Many of us don’t think about our savings accounts. In fact, you probably just opened it when you created a checking account. The perception is that it is just an account used to put money aside. However, we never really think about the pros and cons of the savings account we just opened. If you are thinking about switching banks, or are looking for ways to save more money with a savings account, consider these things first.

What fees come with the account?

Some banks charge a fee if you do not maintain a certain balance in your savings account. Although you may have no problem keeping the balance above the necessary threshold, it is still a hassle. And if an emergency strikes, forcing you to pull money out of your savings, then that fee may take effect depending on the remaining balance. Your best bet is just to avoid a savings account that comes with a fee.

What is the interest rate?

Most savings accounts have extremely low-interest rates. If you are looking for a place to grow your money, then a savings account probably isn’t your best bet. There are far better options out there if you want to get a high-interest rate for growth. Savings accounts are more so used to stash money away that you intend to use at some point in the event of an emergency or a perhaps a planned vacation. However, if you can find a savings account that has an above average interest rate, it may be worth getting it just to add a little boost to your savings.

Does the bank have local ATMs?

The reason why we have a savings account is so that we can use that money we have set aside for anything that may surprise us. This could be car maintenance or a busted pipe in your home. You will want to make sure that you have a quick way to get this cash if you need it. Having local ATMs nearby is important. That way you can simply make a transfer and go down to the nearest ATM to get your cash in your hands as soon as possible.

Is there a fee for automatic transfers?

Making a habit of saving money can be difficult. That is why setting up automatic transfers from your checking to your savings account can take the responsibility of manually setting money aside off your shoulders. However, some banks may charge a fee for setting up automatic transfers. Make sure that wherever you do your banking that they do not charge a fee. That way you aren’t losing money that you would otherwise be saving.

Do your research

Many of us are living busy lives and need quick answers or solutions to our problems. However, when it comes to savings, you should take the time to do your research. Look online for recommendations for savings accounts. Talk to your friends or your financial adviser to learn how you can save more without the fee headaches.