For most of us, our first foray into the world of finance happens through a savings account. True to its name, a savings account helps us save money for a rainy day. However, if you are looking to get more out of your savings account, here are some effective tips for optimizing a savings account:

Opt for a High-yield Savings Account
Most savings accounts offer very low interest rates. So, if you really wish for your money to grow, you need to exclusively check for high-yield savings accounts. Most online savings accounts from big banks are high-yield savings accounts as they offer very competitive interest rates to make your money grow. Additionally, as these accounts operate only online, they often do not charge you any fees for your services. 

Some examples of high-yield online accounts are Marcus by Goldman Sachs with an APY of 1.30%, Synchrony Bank high-yield savings account with an APY of 1.50%, Citizens access online savings account with an APY of 1.50%, and CITC Bank savings builder with an ANY of 1.45%. These are some of the leading high-yield online savings accounts in 2020 as per the industry reports. When looking for a high-yield savings account, do not only look for the big names in the industry. Quite often, the smaller names give attractive interest rates. 

Read the Fine Print
Many banks might have attractive advertisements for savings accounts. But it’s necessary to read all the details before opening one. This will ensure that you are actually getting a good deal and are able to optimize your savings account. For example, a bank may offer a very low minimum balance in your savings account but charge you certain fees that might be expensive to pay. This might put a dent in your savings.

Check the Fees Charged
In connection with the previous point, it is extremely important to pay close attention to any fees that your savings account might charge you. Savings accounts can charge you fees for a variety of services including wiring money and physical statements in the mail. So, an ideal way to optimize your savings account would be to compare these charges between different banks then choose the cheapest one. 

Focus on Security
While saving money is the primary goal of optimizing your savings account, do not forget that increasing security is another factor to focus on. The ideal savings account should be optimized for your financial security. We often read of hackers unethically breaking into systems and stealing data. This is something that you would not want to be at the end of. So, do speak to your savings account representative about the security measures their bank is taking. One such way is to ask them about the SSL encryption for the browser login. This is one of the most effective tips for optimizing a savings account.