Choosing a savings account
In shortWhat to check before you move your savings: interest, rules, fees and access.
General information only. It isn't financial advice and doesn't know your situation.
Savings in an everyday account often earn very little. A savings account that pays interest lets your money grow a little while it waits. Interest is what the bank pays you for holding your money.
- What's the rate once any intro offer ends? Some rates drop after a few months.
- What are the rules for the top rate? Some need a deposit each month, or no withdrawals.
- Are there fees? A fee can wipe out the interest.
- How fast can you get the money? An emergency fund needs a day or two, not months.
- Is it covered by your country's government deposit guarantee?
Keep it apart from your everyday card. Money that's one tap away gets spent.
Interest is usually taxed as income. Rates change, so check again once or twice a year.
In Stuffed, add the account on Net worth so you can see it with everything else.
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