I'm looking to open a savings account (probably online) but I want to make sure I avoid any pitfalls. After looking at Bankrate.com I put toegether a bit of a list, but is there anything else I should be look for besides this stuff?
- minimum investment amount
- monthly fees
- checkwriting services (I don't want or need this on my savings account, personally)
- fees for electronic fund transfers to/from another account (only fees on this end; I'm assuming I'll know about whatever fees the other bank will charge me)
- fees to close the account
- fees/restrictions on how much/how little I can deposit or how many EFT's I can make in a month
- restrictions on how long my money has to be there. I didn't look at CDs for this reason (because they have penalties for early withdrawal)
Should I be wary of anything else or are there any other fees usually hooked to these types of account? If something applies to online savings accounts but not brick and mortar savings accounts that's useful too.
I saw another question (Should I switch to this high rate checking account for my emergency fund?) that talks about savings accounts linked to checking accounts that requires purchases and stuff, so I guess that's something else I should look for.