How Much Money Do I Need to Open a Personal Savings Account?
How much money do you need to open a personal savings account? It all depends on the particular account and the banking institution you are working with. Accounts are frequently tiered to meet different customer goals and savings needs. You do not need any money to open some savings accounts, but the better deals will be found if you make larger deposits.
US Bank offers an Elite Money Market Savings account which requires a $100 deposit with no maintenance fees, but not everyone will qualify for this account. A standard savings account starts at $25 dollars with a $4 dollar a month maintenance fee. These numbers may have changed so check up the current rates.
Banks require larger deposits in accounts that carry higher interest rates of return and all accounts will have a variety of finance and maintenance fees attached to them. There may be a required monthly deposit amount as well as restrictions on how and when money can be withdrawn.
Banks typically require identifying documentation from you in order to open a new account. Expect to be asked for a social security card, a driver’s license or state ID, and proof of U.S. citizenship. The application process can be completed online but may require a signature page be presented to the bank to complete the application.
Personal Savings Account Goals
Ask yourself “what are my savings goals.” When you know what your goals are, you will know which savings product is right for you. Choosing the right account will allow to meet your goals faster without experiencing unnecessary fees while ensuring you can live with any account restrictions.
If you do not have a large amount to deposit, but will be building a savings over a long period of time, remember you can always upgrade accounts in the future. Start with a basic account that requires a $25 dollar deposit and build the account until you can transfer it to an account requiring a higher daily balance and initial deposit were you will benefit from higher interest rates and lower fees.
Tips: Remember to check the minimum requirements for opening an account and do not go below them.
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