Savings Accounts

How to Open Savings Account

A savings account is a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds, all while earning interest. Savings accounts offered by most banks, credit unions, and other financial institutions are FDIC insured and typically pay interest on your deposits. Some savings accounts offer higher interest rates than others.

Open a savings accounts with us now and enjoy the benefits

Essential Adipiscing: Open an Essential Savings account with us and enjoy no monthly maintenance fees, auto transfers, online banking, and no minimum opening deposit.

Select Adipiscing: There is no Monthly Maintenance Fee for the Essential Savings account. Account Opening and Excessive Withdrawal Fee are free

Advantage Money Market Savings: Open a government-insured bank account that pays relatively high interest rates and provides cash withdrawal privileges.

Personal Adipiscing: Open a Personal Essential Savings account with us and enjoy no monthly maintenance fees, auto transfers, online banking, and no minimum opening deposit.

It’s generally wise to have a savings account, and they’re mostly free—especially at online banks, community banks, and credit unions. Keeping cash elsewhere that you don’t plan to spend in the immediate future is unsafe, and using a savings account has a psychological benefit: It’s tempting to spend money in hand. A savings account, however, can be a means of setting aside funds to reach longer-term goals.

Savings accounts pay interest on money in your account. As a result, your bank will make small additions to your account, typically every month. The interest rate depends on economic conditions and your bank’s desire to compete with other banks. Savings account rates are generally not very high and may not even match inflation, but your risk of loss is virtually nonexistent when your funds are federally insured. A little bit of interest is better than nothing, which typically is what you'll get from a checking account.

Opening a savings account should take less than an hour (sometimes just a few minutes), and the account will serve you for many years to come. The easiest way to open an account is to do it online or with your mobile device. If you prefer in-person guidance, visit a bank branch.

To open an account, at least one account holder needs to be 18 years old or older. Specifics vary from bank to bank, so ask customer service for details if you’re opening an account for a minor. Several options are available for saving money for a person younger than 18, so evaluate all of the options.

Some people like to maintain more than one savings account, assigning different purposes to each one. For example, you might have a savings account designated for Christmas. By contributing a little bit at a time throughout the year, holiday expenses might be less of a burden. As another example, you might be saving for a major purchase like a down payment on your first house.

There are many reasons to have multiple savings accounts, and as long as the accounts don't come with fees that strip away your interest earnings, you should go this route if it is the best way for you to manage your savings.