How to Save for Retirement? Best Savings Accounts

If you need to have a well-off retirement, you will require saving money, although there is a lot of time for earning the compound interest. You can enjoy your retirement with ample savings, and sustain the independence though leaving the money behind for the successors.

When you invest some of your time to choose the best savings account, you are on the way to the best retirement that can pay the luxurious extras.

CUSTOMERS BANK MONEY MARKET SAVINGS ACCOUNT

The Customers Bank consists of money market-saving accounts that can pay 2.25% APY return. Along with the above-average savings rates, the Customers Bank allows you to ensure substantial profits through the deposit of almost 25,000 dollars balance or more. Also, the account offers you to make up to nearly six withdrawals every month without involving the consequences.

Generally speaking, the money market products that Customers Bank gives a top tier return whereas still offering the flexibility. 

BENEFITS FOR ADULTS

For adults, the money market accounts appear with FDIC insurance, and it is among the best features of Customers Bank. These accounts do not have protections given by FDIC, do the adults can, else they lose a substantial amount in the case of bank failure. Also, there is no need to worry about the hidden charges as long as you keep a minimum balance of 25,000 dollars. 

In today’s world, almost all banks offer different services online. However, you have to go to the branch where you want to open the money market account. The Customers Bank provides a secure online portal that allows you to open and maintain the reports from a tablet, phone, or desktop. 

SHORTCOMINGS OF CUSTOMERS BANK

If you compare different money-making accounts, you may have realized that a few banks offer debit cards that can invest funds of the money such as you can do it with the average checking account. Unluckily, the Customers Bank does not provide the debit cards with the accounts. Hence, you are confined to using electronic checks until you are going to visit any branch. 

You must know that the Customers Bank offers the interest compounds every month with the accounts. Though you can avail 2.25% APY every year, you can miss on the entire month of interest if you want to withdraw the money promptly.

VOI BANK HIGH-YILED ONLINE SAVINGS ACCOUNT

The Voi Banks provides you with a high-yield savings account that wages around 2.46% APY. A significant part about this bank is that it can make the rate of savings above the average of its contestants. Different banks are trying to attract a lot of clients from some last months through high APYs. However, they can end up reducing the rates with the increase of time. 

All the services of Voi Bank are online. Hence there is no need to go to a branch. And, yes! The debit card is also in it. So, it is easy for you to use the balance anytime. Additionally, you can get six FREE withdrawals and FDIC insurance every month. 

BENEFITS FOR ADULTS

In addition to the online and easy access, Voi Bank includes a different way to get started. All you need is to input your number of Social Security and add the license of your driver for opening the account. 

When you open the account, you can start moving amount in and out without including charges. Yes, you only require 100 dollars to initiate with the savings accounts of Voi Bank.

SHORTCOMINGS OF VOI BANK

Though there are zero charges every month, you will need to pay 10 dollars for every extra withdrawal that you do which exceed the limit. Also, you must be cautious about making a minimum of one transaction every year. If you don’t, your account can be closed permanently. 

HSBC DIRECT SAVINGS ACCOUNT

When you open your account via HSBC, you can avail 2.3% APY with the balance of only 1 dollar or more. Moreover, the accounts of HSBC are FDIC protected, and you can manage the account online easily. 

You can shift funds from one account to the other through using the online banking portal of HSBC if you already have an HSBC checking account.

BENEFITS FOR ADULTS

There are no hidden or maintenance charges of savings accounts on HSBC. Also, you can make deposits of almost 3,000 dollars in the account with the app on your phone. 

The best aspect that HSBC is offering is its saving tool and budgeting that is present on its portal. Use the tool for setting the goals of savings and check your progress every month. 

SHORTCOMINGS OF HSBC

A significant downside of HSBC is that it only gives you options of automatic phone banking and live chat for the savings account for customers. If you need to talk to an individual, you need to get the permission of the bank first through using the option of online chat. Most of the adults are struggling for using the online chat. Hence, you may need to think about the other bank if you check using a computer tricky. 

WHEN TO OPEN A NEW SAVINGS ACCOUNT

Most of the individuals do not go for opening the savings account as they keep their attention on the amount that has done through starting to save at an early age. It is not too late for starting the savings and accruing the interest. 

When you start with a new account for savings, you can keep your money at a side so that you don’t need to use it. Saving is essential to a successful future, hence take action to check out and open the right savings account for you.