These days, opening a savings account is one of the easiest ways to make money. The question is: how do you make the most of this investment?
See, almost every bank and credit union offers this option to its clients. With such an embarrassment of riches (so to speak), it’s hard to find the right fit. What do you need to look for—and which account should you get?
Fortunately, this process isn’t as overwhelming as it may appear at first. Here’s a five-step guide on how to open a savings account in Clearwater, FL!
Consider Your Options
If you have a checking account in a bank, it can be convenient to open a savings account with them as well. That said, it’s always worth looking at other options. Here are some features you may need or want:
- Competitive annual percentage yield (APY)
- Low or no monthly fees
- Low balance requirements
- NCUA or FDIC insurance coverage
- Accessibility of ATMs and branches
- Availability of online banking services
Gather Required Identification
Opening a new savings account will require some documentation. According to Florida banking regulations, the main information you’ll need to provide is:
- Social Security number
- Passport or driver’s license
- Date of birth
- Contact information
- Address (and/or proof of address)
- Bank account information (if applicable)
Choose Your Account Type
Next, you’ll need to decide whether to open an individual or joint savings account. The latter option means you’ll share the account with someone else. Of course, they will need to provide the above information as well.
Sharing a savings account comes with several benefits. For example, it can provide a higher level of FDIC insurance ($500,000 instead of $250,000). This can be helpful if you’re interested in a high-yield savings account.
Fund Your Account
Opening a savings account may require an initial deposit. For most accounts that have this requirement, this will set you back between $25 and $100. You can fund the account with cash, check, e-check, or money transfer.
Beyond the initial deposit, some accounts have a monthly maintenance fee. You can waive this fee, but you’ll need a certain minimum balance. Before opening an account, ensure you’ll meet the deposit and avoid fees.
Submit the Application
Once you’ve provided all the necessary information, all that’s left is to submit your application. Then, wait for the bank to open your account. In most banks, you should be able to start making deposits within a few days.
If you’re opening a savings account online, don’t forget to set up some form of online banking like a mobile app. This will allow you to transfer money, check your balance, and manage your account on the go.
Now You Know How to Open a Savings Account
Learning how to open a savings account means learning how to make your money work for you. That said, banking is a long-term relationship. Before you open an account, take some time to find the best fit for your needs.
Looking to open a savings account in Florida? FiCare Federal Credit Union has physical branches in Clearwater, Lutz, and Tampa! Contact us right here to find out whether we can meet your financial needs!