Posts Tagged ‘savings accounts’
A savings account must not be considered as simply a place where you store your money. It is a way to have your funds gradually increase over time. For you to have this benefit, it is advisable to find banks where you can entrust your money, and at the same time increase your funds. In addition, be sure you ask about any charges the bank might impose.
Best Savings Account Selection
Today, there are wide selection of banks that offer best savings account. If ever you already have checking account in a banking institution, this may be a good place to begin. Benefits would be given away if you open a savings and checking in the same bank. For example, you can transfer some of your funds from your savings account on your checking account if you are already have an overdraft balance; this is to avoid costly charges and bounced checks.
Another advantage if you have savings and checking account in a particular bank is convenience of money transfer. If you find that you only have a small amount in your checking account, it is easier on your part to put funds back to it. A few banks restrict the number of transfers you could ask for every month, however.
Searching for a local bank that you prefer is another way to opt for the best savings account. But don’t expect that the interest rates are always the best. In a few cases, online banking system allows you to get more funds in due course. Interest rates are typically higher since the financial institution’s fixed cost might be lower. The accounts would receive higher costs from the funds of the banks.
The amount of cash you will deposit to open a bank account is another determinant in choosing for the best savings account. There are banking institutions that have minimum amount required before you open an account to them. Also, some banks may charges some fees especially if you did not maintain a minimum balance required in your account. So, these things must always kept in mind so that you can find the best savings account for you.
The battle to get a decent return on savings continues with Moneyfacts reporting that the average rate for a one-year fixed-rate bond has fallen to its lowest point since March 2011. For those who want a little more than the average 2.63pc the.…
What is a savings account? Many of us know that a savings account is a contract pre-arranged by both clients and credit union or bank institutions, wherein the organization will give interest on the deposited money and render other services to the client. But this depends on what type of account the client would obtain since each type may or may have no limit on the minimum balance the account holder must maintain. The interest is being deposited to the bank account over time.
Services on each account type are also depends on the banking institutions. The three kinds of savings accounts presented by banks and these are the following:
1. Basic Savings Account.
This is also termed as regular savings account or passbook accounts in which the bank don’t give a restriction on the number of withdrawals that their clients could have. These are commonly use for regular expenditures since this account does not require a minimum balance. These are prepared with a checkbook facility and a debit card. The bank will give less than 1% interest rates on this account.
2. Certificate of Deposit Account.
This locks in deposit of the account holder for a set period of time, then it is return to them with interest. This account has higher interest rates as compared to other account types, but it is essential that all withdrawals must be set before carrying out the certification of deposit. Actually, this a regular time deposit wherein the bank will lock the deposited money for a period of time like one month to five years or more than that.
3. Money Market Account.
This has higher interest rate and comes with a considerable amount of limits. The client must maintain a higher minimum balance as compared with the basic savings, since this account gives off a much higher interest rates in the end.
So, we already know what is a savings account. Most bank and credit unions in USA and Australia have basic savings account, certificate of deposit account, and money market accounts available to the people. If you are thinking of a cost savings account that can help you in your bills, shopping spree, and other expenses, the basic savings account is the best option for you.
Following the great success of our recent online savings accounts we have had feedback from some customers telling us they prefer to manage their savings over the phone rather than online. We are therefore launching the Telephone Saver an easy access.…
Residents of Mason City IA know the value that Mercy-City-Lehigh Family Credit Union brings to the table especially with a 2.02 APY savings account rate for early-bird retirement savers.…
Savings accounts are traditionally book-based over-the-counter personal withdrawal accounts. With the owner’s passport photograph boldly embossed on the deposit withdrawal book several banks have customised identity cards for savings accounts.…