Savings accounts in the U.S have been around since 1816 when the first American savings bank opens in Boston and Philadelphia.
The savings account provide a safe place to keep money and the people can earn some interest.
Working of savings account
The savings account works in two ways such as,
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Uses of savings account
A savings account provides easy money transfer for emergency purpose and store money safety and also retrieve it easily.
The characteristics of the savings account are,
- Emergency fund
- House down payment
- Large purchase or vacation
- Money for studies
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How to open a savings account
There are some common ways such as,
- This is the better way to open a savings account is to visit a bank in person.
- To start your account you need to bring enough money to deposit via cash or check.
- You can also open your savings account through online mode.
- For that, you need to provide your personal details and account number to the bank.
- This method is the same as applying through online.
- One advantage of applying through the phone is you can approach the actual person and get the real-time answers.
Best bank for the savings account
There are lots of bank in the list because you know how much banks are there in the U.S and all of them are providing out the top quality services needed out for the customers. And actually its a really a difficult one for us to pick few banks among the big list, actually you might think that banks like Wells Fargo, Morgan Stanley are the best ones to open a savings account.
But actually they are not because we are selecting the banks based on all the people
1.Marcus by Goldman Sachs
Headquarters: New York
Marcus is an online platform and it doesn’t offer to check accounts or ATM and extensive branch network.
Headquarters: New York
American Express Co. The bank is based on a payment company. This allows savings account and CDs.
This bank is based on consumer financial service company and it offers savings account, CDs, money market account, individual retirement account.
Ally Bank is based on Detroit based online financial company. This bank operates on the savings account, credit card, mortgage, auto loans and investment products.
This bank offers a savings account, CDs, credit card, student loan, home loan, personal loan.
So if we take out the list of the banks for opening bank accounts there are lots and lots of options being available to open a savings account.
And the list above provided is a recommendation by us for you to have a choice in your mind for opening a savings account but you know what actually you should personally make a research on the top savings bank by yourselves before selecting the best savings bank for you.