Welcome to Saving Accounts Guide
Best Paying Savings Accounts Article
This is a selection made from among articles on Best Paying Savings Accounts. For a permanent link to this article, or to bookmark it for future reading, click here.
Interest Rates on Savings Accounts
from:
People who decide to put money in the bank do this for two reasons. The first is to keep this in a safe place. The second is to earn a few more dollars because of interest as a way of rewarding the customer for doing business.
There are different types of interest rates around. The basic one is called simple interest. If the person puts in $100 in the account and the rate of the bank for a year is at 5% that means the person earned $5.00 more at the end of the year.
But this is considered very slow and people want faster results so the bank came up with a better plan that offers compound interest.
Compound interest works on three factors. These are the amount in the account, the annual percentage yield and the time frame.
Going back to the example of simple interest, if the person earned $5, there is another corresponding interest that will follow so more money will be added to the account.
The goal of compound interest is to make the money earned work hard for the person. The individual has enough things to think about already and this additional revenue can help extend the present savings.
The person will be able to make more once additional funds are deposited into the account. The person can check the various rates of banks first to be sure this place is worth investing in.
If the person is rich and has a lot of money to deposit, there is a very good chance that the bank may offer a better rate than what is normally given to customers.
This is called a high yield savings account. Aside from having a lot of money, the person will be required not to touch this for a given amount of time. Transactions if necessary are very limited and other investments with the bank are ongoing.
There is another type of savings account but will require the person to work hard to make the money earn interest. This is called internet bank accounts and the individual should have access to the web to make transactions.
This is very convenient for those who are tired of lining up at the bank or doing business in the automated teller machine. All the person has to do is log on and link the accounts to make transfers and other things which will be rewarded by the bank. Some banks that practice this are HSBC, ING Direct and Emigrant Direct.
Banks have come a long way ever since these were first established as a means to hold money. These institutions help people pay for houses or a car if there aren’t sufficient funds to pay these off.
The person can take advantage of the products and services of the bank by doing some checking first such as the annual productive yield and type of interest rates that are offered.
By being able to save a little everyday, the person will have more than enough money to pay for bills, loans and other things needed for everyday living.
Doing this early will be rewarding in the future since this can later be used to buy the luxury car or taking a trip with the family which the whole family will surely enjoy.
 |
 |
Warning: file(http://www.searchfeed.com/rd/feed/TextFeed.jsp?trackID=K424758685&pID=45097&cat=best+paying+savings+accounts&nl=5&page=1&excID=) [function.file]: failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found
in /home/savingac/public_html/datas/searchfeed.php on line 8
Best Paying Savings Accounts Specific links
Best Paying Savings Accounts News
Savers hard pushed to find a decent rate - Herald Scotland
 Herald Scotland | Savers hard pushed to find a decent rate Herald Scotland Interest rates are rock-bottom and savings providers are not making it easy for customers to get the best returns. Even if they can find an account paying a ... Flagstar Direct Money Market Savings Account Rates |
How to wisely negotiate the new banking environment - Fort Worth Star Telegram
How to wisely negotiate the new banking environment Fort Worth Star Telegram Connecting your checking and savings accounts gives you the same protection at a fraction of the cost. The other benefit of connecting accounts is to vault ... 5 Financial Lessons for College Students |
Banks' hard sell: Opt in for more overdraft fees - msnbc.com (blog)
Banks' hard sell: Opt in for more overdraft fees msnbc.com (blog) There are three easy ways to provide good overdraft protection: You can link a savings account, credit card or line of credit to your checking account. ... |
Would your finances pass the stress test? - Telegraph.co.uk
Would your finances pass the stress test? Telegraph.co.uk If you've already used up your Isa with longer-term savings, the best instant access accounts include one paying 2.65pc from West Bromwich Building Society. ... |
Savers offered higher rates - Financial Times
Savers offered higher rates Financial Times Meanwhile, the Barnsley Building Society, a brand of Yorkshire Building Society, has launched a fixed-rate individual savings account (Isa) paying 3 per ... Spotlight on: Santander's loyalty tracker bond Savings tracker bonds launched for base rate gamblers Coventry launch new 2 year tracker bond |