The internet is a wonderful tool which has enabled the world to become a global village. Through searches, emails, IM's and blogs we can easily access people and services from around the globe. Knowing that is the case, does it really matter where your bank is located when you open a savings account? Aside from having an American based savings account for convenience, your banks location does not really matter.The answer to that question is based solely on your preference of location.
For example, there are dozens of online only banks that offer higher than average interest rates for savings accounts. The reason they can do that, is that they need to pay for a corporate office for handling all the business, but they do not have to pay the rent on local bank branches thus reducing their overhead and your earning potential. For example, ING Direct is an online bank only. They have corporate branches and some storefronts in some major metropolitan cities. But millions of their online customers are hours, even days away from the closest storefront and that does not prevent them from opening a savings account with them.
If you are partial to a small town vibe and a personal touch, you can choose to open a savings account at your neighborhood bank, or even a local branch of your favorite national chain. It really does not matter the physical location of your bank when opening a savings account. What matters is that they are legitimate, provide insurance on your deposit against bank closures and provide you with all the services and benefits you want and expect from your savings account.
When deciding on what bank to choose when opening a savings account take your time in researching all the information you need to make your choice. From interest rates, to accessibility to money, to opening bonuses to withdrawal caps, these should be the main factors you analyze when opening a savings account.