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Savings Accounts For Long-Term Thinkers


In a recent post, Derek shared the secret to being rich and explained that long-term thinkers are goal oriented and understand the necessary value of saving.

However, before you start saving, think about these questions: 1) What should you look for in a savings account? 2) Which companies offer the best service? And 3) Above all, which saving account is going to help you reach your financial goals?

Here are some tips to consider when answering these questions.

APY, a Key Metric: The Annual Percentage Yield (APY) is the amount of money you earn on a deposit over the course of a year. Simply put: The higher the APY, the greater return on deposit.

Money Market or Regular Savings? This choice depends on the amount of debt you hold. If you’re in debt, consider a regular savings account while you pay it down. Once you can devote a large portion of your paycheck investigate money market accounts. Considering the switch to money market before you’ve paid your debt down isn’t advised. No APY will ever be higher than the interest rate on your credit card.

Why the money market? Opening a money market account is like giving the bank permission to invest your money. In return for letting the bank invest, you are guaranteed monetary growth. How does the bank make your money grow? Through the APY. The higher the APY, the more money you’ll earn each year.

Internet or Branch Bank? Internet and savings accounts go together like peanut butter and jelly. No bank tellers, minimal ATMs, and no branch locations mean an online bank has less expenses; less expenses means the bank doesn’t have to charge more or restrict benefits because they need to cover extra costs. Translation? Better perks and additional savings for you.

On the other hand, unless you have direct deposit set up, (which you should for efficiency purposes) you’ll need to find an ATM (which could be few and far between with online banks), or mail your checks to the bank.

All in all, however, online banks offer lower rates and fees in contrast to branch banks.

Speaking of fees: Many savings accounts require a minimum balance, or a minimum monthly deposit, though there are some savings accounts that don’t cost a penny. For most savings accounts, the largest fees are due to over withdrawing. Regardless, make sure to investigate all fees before signing up for an account.

At the end of the day the best savings account is the one that helps you reach your goals. Below are my overall selections for both the best money market and regular savings accounts. How does your current savings account match up?

This post was provided by Kyle Espinola of, an unbiased, data-driven platform designed to help you find the best savings account and just about anything else!


AUTHOR Derek Sall

Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially--one email, one article, one person at a time.


  1. I don’t have an online bank right now but it’s something I do want to look into. I just need to take a few mintues and do it.

    • I actually have to look into online banking as well. Especially since my online ventures are really taking off.

  2. I have looked some into online banking but I know for the ING Orange account I can not get it to work with dial up internet, I really need to work at being able to get high speed where I live!

    • That stinks! It would definitely be beneficial to ditch your dial-up. I can’t imagine still having that! Does it still have that annoying noice/song when you connect to the internet?? I’m very curious.

    • Yup dial-up still has that annoying song when connecting and I would love to ditch it. BUT it is onl 10 bucks a month and DSL is NOT available in my area YET. My only other option is Charter calbe which I do not like at all OR satelite which is so expensive it is ridiculous. My library only allows an hour a day useage so that is not a good option for me either.

      Note to self- check out internet availabilty BEFORE moving to an area!

      • Wow, I can’t believe there’s still that annoying noise! I figured that was history! That is a good reminder though to check all the options that are available before moving into a different area.

      • Yeah but I guess at the same time you have to decide “Trade-offs” one thing about living in small rural areas, in order to get low rent you have to give up other things. We only pay $475 in rent and for Michigan Rent to house a family of 5 that is DIRT cheap!

        • That is incredibly cheap Carrie! Nice job finding that deal!

  3. I have an ING account with an automatic deposit out of my checking account. You can then set up sub accounts if you want to save for specific goals.

    Great way to save without having to think about it.

    • Yep. Sounds like a great way to automatically set up your savings. Thanks for the comment Dr. Dean!

  4. The idea of saving my money in an online bank came to me. Like many I prefer short-term investments especially that it is safer but a bit slow. Less charge for services definitely increase the chance of having higher savings. It sounds good. Hope you can visit derivatives as well. It also covers topics on investments.

    • Thanks for the comment Steve! We’l definitely have some more teaching coming soon! 🙂

  5. I like the idea of joining the money market. Short-term investments are safer yet I think they are slow but if the bank is willing to invest my savings then there is a chance it will grow faster.

    • I like that you’re thinking about your investments now! That’s a great first step!

  6. I have an ING account and it is very convenient. Although these days the interest is like 0.5% APR. I still remember when ING paid 4-5% interest. It was great.

    • True true. We might see those days again – you never know! 🙂

  7. I dont have internet bank yet. But I think I need to find time and visit my bank soon. We use our visa debit card for our monthly expenses

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