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Best Accounts

Many people have learned a painful lesson with these challenging economic times. One of the lessons learned is that we all need to spend less and save more. In order to get the most out of all your savings you want to find the best accounts for you. 

While savings accounts are not known for their high interest, especially now, you can still find ways to save for that inevitable rainy day or just for something fun. 

The best accounts are the accounts that provide you the best balance between security and yield. If you are trying to get a handle on your finances and set some money aside, the last thing you want to do is invest in some product that may be risky and end up costing you more money in the long run. 

You may also want to consider a certificate of deposit or CD, for your savings. Whether you decide a traditional pass book savings account or a short or long term CD is your best option, there are many places you can go to open the account. 

It is no longer the case that you are limited to going to your own hometown bank and hope that they give you the best rate possible. 

Today you have a lot more options of what financial institution you want to use. For that reason, it only makes sense that you take a little time and look around from one financial institution to the next. 

There can be a wide variance in the amount of money you will need for your opening deposit and the interest rates available. 

Usually CD's will pay much higher interest rates but they are also more limited in accessing them. If you want to take your money out before the term is up, you will lose a lot of your interest. 

Pass book savings accounts are usually much less profitable in the terms of interest paid, but they will generally allow you more flexibility in when you get your money out. 

You should also consider the hours of the bank, and if you are opening an account online, you need to look into the methods for accessing your money and how you can make deposits. 

Customer service may also be a feature that is important to you. Many people don't really need to ask a lot of questions of their bank but if you ever do have a question, you want to make sure that there is someone there who can answer it for you. 

Most banks should be a member of FDIC which is a federal program that ensures the money in that bank is safe and secure. Make sure that any financial institution you consider is a member of the FDIC. 

Getting your finances under control and saving money for the "what if's" of the future, just makes sense. How you go about saving that money is really up to you. There is no definitive right or wrong, it's really just a matter of what you want and finding the best combination of ease of access, customer service and interest rate. 

All of that will play a part in determining what the best accounts are for you.