I’m a Bank Teller: Here’s How I Chose My High-Yield Savings Account

If anyone knows how to choose a bank account, it’s a bank teller. GOBankingRates spoke with Rachael P, a bank teller for years, about how to choose the best high-yield savings account .

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“I used to think all savings accounts were pretty much the same,” Rachael said. “Then I got into banking and I learned a thing or two.”

Here’s how one bank teller chose her high-yield savings account .

She Shopped Around

First things first, Rachael didn’t just settle for what her own bank offered. “I love where I work, but that doesn’t mean they have the best savings rates,” she said. “I looked at online banks, traditional banks, and even credit unions.”

She recommends checking out websites that compare savings account rates from multiple banks. “It’s like shopping for the best deal on a new TV, but for your money.”

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Interest Rate Was Key

When it came down to it, the interest rate was Rachael’s top priority. “Look, a high-yield savings account is all about earning money from your money,” she said. “I wanted the highest rate I could find, period.”

Rachael had two deal-breakers when choosing her account: “First, the bank had to be reputable. No sketchy online-only banks for me,” she said. “Second, I always read the fine print. Some banks lure you in with high rates that drop after a few months. Hard pass!”

She Considered Minimum Balance Requirements

Some high-yield savings accounts require a large minimum balance to get the good rate. “I didn’t want to tie up all my savings just to qualify.”

She opted for an account with a low minimum balance requirement – that way, she could earn a good rate even if she had to dip into her savings for an emergency.

Fees Were a Deal-Breaker

As a bank teller, Rachael knows all too well how fees can eat into your savings. “I refused to consider any account with monthly maintenance fees,” she said. “Why pay a bank to hold onto my money?”

She also looked out for other sneaky fees, like excessive withdrawal fees or account closure fees. “Every dollar you pay in fees is a dollar that’s not earning interest.”

Online Banking Features Were a Must

In today’s digital world, Rachael wanted an account with robust online and mobile banking features. “I wanted to be able to check my balance, transfer money, and even deposit checks from my phone.”

She tested out the mobile apps of her top choices before making a decision. “If I’m going to be using this app regularly, it better be user-friendly,” Rachael said.

She Considered Linked Accounts

Some high-yield savings accounts offer better rates if you also open a checking account with the same bank. “I thought about whether I wanted to move my checking account too,” Rachael explained. “Which was tough because it wasn’t where I worked, but still I had to consider it.”

In the end, she decided to keep her checking account separate. “The hassle of changing it wasn’t worth it.”

FDIC Insurance Was Non-Negotiable

As a bank employee, Rachael knows the importance of FDIC insurance. “I wouldn’t even consider an account that wasn’t FDIC insured,” she said. “Just say no!”

She made sure her chosen account was covered up to the standard $250,000 limit.

She Considered Account Limitations

Some high-yield savings accounts limit the number of withdrawals you can make each month. “I didn’t want an account that slapped me on the wrist for withdrawing,” Rachael said. “Some of them honestly do!”

She chose an account that allowed for up to six withdrawals per month without penalties, which is standard for many savings accounts due to federal regulations.

She Thought About Her Savings Goals

As Rachael points out regularly, she made sure whatever she chose was right for her . “Just like anyone, I have specific goals,” she shared. “Mine are around my emergency fund so my savings accounts revolve around that.”

She also chose an account that allowed her to set up automatic transfers from her checking account. “Again, it’s what I want,” she said. “Banking has to work for you.”

This article originally appeared on GOBankingRates.com : I’m a Bank Teller: Here’s How I Chose My High-Yield Savings Account