Savings accounts can be as different as the people who use them. If you need a better way to stash away cash, here are some tips for choosing the right savings account based on your banking personality type.
The ATM Bandit
You know the location of every ATM near your home, work, school, local bar, favorite coffee stop and hairstylist. You love the feel of cash in your hand, although it rarely stays there for long. Look for a savings account with unlimited monthly transactions and no ATM fees. You can even work with a bank that refunds surcharges for out-of-network ATMs.
The Big Spender
You always need money for something — car repairs, vet bills, broken appliances and the like. If you do not have time to run to the cash machine, look for a savings account with a linked debit card. You can pay merchants who accept credit cards. You may also want an account with overdraft protection, which lets you tap into your savings if you drain your checking account dry.
The Bumbling Professor
You know a little bit about a lot, but you can’t figure out where you put your glasses. You prefer pen and paper to stylus and tablet. Make sure your new savings account comes with convenient local branches and 24/7 telephone support. You will be able to get help when you need it, and you can practice your people skills.
The Skeleton Saver
You opened a bare-bones savings account years ago, and the account has been gathering dust since. You may put more money in later but probably not. Get an account with a low balance requirement and no monthly service fees.
Flight attendants bring out your favorite drink as soon as you get on the plane. You always seem to be going somewhere, whether across the country or around the globe. Check for online savings accounts that allow you to deposit checks through photographs and manage your money with a banking smartphone app. You will never need to worry about finding a bank branch in a foreign location.
The Cash Hoarder
You have paid off your bills, maxed out your retirement savings and still have extra cash coming in. Once you have established a quick-access emergency fund, tuck the remainder into a high-interest certificate of deposit, money market account or other investment vehicle. You can open multiple savings accounts with the same bank or with several different banks of your choosing.