![]() ![]() In order to open a savings account at a credit union, you'll need to sign up for a membership. A checking account for depositing and withdrawing funds.Government-issued ID (driver's license or passport).To make the process go quicker, make sure you have the following information on hand: When you're ready to sign up you'll be asked some basic information and most likely be asked to set up some security questions and answers. Depending on the account, you may sign up either online, through an app or in person. Once you decide which savings account you'd like to open, it's time to actually sign up for the account. The limit is six transactions (withdrawals or money transfers) per month so if you go above this number you'll be charged $10 per transaction. It does, however, charge an excessive transaction fee. The Ally Bank Online Savings Account is one option that doesn't charge these fees. An account with no overdraft fees can also help you avoid going even deeper into the hole if you spend more than have in the account. ![]() To make sure you can actually get the most out of the funds you deposit, opt for savings accounts that don't have a minimum required balance or a monthly maintenance fee. Next, you should also consider any account fees you may be charged. It's industry standard for deposits to be protected up to $250,000 (per person, bank, and account type), though there are some accounts that insure excess deposits. This means that in the unlikely event that the bank fails, your money is still protected and you'll be reimbursed for your deposit. First off, make sure the account is FDIC-insured. ![]() Across the board, though, there are a few helpful features you can look for. This is arguably the hardest step in the process since there are many solid contenders on the market and everyone's personal needs are unique. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief
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