What should you check before opening a savings account?
A high APY is great, but it is only one part of the account. Before you move your money, make sure the fees, minimums, transfer rules, and insurance setup fit the way you actually plan to use it.
Will you actually earn the advertised APY?
Check whether the rate applies to your expected balance and whether you have to meet any special conditions to get it.
Are there fees or minimums?
Look for monthly fees, opening deposit requirements, minimum balances, and the rules for getting a fee waived.
How easy is it to move the money?
Check how long transfers take, whether you can link outside accounts easily, and what withdrawal or ATM options are available if those matter to you.
Where is the money actually held?
Make sure you understand which bank holds the deposit and how federal deposit insurance applies, especially if you already keep money at the same institution.
Is there a promo attached?
If the account comes with a bonus or temporary promotional rate, read the deadline, qualification rules, and payout timing before you count that money as yours.
How long will the money stay there?
A small rate difference can matter a lot more on a big balance or over a long period. Think about what you will actually keep in the account, not just the advertised rate.