Your money is on call and ready for you with this account option. A savings on call account is a flexible savings account that allows you to access your money whenever you need it. Unlike more restrictive types of online savings accounts, you can withdraw your money at any stage without waiting for a set period of time.
On Call Account Features
While the specifics of these accounts vary between lenders, some of the most common features include:
Your money is available whenever you need it.
May or may not have a minimum balance requirement. This depends on the provider; some have no minimum deposit requirement while others have a minimum and/or maximum threshold.
The ability to transfer money from your savings on call account to other accounts without restriction.
No fees to deposit or make self-service withdrawals from ATMS which means less fees eroding your balance.
Some savings on call accounts may not offer overdraft protection or a debit card.
Build your emergency fund with an on call account
An emergency fund is an amount of money set aside to cover unexpected expenses or financial emergencies. When it comes to growing your emergency fund, an on call savings account can be an excellent choice.
With its flexibility and easy access to funds, an on call account may be a great choice to stash your emergency cash. You can collect interest on your fund but quickly withdraw or transfer money when unexpected expenses arise. This makes it an option for safeguarding your financial well-being during emergencies.
Tips to compare on call savings accounts
What are your most important needs in a savings account? Do you need to be able to access your money quickly? Are you looking for a high interest rate? Do you need free ATM access?
Here are things to consider when sizing up your options.
Like any savings account, interest rates are the key factor to consider when comparing savings on call accounts. Higher interest rates let you build your savings faster.
Some on call savings accounts have monthly fees, so compare and see if you can find an account with no or low fees that still offers a competitive interest rate.
Does the call account have a minimum balance requirement? If so, you’ll need to keep a certain amount of money in the account in order to avoid fees. If you’re starting with a smaller sum, choose an account with a low or no minimum balance.
Compare features. Some on call accounts offer additional features, such as free ATM access or an interest-bearing checking account. If these features are important to you, be sure to compare the features of different accounts before you open one.
Compare On Call Savings Accounts
An On Call savings account could provide the flexibility you are looking for