by Matthew Perry
(last updated February 21, 2009)
Sometimes it just seems like there are too many options. That's not the case with savings accounts. There are a few variations, but not a lot, so choosing the account best-suited to your needs isn't too difficult. When you go account shopping, you'll want to keep in mind the following 'sketches' of common accounts, as well as their primary factors: interest rate, access, and fees.
There are other types of savings accounts you can choose from, but these three are the most common. Research whatever account you're looking at so you don't get locked into a tangled trap of fees. One last tip: for many savings accounts, the interest rate goes up or down depending on your balance. This can be true for all types of accounts, so check with your specific institution.
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