How to Choose the Best Savings Account

When you finally begin setting money aside, you might think that just leaving extra cash in your checking account is the best way to save. However, there are better ways to earn more money on the money that you are keeping in the bank. Savings accounts are popular, but how do you choose the best savings account? Where can you go to learn all about the different types of accounts you can choose from? Here are some guidelines for choosing the best savings account for you and your needs:

Minimum Balance: Many savings accounts require you to maintain a minimum balance. If you don’t meet the minimum balance requirement, you may be required to pay a monthly fee to keep the account open. Try to find a no fee savings account or an account with a nominal fee so that you can keep more money in your pocket.

Interest: Once you have found a savings account that satisfies you, you’ll then want to be sure that you are getting the best possible interest rate available. Interest rates can be compounded on a daily, weekly, monthly, quarterly or annually. Ask questions to make sure you are getting the best possible interest rate available and compare the interest rates being offered by different accounts and banks.

Getting the best savings account for your needs will take some research and comparison shopping. Make sure to thoroughly investigate any of the options you are considering before you start stashing away your savings!

Google+ Twitter Facebook

Niiwin, LLC, d/b/a Lendgreen (“Lendgreen”), is a wholly owned subsidiary of LDF Holdings, LLC, a wholly owned subsidiary of the Lac du Flambeau Business Development Corporation, a wholly owned and operated economic arm and instrumentality of the Lac du Flambeau Band of Lake Superior Chippewa Indians (“Tribe”), a federally recognized Indian tribe. Lendgreen is organized and in good standing under the laws of the Tribe. Lendgreen is a duly licensed Financial Services Licensee of the Lac du Flambeau Tribal Financial Services Regulatory Authority, an independent regulatory body of the Tribe.

All loan application decisions are made at Lendgreen’s office located at 597 Peace Pipe Road, 2nd Floor, Lac du Flambeau, Wisconsin 54538 on the Tribe’s reservation. If your loan application is approved by Lendgreen, your loan will be governed by Tribal law, applicable federal law, and the terms and conditions of your loan agreement.

This is an expensive form of borrowing. Lendgreen loans are designed to assist you in meeting your short term borrowing needs and are not intended to be a long term financial solution. The Annual Percentage Rate (“APR”) as applied to your loan will range from 720% to 795% depending on your payment schedule, pay frequency, loan term, and the amount of your loan. Late payments and non-payment may result in additional fees and collection activities as described in your loan agreement and as allowed by Tribal and applicable federal law. Lendgreen does not lend to residents of AR, GA, MD, MN, NY, PA, VA, WV, WI or to members of the military or their dependents.

© 2020