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The truth about a Free Savings Account
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When the person gets a paycheck, some money needs to be saved. The individual has many options such as investing this in stocks, keeping it in a safe at home or entrusting this with a bank.
More people trust the bank since this earns interest and is stable compared to other ways of accumulating wealth. There are many types of accounts that can be set up and the best is a savings account.
The savings account is free. A lot of banks require the customer to have a certain amount before opening an account. The person simply fills up a form and a passbook or an atm card is given after a few minutes. These institutions require the individual to maintain a certain balance or be penalized for the said violation.
Most banks offer a higher interest rate than those who open checking accounts. The person can also withdraw this anytime and is accepted as a form of payment in some retail establishments in purchasing items
Not all banks offer the same interest rates when opening a savings account. There are some small banks that offer higher interest rates than large banks. There is always a risk when dealing with these institutions since this could close at anytime and the depositor will not be able to get anything if something happens.
Here are some questions that the person should consider before opening an account in a bank;
1. Is the bank insured against possible bankruptcy, robbery or any untoward event?
2. How much is the interest rate or dividend?
3. What is the annual percentage yield?
4. Does the bank offer tiered rates and if it does, how are these applied?
5. How much interest is compounded?
6. How much is the minimum balance required and will the bank charge if the person goes below this?
7. Will the bank charge a certain fee should the account be closed?
8. Is there a monthly maintenance fee?
9. Does the person have to make a direct deposit in order to get a reduced free or to be able to get a free account?
10. Is there a limit to the number of withdrawals made in the machine for free before the bank charges a fee?
11. If there are any other charges that are made when the person has an account?
If the bank is able to answer these questions well and this is in the best interest of the person, then one can get the forms and open an account.
Some of these institutions allow the individual to withdraw money from the machine of another bank but the person should be aware that there might be a deduction from the account as a service fee.
Some people open a savings account in more than one bank. This could serve as a failsafe if something happens since some banks will only give the person a certain amount back and not in full if something goes wrong.
The person should probably canvass around first before opening an account. This should also be monitored since some banks may offer a rate or package better than the current one.
The savings account which people can get for free is designed to make the money grow without the doing anything. The person get a better rate if more money is deposited which is one way of encouraging people to put more in the bank.
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