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15 types of savings accounts to consider
When it comes to personal finance, savings accounts can be a reliable option for securing their financial future. Further, one can choose from various types of savings accounts, each offering unique benefits to cater to diverse financial goals. From the simplicity of a basic savings account to the strategic long-term advantages of an individual retirement account (IRA), one should examine all available options. So, here are the types of savings accounts to consider: 1. Regular savings account The basic or traditional savings account provides a simple and accessible way to start saving money. It comes with low or no fees and is easily accessible, making it the ideal option to hold emergency funds and meet short-term savings goals. It typically requires a low minimum deposit. However, this type of account may have restrictions on the number of withdrawals allowed per month. 2. High-yield savings account A high-yield savings account is a more lucrative option for those seeking increased returns without sacrificing safety. It offers higher interest rates than regular savings accounts, contributing to more significant savings growth over time. This type of account usually requires a higher minimum deposit, so one may have to maintain a certain balance to access higher interest rates.
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