Have you been thinking about opening a new Regular Savings account? If so, you’re not alone. In fact, millions of people open new savings account each year. Unfortunately, many of these consumers don’t do any form of research before opening an account and are shocked when they discover their account has fees they weren’t aware of. Luckily, if you’re planning to open an account soon, there’s a few tips you can follow to avoid hidden fees and make the process of opening a savings account much easier.
One thing you may want to do before opening a savings account is to determine if the account has a monthly fee. While some banks offer free Regular Savings accounts, others do charge a monthly fee, which is normally five to seven dollars. Plus, some will charge you additional fees if your balance drops below a certain amount. Before opening a savings account, it’s also important to determine if there are a certain number of withdrawals you can make each month. Unfortunately, some banks allow you to make a limited amount of withdrawals and charge you fees if you exceed that amount.
Before opening a savings account, it’s also important to determine if the bank you’re interested in opening an account with will allow you to set up automatic transfers from your checking to savings account. While there are some people who don’t like the idea of automatic monthly transfers, others find it to be a great way to save money. Also, before opening an account, it’s a good idea to determine how much interest your account will earn. However, it’s important to keep in mind that savings account interest rates do vary by your bank and the terms of your account.
Finding the right savings account may seem like a difficult task, but it can be done fairly easily. Whether you’re opening an account for the first time, or you’re interested in opening another account, consider visiting Pearl Harbor Federal Credit Union. This bank offers a variety of both savings and checking accounts, which makes it much easier to find one that will best suit your needs. Plus, if you find yourself in need of a loan, they can also provide you with loan services, too. Therefore, if you would like to check out some of the accounts, this credit union has to offer give them a call or stop by today.
