Digital Gods & Digital Goddesses in a Digital World
Save Money
A savings account is an account that allows you to store your money while earning interest on it
Plus, it shows you something about yourself. Discipline ain't always easy, but when you stick with it? It pays off. Every time.
Saving money matters for a lot of reasons. But the biggest one? Peace of mind.
When you know you've got at least $1,000 or three to six months of living expenses in an account you can access tomorrow if you need it? That takes a weight off.
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Two Types of Savings Account
HIGH YIELD SAVINGS ACCOUNT:
Earns more interest than a regular savings account.
REGULAR SAVINGS ACCOUNT:
Earns less interest than a high yield savings account.
OPEN AS MANY SAVINGS ACCOUNTS AS YOU NEED.
Most banks allow you to open as many savings accounts as you need so that you can save for different purposes.
Let's say you have $200 to save, you may divide the $200 into different accounts with different goals and deadlines.
For example, you are saving $100 towards your emergency fund AND saving $50 for a down payment of a car or house AND saving $50 for next year's birthday vacay.
1. If less than 18, you typically will need joint owner.
2. Ask about any fees that may be attached to the account such as inactive fees or overdraft/NSF fees.
3. You may have a savings account without a checking account and vice versa.
4. Typically can get a savings account along with a checking account.
5. Although you can make unlimited deposits in savings accounts, most savings account only allow.
6. U.S. Banks typically allow 6 withdrawals per month.
If able to plan and be patient, it is recommended that you have at least 3 months of bills saved as an emergency stash before moving out parents' house.
What to look for when opening a savings account:
Insured by FDIC(banks) or NCUA (credit unions)
2. No required minimum balance.
3. No monthly account maintenance fees.
4. No limit to the number of small deposits that you can make.
5. Has a high-interest rate offer.
BEST REGULAR SAVINGS ACCOUNTS FOR TEENS & YOUNG ADULTS:
1. Wells Fargo Student Saving Account
2. Chase College saving account
3. Capital One Kids Saving account
4. Greenwood: a digital Black-owned bank
5. Locally owned Black banks
BEST HIGH YIELD SAVINGS ACCOUNTS:
1. Synchrony Bank High Yield Savings
2. Ally Bank Online Savings Account
3. Capital One 360 Performance Savings
4. SoFi Checking and Savings
5. Northpoint Bank
RESOURCES