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Are you planning to save money? The easiest to do so is by opening a savings account in a bank. A savings account is the most popular type of bank account currently available. A big portion of a banks business is made up of savings account.
But with the many banks out here, choosing where to open can cause confusion. Different banks offer different types of savings accounts. Thee savings accounts often offer different features. Some features are actually useful whiles some are not really practical.
If you are planning to open a savings account but is confused at the different features then read on. This guide is designed to help you choose the right savings account.
Savings and Interest
The first thing that you should look for in a savings account is the interest rate. This is the most important feature of the savings account since it will determine how much your money will earn in a certain amount of time. The interest is often indicated in the bank statement give n each month. Here you will see the interest paid to your account by the bank. This means that on top of the money you deposited, you have additional money on your account. The amount that your money will earn depends on the interest rate. Of course, the higher the interest rate, the higher will be the additional amount to your money.
Account Transfers
Account transfer is one of the more useful features of a bank savings account and is also something that you should look for. This feature allows you to transfer some or all of your money to another bank account without withdrawing money. This feature offers convenience for you since you do not have to take out your money and deposit it again to another account. This is very useful if you have more than one savings account and you want to transfer money from one of your accounts to another.
Chequing Account Link
A link to a chequing account is another common and useful feature of a savings account. This account is particularly useful for preventing overdrafts. For example, If you have a written a cheque with insufficient balance then your chequing account can cover it. Te amount is taken from your savings account and the cheque that you issued will not bounce. This feature can save you a lot of potential embarrassment. Chequing link often has an additional overdraft fee and other fees.
Online Account Access
This is a very useful feature offered by most savings bank. This allows you to access your savings account with the use of the Internet. The online transaction is done over secure connection which means that you need not worry about your money. You can perform basically functions you can do over the counter or an ATM over the Internet such as check your balance, transfer money, and other tasks. What you cannot do of course is deposit and withdraw money.
What this feature offers is convenience. A lot of time will be save d from not going to the bank yourself. This will definitely free up your time for other more worthwhile activities. And you can do most bank transactions in the comfort of you own home or even while you are at work. Online features though tend to differ from bank to bank.
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Best Interest Rates Savings Accounts Long Term Specific links
Best Interest Rates Savings Accounts Long Term News
Fed's low-interest-rate policy is a threat - InvestmentNews
 Wall Street Journal | Fed's low-interest-rate policy is a threat InvestmentNews Persistently low rates, which discourage rather than encourage savings, could give rise to a new generation of spenders. Over the long term, artificially low rates also distort investors' perception of risks, leading otherwise prudent investors to take ... Key moves for surviving low interest rates How To: Make low interest rates work for you |
Expat rates: has the peak on fixed savings rates passed? - Telegraph.co.uk
 Telegraph.co.uk | Expat rates: has the peak on fixed savings rates passed? Telegraph.co.uk By Charlotte Beugge Savers who want to get a good medium- to long-term fixed rate could see current top deals disappear at short notice as sentiment changes. Money market rates appear to be predicting that there's no sign of variable rates moving for a ... |
Ben Bernanke Lobbies for Low Interest Rates - ABC News (blog)
 ABC News (blog) | Ben Bernanke Lobbies for Low Interest Rates ABC News (blog) Ben Bernanke, chairman of the Federal Reserve, told Congress today that although there has been improvement in the US economy, Congress' fiscal policy must be placed on a “sustainable path” to keep long-term interest rates low. Bernanke defends Fed's interest rate policy at contentious hearing before Congress Key moves for surviving low interest rates The Hidden Burden of Ultra-Low Interest Rates |
Maximizing retirement investment returns - Fox Business
Maximizing retirement investment returns Fox Business CD, money market and savings account interest rates remain at record lows, leaving retirees struggling to earn much income from these traditional investments. "The issues we have now are unlike anything we've seen in a long time," says Michael Lincoln, ... |
Customers feel the pinch as banks cut risks - CTV.ca
Customers feel the pinch as banks cut risks CTV.ca He received a letter from TD Canada Trust telling him the interest rate on his unsecured line of credit will rise to 9.75 per cent from 6 per cent on April 2. “This is going to hurt people, especially in this economy,” said the resident of Peterborough ... |