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One of the main benefits of having a savings account is to have money set aside that you can use when you need it. Financial emergencies can occur at any time and with a savings you can be more prepared to meet those needs. But, some types of savings accounts literally limit you from being able to use your savings when you want to.
If you like being the one in control of your money, an instant access savings account is a great choice. Just as the name implies you will have instant access to any of the balance you have in your account at any time. You won’t have any withdrawal limitations and won’t be charged any withdrawal fees.
Some savings accounts have limits on how often you can withdraw money. And, some even require that you give the financial institution notification before making a withdrawal. But, it’s essentially your money and why should you have to ask permission to use it?
You can generally open an instant access savings with a very small initial deposit and still earn a competitive rate of interest. Some providers will even give you a cash access card that will make it even easier and quicker to withdraw money from your account. If you like controlling your money, an instant access savings account is your best choice.