Savings Accounts

October 22, 2024For self-employed individuals, managing healthcare costs can be challenging without the benefits of employer-sponsored insurance. One way to alleviate some of the financial burden is by opening a health savings account (HSA). An HSA allows self-employed individuals with high-deductible health plans (HDHPs) to save pre-tax money for medical expenses. Since self-employed people are responsible for… read more…

October 22, 2024A health savings account (HSA) can be a useful way to cover medical expenses with pre-tax dollars. And knowing which treatments count as qualified medical expenses will help you maximize your savings. One common question that account holders have is whether an HSA can be used for a massage. While HSAs cover many healthcare services,… read more…

October 17, 2024Health savings accounts provide a tax-advantaged way for individuals with high-deductible health plans (HDHPs) to save and pay for medical expenses. They offer a sizable degree of flexibility along with near-unmatched tax benefits. These pluses have made them a popular choice for people looking to manage healthcare costs both now and in the future. However,… read more…

June 26, 2025High-yield savings accounts are a popular choice for individuals looking to earn more interest on their savings compared to traditional savings accounts. However, while interest rates are often significantly higher than the national average, these accounts also come with specific conditions and limitations. Before opening a new account, these are the pros and cons of… read more…

June 16, 2025Swiss bank accounts are known for their privacy and long-standing appeal among the wealthy, thanks to Switzerland’s strong financial secrecy laws and reputation. However, they typically offer little practical benefit for the average person, as they often require large deposits, charge high fees and may involve in-person visits. While their secrecy was once a major… read more…

June 13, 2025Certificates of deposit (CDs) and high-yield savings accounts are two popular options for savers looking to earn more interest on their money. Both offer higher returns compared to traditional savings accounts, but they come with different features and benefits. Understanding the distinctions between CDs vs. high-yield savings accounts can help you decide which one fits… read more…

June 12, 2025A traditional savings account works as a straightforward financial tool offered by banks and credit unions. Savings account interest rates help customers earn more money over time.  In exchange, the bank uses these funds for loans and other investments Traditional accounts also differ quite a bit from their online counterparts, as online savings accounts tend… read more…

June 5, 2025We often use checking account information for bank transfers and direct deposits, but do savings accounts have their own routing numbers? Yes, savings accounts have routing numbers, which are the same as the bank’s checking accounts. A routing number comes from a bank or financial institution and is unique to that institution. This number identifies… read more…

September 18, 2025Online 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… read more…

May 22, 2025Managing your finances, especially as pertains to planning for retirement can be a daunting task, but simplifying it typically starts with grasping the concepts of compound interest. Compound interest, when used strategically, can significantly contribute to your progress toward financial health and long-term wealth creation. You can build your compound interest in a number of… read more…

July 30, 2025If you want to secure your financial future, an automatic savings strategy could help. Automatic savings helps you consistently set aside money without lifting a finger. You can automate your savings and maximize your retirement fund through specific strategies and apps. It can be an easy way to grow your savings without the risk of… read more…

June 28, 2025There are many types of savings accounts. Money market accounts can earn higher interest rates than traditional savings accounts. But CDs can often earn even higher rates. However, there are pros and cons to each type of account that goes… read more…

August 12, 2025A savings account is the most basic sort of bank account. And it is appropriate for almost anyone interested in being smart about managing their money. If you are trying to accumulate funds to reach a short- or long-range goal… read more…

April 18, 2025Some banks limit how often you can transfer money out of a savings account. Exceeding the allowed quota of transfers via ATM, electronic bill payment or other methods could result in being charged a fee, having your savings account changed… read more…

April 24, 2025Money market accounts and high-yield savings accounts are broadly similar. Each is a depository account that pays higher interest than a standard savings account, but which also comes with some restrictions on how you can use your money. With a… read more…

June 5, 2025Closing a savings account can have a negative effect on your credit if the account has a negative balance when closed. Credit bureaus don’t consider savings and checking activity, including account closings, when compiling credit scores. But if you don’t… read more…

April 23, 2025When you have money in the bank, there are many different ways to withdraw money to make purchases. One of the most convenient options is using a debit card at checkout. However, not all bank accounts offer debit cards. Most… read more…

June 3, 2025There are two questions about safety when it comes to opening a high-yield savings account: First, what is the risk that your bank will fail? Second, if your bank does fail, what is the risk to your savings?The answer is… read more…

April 11, 2025Depositing money to a savings account can help you prepare for rainy days. You could also grow your money if you’re earning compound interest on your balance. One thing to consider when comparing savings accounts is how frequently interest compounds.… read more…

May 7, 2025Standard savings accounts typically come with monthly maintenance fees and excessive withdrawal fees. While some banks charge these fees to hold your money, others waive these fees entirely. Savings account fees are the opposite of what most people want. After… read more…

July 28, 2025For the past few decades, most banks’ savings accounts provided uninspiring interest rates. However, fierce competition among banks and rising interest rates have produced a vast selection of high-yield savings accounts for customers. With exponentially annual percentage yields (APY) than… read more…

April 16, 2025Credit unions can be a good place to keep some of your money if you’re hoping to avoid high fees that can be associated with traditional banks. Opening a share account or share savings account is often a prerequisite to… read more…

June 13, 2025Saving money can be a great financial habit to develop but that’s not always easy if you’re a spender by nature. Opening a prize-linked savings account is something you might consider if you need a little extra motivation to save.… read more…

August 1, 2023There’s good news for folks who want to park their money in cash amid market volatility: The best savings rates are now up to 5.00%. That’s more than twice what they were just a year ago. And those rates may… read more…

May 30, 2025Vacations can put a dent in your family’s budget. Between airfare, accommodations, activities, food and souvenirs, the costs really add up. Rather than go into debt to pay for the trip, a better approach is to create a vacation savings… read more…