How do I pick a savings account?

Question

Are there certain things i need to look for when choosing a savings account to put my money in?

Answer 1

Just open a savings account at any bank and don't worry about how much interest it pays. Treat it like a bill and pay it every month or whenever you get paid. It's been working for my wife and I for 35 years.

Answer 2

Interest rate and liquidity are the two big things that come to my mind. A lot of online banks like ING Direct have interest rates that allow you to make a good bit of money on your saved cash (better so than your typical brick & mortar bank). However, if you need to tap into your savings for quick withdrawls, this online banking may not be the route for you. Typically, to transfer funds from an online savings to a brick & mortar checking it can take a few days. (I'm assuming you have a checking at a "regular" bank.)