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.

Savings account over $5,000? Fees, taxes and FDIC insurance explained

TL;DR

  • Review your savings statement for interest earned and fees charged.
  • Fees can exceed interest earned if your balance is over $5,000.