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Last week, I asked what's the most important thing to look for in a checking account. I loved the responses — it's always interesting to hear what others are prioritizing when selecting a place to put their money in.

Now I am wondering, what's important to you to have when selecting a SAVINGS account? Whether it's attentive customer service reps, no minimum required accounts or high interest, I'd love to hear what you value in a savings account.

For me, I appreciate a savings account that does not require a minimum cash balance or monthly maintenance fees. Also, maybe a little nerdy but I also love savings accounts that allow you to divvy up your savings without having to open up multiple bank accounts — kind of like a digital envelope. This is important to me because it helps me separate out different things I am saving for. It's one of the key savings strategies I've leaned on for years now.

How about you?

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I need a savings account without maintenance fees. It kills me that those fees chip away at my SAVINGS when the goal is for the money to sit there. I have a couple different accounts with different banks because I'm too tempted to move money from my savings to my checking though lol. So I have one with Aspiration that's for travel and vacations, my Stash I treat as a savings for Future Me, and then a regular savings account at my local bank for short term but high ticket items (like my hopefully new xbox and headset lol)

Find a bank or credit union who does not nickel and dime you to death with fees for transfers & transactions. Read carefully the rules and regs, the fine print is the defining info, make sure you understand it. Also, be aware they can change up the game on you. This just happened to us: as of 1 Jan if you are under the age of 60 and have a paper statement sent to you, there is a $2 charge for paper. They want you to do online.

Interest is nearly non-existent, so if they say they are going to pay interest 10X the average rate, think about it. It is still next to nothing. Do the math, see what you are getting in interest and multiply X10.

No fees is the obvious first criteria. Many have fees that are waived for fairly simple requirements like minimum deposits every month (which often don't have to stay in there, just be deposited even if withdrawn almost immediately). Once that hurdle is crossed, the next one is a good interest rate. Hard to find these days. Finally, I look for sign on bonuses. If an account checks all 3 of those boxes, I'm in.

No minimum is probably the most important to me. Because this generally means no fees even if my savings dip below a certain amount. There should also be no fees up to a certain point -- for example, savings accounts should let me withdraw from it once in a while without incurring any fees.

High interest is nice, but of less importance to me. This is mostly because I already invest my money in the markets. Having a 1% risk-free return would be great, but chasing returns is more what I use my money for in an investment account, not as much in a savings account. So high-interest is a 'nice-to-have' for me but definitely not a requirement. It should, however, most definitely have a higher interest rate than a checking account.

For me personally, works as a savings account since I mostly just use it to store money, and since I almost never withdraw from it, I don't have to worry about fees.


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