Before opening an account for your savings, ask yourself a couple of questions:
What am I saving for?
When might I need this money?
For example, say you’re building your emergency fund and may need your funds on short notice. You’ll want to keep your money in an account where it’s easy to access and where you won’t be penalized for making a withdrawal. You may trade a higher rate for more liquidity in this case.
On the other hand, if you’re saving for a down payment on a capital and know you won’t be starting your venture anytime in the near future, you may consider an account with less liquidity and a higher interest rate.
You may also choose to have multiple savings accounts for different goals. Your savings strategy is yours to design. The following Zaidi Savings can help you make a plan to save and maximize your interest earnings.
Types of Zaidi Savings
BSG offers two categories of saving accounts: High-Yield Savings Account and High-Yield Checking Account. Customize your savings account to your own investing style, whether it's aggressive, moderate, or conservative.
High-Yield Savings Account
A high-yield savings account is a good choice if you want to make sure your savings are somewhat accessible while earning interest.
Your account limits the number of transactions and withdrawal you can make per month to six. But in exchange for less liquidity, you typically get a higher interest rate than you can earn with checking accounts.
What Is a High-Yield Savings Account?
A high-yield savings account operates like a regular savings account, but the interest yields are generally higher. We don’t require a higher opening deposit to get a higher interest rate. We have a low minimum deposit requirement. BSG High-Yield Savings Account pays four times or more than the national average savings account rate, which is 0.06% as of March 21, 2022.
How Do You Open a High-Yield Savings Account?
High-yield savings accounts are available at many BSG youth champions centers. You’ll need to provide identification with your account application and make an opening deposit if required.
2. High-Yield Checking Account
A high-yield checking account could be an attractive place for your savings, especially if you want near-instant and unlimited access to your funds while earning interest. Unlike a savings account, checking accounts generally come with a debit card or check-writing capabilities. And checking accounts have no restrictions on the number of transactions you can make within a statement cycle.
These can be good accounts if you’re saving for short-term goals, like joining BSG Investment or a new appliance. They allow you to earn interest on your balance and quickly spend whenever you need to, allowing you, for example, to swipe your debit card and take advantage of a sale when it comes along.
What Is a High-Yield Checking Account?
High-yield checking accounts operate like regular checking accounts but with interest earnings. To earn the interest rate, you’ll often have to meet monthly requirements, like making direct deposits of a certain amount.
Our high-yield checking accounts offer rates far higher than the national average of interest-bearing checking accounts, which is 0.03%. While some accounts require a minimum deposit to open, we don’t.
How Do You Open a High-Yield Checking Account?
High-Yield Checking Accounts are available at many BSG youth champions centers. you can complete a simple account application, provide identification and make an opening deposit (if required).