuals have complex financial needs that demand personalized attention, dedicated relationship managers and access to a wide range of sophisticated investment opportunities. Private banks, overseas banks and boutique banks are among the institutions that cater to the specific needs and preferences of this affluent clientele. For help with your banking needs, consider working with a financial advisor.

","

Banking Options for the Ultra High Net Worth

","

The substantial wealth of the ultra high net worth brings complex financial situations that require tailored solutions that go beyond the offerings of traditional retail banks. This exclusive group seeks out banking options that provide personalized attention, dedicated relationship managers and access to a wide range of sophisticated investment opportunities. Private banks, overseas banks and boutique banks are among the institutions that cater to the specific needs and preferences of this affluent clientele, offering bespoke financial solutions designed to preserve and grow their wealth.

","$4f","

What Is a Private Bank?

","

","

Private banks are financial institutions that specialize in personalized banking, investment and wealth management services to high net worth individuals and their families.

","

Private banking clients may have access to dedicated relationship managers, exclusive investment opportunities and preferential rates on loans and other financial products. Moreover, private banks often provide a suite of concierge services, such as travel planning, art advisory and lifestyle management, to cater to the discerning tastes and needs of their affluent clientele.

","

What to Look for in a Private Bank

","

To determine the compatibility between their financial needs and a private bank’s offerings, ultra high net worth individuals should assess their current and future financial goals, evaluate the private bank’s expertise in their specific areas of interest, review the bank’s fee structure and minimum asset requirements, consider the chemistry and communication style of the relationship manager and assess the bank’s ability to adapt to their evolving needs over time. Here are some factors to consider:

","

Personalized service
Range of financial services
Global reach and expertise
Reputation and stability
Technology and digital capabilities

","

Bottom Line

","

The ultra high net worth have unique banking needs that require personalized attention, dedicated relationship managers and access to sophisticated investment opportunities. Private banks, overseas banks and boutique banks cater to this exclusive group by offering financial solutions designed to preserve and grow their wealth. When selecting a private bank, ultra-high net worth individuals should consider factors such as personalized service, range of financial services, global reach and expertise, reputation and stability and technology and digital capabilities.

","

Tips for Building Wealth

","$50","

Photo credit: ©iStock.com/andresr, ©iStock.com/kali9, ©iStock.com/zeljkosantrac

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Almost everyone has a checking account, but the amount of money people keep in their checking accounts varies widely. Checking account balances tend to vary with income, age and other factors. Deciding how much money to keep in your personal checking account requires looking at more than your paycheck and birth certificate, however. Here’s what […]

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His articles have been published in Fusion, Univision, City Limits, the NACLA Report on the Americas and WhoWhatWhy, as well as La Opinión A Coruña newspaper in Spain.","additionalMeta":{"expertise":"Financial Planning, Retirement Planning, Investment Planning, Tax Planning","__typename":"User_Additionalmeta"},"email":null,"firstName":"Arturo","fullName":"Arturo Conde, CEPF®","lastName":"Conde, CEPF®","name":"Arturo Conde, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":38,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"aconde","__typename":"User"},"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/checking-account/how-much-money-should-i-keep-in-my-checking-account","metaDesc":"The amount of money you keep your checking account may vary based on your individual situation. 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","

If you need more financial help beyond checking, a financial advisor can work with you to create a plan for your savings and investments.

","

Understanding the Role of Checking Accounts

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Most people with checking accounts use them regularly for spending, often multiple times a day. They tap funds in their accounts using debit cards, online transfers, automatic drafts, ATM transactions, cash withdrawals and old-fashioned paper checks.

","

Checking accounts are tools, not investments, but they are some of the most well-worn utensils in nearly everyone’s financial kit. They enable countless vital financial tasks, from paying rent and buying groceries to gassing up the car and keeping the electricity turned on.

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Obviously, you don’t want your checks to bounce, since that will cost you overdraft fees. Perhaps somewhat less obviously, you don’t want to keep more money in checking than you need. That’s because most checking accounts don’t pay interest on the balance and interest-bearing checking accounts generally pay lower rates than other accounts and investments.

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With all this in mind, what’s the ideal checking account balance? No single answer suits everybody. Some people need more, some less. But it’s relatively easy to figure out your own ideal checking account balance if you examine the relevant factors.

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What’s the Typical Checking Account Balance?

","

","

The average checking account balance is about $9,100, but this might not be the right number for everyone. For one thing, that average is inflated by a relatively small number of people who keep large balances. The median, which is the point at which half the people have more and half have less, is about $2,900.

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Behind those broad measures of the whole population of checking account holders, you can find variations around individuals’ specific characteristics. Not surprisingly, those with higher incomes tend to have larger checking account balances.

","

Less obviously, perhaps, as people grow older, checking account balances also tend to increase, peaking around ages 65-74. The takeaway here is that, whatever figure you decide is your ideal checking balance, be prepared to revise it as you age or if you start earning more.

","

What’s the Ideal Checking Account Balance?

","

The theoretical ideal amount might seem to be exactly as much as you will need to cover any outflows until the next time your paycheck, investment dividend distribution, monthly government or pension benefit or other source of income arrives to bulk your account back up. That would mean avoiding any overdraft fees and not leaving a penny more than necessary in a no- or low-interest deposit account.

","

But there’s more to this calculation than that. Also consider:

","$68","

To complicate the issue, the type of account matters. For instance, some checking accounts don’t have minimums or charge low or no fees. If you ask your bank about basic or student accounts, you may be able to identify some of these and be less concerned about having a low balance.

","

To help you stay on top of your balance and manage it for best advantage, consider budgeting apps that track your spending. This is must-have info for determining an optimal checking account balance.

","

If all that’s too complicated, the general recommendation is to maintain one to two months’ worth of living expenses in your checking account. Some experts even advise adding an extra 30% as a cushion, although that is just a rule of thumb and may be more than many people need.

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Bottom Line

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The ideal checking account balance varies based on individual circumstances and the need to balance competing concerns. At a minimum, you want to keep enough in there to avoid bounced checks and overdrafts and their associated fees and other inconveniences. But you don’t want to go overboard avoiding fees, because then you would be missing out on money you could earn by putting it in an interest-bearing account or investment.

","

Financial Planning Tips

","$69","

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\n","featuredImage":{"id":"cG9zdDoyMDkzNTQ=","databaseId":209354,"altText":"A woman looking to open an online savings account and looking at the minimum balance requirement","date":"2023-08-22T18:50:37","fileSize":60543,"mimeType":"image/jpeg","modified":"2023-08-22T18:51:20","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2023/08/portrait-of-a-happy-young-woman-using-tablet-at-home.jpg_s1024x1024wisk20cD79rGNSEXaYfbaish_G-Su_Y8kNog-rHiFLDED1s_R0.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-8-23","readable":"August 23, 2023"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMDk=","databaseId":109,"userId":109,"avatar":{"url":"https://secure.gravatar.com/avatar/b3335c657329e1a536e4ed6e332eaafd?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Mike was a senior editor at SmartAsset. He graduated with a Master's in journalism from the University of Missouri-Columbia. 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Online savings accounts offer some attractive features including minimum balance requirements that are generally lower than traditional savings accounts. In fact, the typical online savings account has no minimum balance at all, compared to minimum balances of hundreds of dollars required by many financial institutions with physical branches. Online savings accounts may not be right for savers who prefer dealing face-to-face with human customer service representatives in a physical location, however. A financial advisor can provide personalized advice based on your individual financial situation and goals.

","

The Role of Minimum Balances in Savings Accounts

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Banks and similar financial institutions make most of their money by collecting interest from borrowers who take out auto, business and other loans. The banks get the money to make those loans from funds customers deposit to savings and other accounts. Banks have to spend money to maintain those customer deposit accounts. If an account doesn’t have sufficient funds in it, the bank may not be able to cover its costs with interest from loans.

","

To encourage customers to maintain higher balances, banks may set minimum savings account balances, on average these are going to be around $300 to $500 but some could be $100 or less. Banks may also use minimum balance requirements to manage risk and maintain stability, particularly during periods of heightened economic instability.

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Customers who don’t meet the minimum balance requirement may be charged various fees, including a monthly account maintenance fee of $1 to $8. They may also pay fees for certain transactions, such as $30 for a wire transfer. All banks are not created equal when it comes to minimum balance standards. Online and traditional banks, in particular, tend to take different approaches.

","

The difference largely is due to the fact that it costs less money to run a bank with only an online presence than to operate a traditional bank with physical branches staffed by human tellers. Many online financial institutions choose to pass these savings on to customers by eliminating minimum balance requirements.

","

Online savings accounts with no minimums are likely to be more appealing to savers who are just getting started putting away money. For new savers and those with limited ability to save, having to pay fees because they don’t have enough to meet the balance minimum can make it harder to accumulate savings.

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Choosing an Online Savings Minimum Balance

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Maintaining a low savings balance can have some opportunity costs even if it’s not required to avoid fees. For instance, sometimes online banks will make higher interest rates available to account holders with larger balances. With this in mind, choosing an online savings account requires balancing multiple factors in addition to the required minimum balance. Here are some practical considerations to keep in mind:

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Financial Goals and Budget

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Before selecting an account based on the minimum balance, define your financial goals and assess your budget. Consider how much you can comfortably maintain in your savings account without affecting your daily expenses and financial obligations.

","

Interest Rates

","

Compare the interest rates offered by different online banks. While low or no minimum balance accounts may offer competitive rates, some banks only offer the best rates to accounts with larger balances.

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Monthly Fees and Other Charges

","

Fees can also have an impact. Examine the fee structure associated with each account. Some accounts may have monthly fees or charges for certain transactions unless balances are maintained above a minimum level.

","

Accessibility and Convenience

","

In addition to potential returns and costs, evaluate the accessibility and convenience of the savings account. Some savers place a high value on having online access to their savings accounts 24 hours a day and seven days a week. They may want to be able to check balances, transfer funds and perform other operations anytime and anywhere using a mobile app.

","

For others, it’s more important to be able to go into a physical branch when making deposits, withdrawing funds or checking the balance. When they need customer service, some bank customers prefer to interact face-to-face with a human teller rather than getting answers and support from a toll-free phone number, email address or chatbot.

","

Bottom Line

","

","

Average minimum balances for online savings accounts play a considerable role in determining the accessibility and benefits of these accounts. Compared to traditional savings accounts that may have sizable minimum balance requirements, online accounts with no minimum balance are likely to suit a wider spectrum of savers, especially those just getting started or with limited income. Online accounts may also come with potential drawbacks, such as a lack of physical branches and face-to-face human customer service. To make an informed choice, assess individual financial goals and evaluate interest rates, fees and accessibility in addition to balance requirements.

","

Saving Tips

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