If you want to put savings money in a bank but don’t want it to be entirely locked in so that you will get a penalty if you ever try to withdrawal or spend it, then an easy access savings account is for you. This account is the best option for those who want the security of having their savings in the bank. Still, this account has the flexibility of taking some out here and there just in case they need it.
That doesn’t mean that there aren’t any limitations. You might only be allowed three or so free, no-fee transactions per month, depending on the bank. You can expect this. After all, it is supposed to be a savings account – not a checking account.
As long as you stay within the number of transactions limit and follow the other terms and conditions, you will have no problems using your easy access savings account. You’ll still be earning interest as on the savings as well. You may or may not get instant access to the money. Still, it will likely be available within 2-3 days. There won’t be any penalties as long as you do everything correctly.
Some banks will try and charge fees to start an account and keep it open. Do your research first to make sure you choose one that does not do this. Online banks are usually the way to go these days since they typically don’t charge any unnecessary fees.
Easy Access Savings Account Minimum Balance
Another thing to look for is a minimum account balance. Does a particular online bank expect you to put a certain amount of money into the account when you open it? Are you expected to contribute to the account regularly? Some banks will expect you to follow some rules to continue receiving the good interest rate. Nobody likes having to deal with numbers, but try to determine which easy access savings account will be worth not only opening up but maintaining.
There are dozens of online banks these days, and not all of them are equal. Some offer different tiers of accounts with other minimum balance requirements, each with its APY %.
One of the better banks that offers an easy access savings account with a decent interest rate, low balance requirement, and good customer service is CIT Bank. There are various savings account options as well as eChecking. Most CIT Bank reviews are positive, and it is a member of the FDIC.