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Direct Savings Account: Fees free?
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Some banks will require the person to open an account for a minimum if $50. There are other fees, which are included so in the end, the individual shelled out more just to be depositor at that branch.
Does this always have to happen? The answer is no. Currently, there are only a few banks that do this, which allows the person to open an account for $1 and the rest is history. A good example is ING Direct.
This bank allows the person to make transactions with other banks or to other accounts. There is no charge on the side of ING but there might be with the other bank.
People who avail of this program are also able to earn more. This is because money that isn’t used can be converted to Certificates of Deposit or CD’s, which are good for one to five years and enables the individual to earn more interest than a savings account. This type of investment is perfectly safe and is considered very low risk.
The person can also choose to get the investment after the allotted time that the CD matures to be used for certain things or be reinvested again to earn more interest. Banks usually give the depositor 10 to 15 days to decide. No reply will automatically be taken as a signal to reinvest this again with the same time period.
The person will notice that the longer the maturity period, the higher the interest rate. This is how banks reward it’s customers in giving it revenue to invest in other things that continues to make the institution bigger than it was before.
The person can open an account via the internet or have the forms printed and mailed to the bank. The individual will have to fill up some details and the checking or account number of another bank.
This may take a few weeks for the bank to do a credit check but once everything is in order, the person will be given a PIN number so this can be used already. Some people who are lazy when it is operational may choose to set up an automatic monthly draft which will take care of all the paperwork.
Though this bank is based in New York, those who want to get a good deal can sign up anywhere in the United States as long there is an office that offers the American Dream Savings Account.
HSBC is another bank that offers direct savings account to its customers. Aside from the usual services of having everything done online, the person will also be receiving an atm card that can be used for purchases.
This bank does not require the person to have a minimum balance. The difference perhaps is that HSBC will collect a small fee for checking accounts. This will be combined together once loans and credit card transactions have been processed making it easy for the customer to understand.
There are many ways to save and earn money but the best is still through the bank. If the person wants a good rate, it will be a good idea to get a direct savings account which earns more than the usual savings or checking account.
The person should pay attention to the interest rates and the annual percentage yield before doing business with a bank.
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