The Benefits of a New York Savings Account
Savings accounts hold several advantages over other savings options. In fact, a New York savings account is an integral part of any personal finance plan. If you have yet to start putting away some money on a regular basis, consider the following benefits of opening your own savings account:
Liquidity of a New York Savings Account
A savings account offers the flexibility to access your money whenever you need it, but offers a little control so that you don’t spend it on non-essentials. Most savings accounts don’t require a fee for withdrawals, so your cash is accessible in case you need it for an emergency, event or large purchase.
While researching for the best New York savings account, make sure to look for any minimum deposit requirements or possible fees. There are sometimes special rules associated with when and how often you can access funds.
Save as Much as You Want
Larger investments, such as a CD or IRA, usually require a pretty hefty initial deposit. If you are looking to grow your money but don’t necessarily have a lot to start with, a New York savings account may be an ideal account option.
You can start out with a lower minimum and safely let that money grow. With regular deposits and accrued interest, you will be ready for your next big investment in no time.
Guaranteed Savings Interest
Although modest, a New York savings account is guaranteed to steadily grow. Look for the best interest rate available in your area or research savings calculators available online to see what your balance will be in a year or two. Further, by setting up an automatic transfer to your savings account, you can eliminate service fees and be awarded more in interest.
Where are the Best New York Savings Accounts?
Browse the highest yields New York savings accounts below so you know where to begin your search:
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The above rates are accurate as of 9/26/11, but may change at any time in the future. Please contact individual financial institutions directly to verify rates and learn about any additional requirements.