Are you planning to open a savings account for the first time? If so, you are likely to want to build a long-term banking relationship with the financial institution you choose. It might be hard to compare institutions, and perhaps you have a few that seem to have what you want. Some of the service offerings and financial lingo might be confusing. By now, you should know that each financial institution is different, which is why it is worth your time to compare and make the best choice for your personal needs. The following points identify a few key things you might want to keep in mind as you explore your options.

FDIC Insured

Ensure that banks of interest are FDIC insured. This classification means that your money will be protected if some unforeseeable event occurred and the financial institution had to close. You have likely seen many banks display that they are FDIC insured. Do not make the mistake of thinking that all banks are. It is not a requirement, and you the consumer need to do your own homework in this area.

Interest Rates

One of the key reasons that individuals open personal savings accounts is to earn interest on their money. Compare interest rates. Most people search for competitive interest rates and choose high-yield savings account options.

Easy Access

Accessing your savings account should not be a hassle. Transferring or depositing money should also be easy. Even if you have a checking account with another institution, you should choose a savings account solution that makes it easy to transfer funds. It is not uncommon for individuals to choose to have a checking account and savings account with different banks, and when it happens, it should not be burdensome to the consumer.


Aim to choose a bank that has as few fees as possible. This is because fees are money that you pay the bank and will not recover. Granted, some fees can be avoided, but you need to understand what fees you could potentially face. A common fee with some savings accounts is related to not keeping a minimum balance in the account. Some banks do not charge a fee nor require a minimum balance. Choose according to your habits and current financial situation.

Customer Service

Some banks have several options for their customers when it comes to customer service. During high call volume or outside of business hours, some banks have online chat agents. Some banks also have email options. Ideally, you should have an option to get in touch with customer service 24/7 even if you do not get an immediate response.

For more information, contact a company like G.E.C.U.