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Is Now The Right Time To Open A Savings Account?

Jan 06, 2021

  • Savings Accounts
  • Banking

When savings interest rates are low like they are now, opening a new account may not be at the top of your to-do list. And with the uncertainty that comes with the COVID-19 pandemic, you may be thinking about keeping your savings close at hand. But if you need to find a place to keep your savings now, opening a traditional savings account may be the right solution.

An FDIC-insured savings account can provide security, earn a modest interest without exposure to the volatile stock market, and allow easy access if you need it. While the current rates won't reap huge dividends, you won't need to do anything once they start to go back up. And opening accounts has never been easier. Most banks offer simple online account opening and access, which is especially valuable during the COVID-19 pandemic.

If you have the money to place in a savings account, the bottom line is now is the time to do it.  Even though rates are low, they will eventually go back up, and when they do, you will be prepared.

If you would like to find out more about opening a savings account at NASB, give us a call at 1-800-677-6272.