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Is Technology Bringing Back Savings Accounts?

Jan 30, 2019 Personal Finances

Saving your money in the wrong place or not at all? Learn why you should reconsidering using a savings accounts.

A woman lays on the floor with a baby. The baby is holding a book and the woman is smiling at the baby.

Savings accounts are making a comeback, thanks to higher interest rates and easier access to accounts because of technology. The average annual percentage yield in the U.S. is 0.09%, but many financial institutions are offering a much higher rate.

Learn more about why using a savings account could be a good option for you.

More Resources

The internet provides many valuable resources at your fingertip, so don’t be afraid to do some research when looking for what’s best for you. While you’re shopping and comparing rates, check out the fees each institution has.

Convenience

It also makes it easier to transfer money from your accounts. For example, many institutions offer mobile deposit, so you can move money around without having to visit a brick and mortar location.

Technology also helps you to monitor your accounts. A+FCU offers Card Guard, an app that provides alerts for suspicious transactions.

Regardless of where you keep, the most important thing you can do is establish a savings. Basic savings accounts at a credit union can help you with this; once you’ve built up your funds, you can transfer somewhere that has a higher yield or switch accounts. While interest rates are increasing, it’s also important to consider certificates, which will earn an even more, or using things like retirement accounts if that’s what you’re saving for.

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