Savings account over $5,000? Fees, taxes and FDIC insurance explained
Pull up your last savings statement and find two numbers: the interest the account paid and the fees it charged. If your balance has passed $5,000, the second number could be the bigger one.
When reviewing your savings statement, compare the interest earned to the fees charged. If your balance is over $5,000, the fees might be a larger amount than the interest received. This highlights the impact of fees on savings growth.
- Review your savings statement for interest earned and fees charged.
- Fees can exceed interest earned if your balance is over $5,000.
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