A step-by-step guide on how to open a savings account and start earning interest

If your plan for saving money involves a mattress or piggy bank, you might want to reconsider. Not only do savings accounts make it easy for you to transfer money to other accounts to pay for things you need, but they are also pay you for simply keeping a balance. In a savings account, your money will work for you and lose less value than if it would be stuffed under your mattress.

The good news for students, teens or anyone else who has never opened a savings account before is that it’s fairly easy to do. Below, CNBC Select breaks down how to get started.

This is arguably the hardest step in the process since there are many solid contenders on the market and everyone’s personal needs are unique. Across the board, though, there are a few helpful features you can look for. First off, make sure the account is FDIC-insured. This means that in the unlikely event that the bank fails, your money is still protected and you’ll be reimbursed for your deposit. It’s industry standard for deposits to be protected up to $250,000 (per person, bank, and account type), though there are some accounts that insure excess deposits.

Next, you should also consider any account fees you may be charged. To make sure you can actually get the most out of the funds you deposit, opt for savings accounts that don’t have a minimum required balance or a monthly maintenance fee. An account with no overdraft fees can also help you avoid going even deeper into the hole if you spend more than have in the account.

The Ally Bank Online Savings Account is one option that doesn’t charge these fees. It does, however, charge an excessive transaction fee. The limit is six transactions (withdrawals or money transfers) per month so if you go above this number you’ll be charged $10 per transaction.

The Marcus by Goldman Sachs Online Savings Accounts doesn’t charge any overdraft fees or monthly minimum fees, but takes it a step further by not charging excessive transaction fees. For those reasons, it’s consistently named by CNBC Select as one of the best high-yield savings accounts out there.

Of course, you may also consider the APY being offered by the account. A higher APY means you’ll earn more for your balance and grow your money quicker, so it can definitely be advantageous to seek out accounts that pay higher interest rates.

The interest rates offered typically go off of the benchmark rates set by the Federal Reserve but there can sometimes be a bit of APY variance between different savings accounts. Bask Interest Savings Account currently offers close to 5% APY, which is a lofty offer compared to other options on the market. CNBC Select rounded up other savings accounts currently offering close to 5% APY.

Aside from FDIC insurance, account fees and interest rates, ask yourself the following questions to make sure you’ll be able to get the absolute most out of your account:

• Do I want ATM access?
• Do I want access to a checking account, too?
• Am I okay with an online-only bank or would I prefer in-person services?
• Is mobile check deposits important to me?
• How many transactions (withdrawals and money transfers) will I make each month?

Remember that credit unions also offer savings accounts. The difference between a traditional bank and a credit union is that credit unions are owned by their members. A board of directors represents its members’ interests. Banks can sometimes feel more accessible than credit unions because they have more branches in more locations, but credit unions tend to offer more perks for their members, including better interest rates.

Once you decide which savings account you’d like to open, it’s time to actually sign up for the account. Depending on the account, you may sign up either online, through an app or in person.

When you’re ready to sign up you’ll be asked some basic information and most likely be asked to set up some security questions and answers. To make the process go quicker, make sure you have the following information on hand:

• Full legal name
• Address
• Email
• Phone number
• Social security number
• Government-issued ID (driver’s license or passport)
• A checking account for depositing and withdrawing funds

In order to open a savings account at a credit union, you’ll need to sign up for a membership. Eligibility and requirements will vary depending on the credit union. For instance, the Digital Federal Credit Union (DCU) Primary Savings is offered by DCU, and in order to become a member, you must be a relative of a current DCU member, or work for or are retired from one of DCU’s participating employers. You may also live, work, study or worship in one of DCU’s communities, or join one of the participating organizations DCU works with in order to be eligible.

Again, though, eligibility criteria vary depending on the credit union you go with so make sure you read all guidelines on membership eligibility.

If you’re opening up an online banking account or an app-based account, you’ll need to connect a checking account that will be used to transfer any funds. If you’re banking in person, this won’t be necessary since you can just deposit cash in person at any local branch.

Before you can start earning interest, you’ll need to make your first deposit. Most accounts don’t require a minimum deposit to open the account but you’ll usually need to deposit at least $1 in order to start earning interest. Some accounts, like the Varo Savings Account, actually let you start earning interest with a minimum deposit of $0.01.

Once you make a deposit you can sit back and watch your savings grow since interest earnings are deposited automatically into your account. It’s a good idea to set up automatic recurring deposits — even if it’s a really small amount — to make sure your savings grow even faster.

Setting up a new savings account is a fairly straightforward process; just be sure the account you choose truly offers you the most flexibility and features for your personal needs. Once you open your account and make your first deposit, you can start capitalizing on those interest payments.

Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.