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How to Choose a Savings Account

07/06/2020 - Financial Planning, Savings

How to Choose a Savings Account

A savings account is something everyone should have and use. There are a number of different types of savings accounts out there, so you’ll want to do your homework. After all, this is a decision that can help grow your money for an emergency or something you really want like a bucket-list vacation, new car or even a home. While your checking account is your primary money holding location, a savings account is a safe place to keep your money liquid in case you need to tap into it at a moment’s notice.

When you start to compare savings accounts, you’ll notice that you have a lot of choices including where to open a savings account. You can go to a local, neighborhood bank or compare savings accounts from an online-only banking service. They’re all different, but we’ll walk you through how to choose a savings account with these easy tips.

Compare Savings Accounts Based on Your Goals

How do you plan to use the money you’re about to start saving? Are you starting an emergency fund or saving for next year’s vacation? Maybe you’re saving for something bigger like a new home or college tuition. You’ll want to choose a savings account that you feel comfortable leaving your money in without making too many withdrawals.

Another consideration when choosing a savings account is how long you’re planning to save that money. If you plan to hold your savings for many years, investing may be something to think about. Consider what’s important to you in a banking partner, too. Do you value an excellent mobile app or online banking resources? Do you value a hands-on approach to customer service? It’s important to think about how your experience will factor into which type of savings accounts you open.

Compare Savings Account Interest Rates

When comparing savings accounts, be sure to look at interest rates. The higher the interest rate, the faster your money will grow. Traditional savings accounts earn interest, but at a slower rate than other high-yield savings accounts. It’s always important to remember that interest rates can change, so this number shouldn’t be the only reason you go with a certain service provider, but it’s something to consider.

Choosing a Savings Account Provider

The first place to look for a savings account is your current bank. If you’re happy with their customer service, mobile and online banking experience, it will be easy to open a savings account. If you’re shopping around for a competitive interest rate, think local. Local banks sometimes have more competitive interest rates than larger banks. If you have a local bank branch in your town or city, make sure to put them on your list when comparing savings accounts.

WesBanco’s Different Types of Savings Accounts

WesBanco has a variety of savings accounts to help you reach your savings goals. Are you saving for a new, state-of-the-art bike? What about a nest egg for retirement? Our savings options have varying minimums to open the account and each one earns interest on a daily basis that’s credited to your account regularly. If you’re just starting to save, our Companion Savings and Statement Savings are great options for a traditional savings account. If you’re looking to deposit a higher balance, our Premium Savings account is tiered for your lifestyle and goals.

If a high-yield account caught your eye, we also offer several money market accounts. Money market accounts are similar to savings accounts, but they earn interest at higher rate. Our Personal Money Market account is perfect for mid-level savers, while our Premium Money Market account is ideal for experienced savers who can maintain a $10,000 minimum balance.

No matter what type of savings account you choose, it’s always important to remember that you’re already on your way to becoming financially healthy. If you’d like to compare savings accounts from WesBanco, our chart is an easy resource to help you make the right decision.

Learn More about WesBanco’s Savings Options:

Explore Savings Options

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

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