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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 bank’s 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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Savings Accounts Specific links
Savings Accounts News
Banks urge savings account tax breaks from Wayne Swan - The Australian
 BusinessDay.com.au | Banks urge savings account tax breaks from Wayne Swan The Australian THE nation's bank leaders have challenged Wayne Swan to give new tax breaks on savings accounts to give the banks access to cheaper money. The banks have also warned that pressure from the Treasurer to absorb higher borrowing costs threatens to push ... Banks push for savings tax breaks Australian banks brace themselves for stand-off Swan puts rate heat on banks |
Banks boost interest rates on savings accounts - Myanmar Times
Banks boost interest rates on savings accounts Myanmar Times By Aung Kyi SEVERAL banks, both private and government-owned, last week increased the interest paid on savings accounts back to 10 percent, from 8pc, in order to bring customers back. The Central Bank of Myanmar on January 1 allowed private banks to ... |
Savings accounts interest rates getting closer to zero - Deseret News
 Telegraph.co.uk | Savings accounts interest rates getting closer to zero Deseret News This might result in lower interest rates on bank accounts, according to Smart Money. Savings accounts rates could get closer to 0 percent in the next 12-18 months, Dan Geller, executive vice president at Market Rates Insight, told Smart Money. Key moves for surviving low interest rates DEAR SAVERS AND RETIREES: Stop Whining About Those Lousy Rates You're Getting ... With interest rates expected to remain low for nearly 3 more years, what's a ... |
Itchy Investors Ramp Up the Risk - Wall Street Journal
 Wall Street Journal | Itchy Investors Ramp Up the Risk Wall Street Journal One side effect of that policy is lower returns on savings accounts and other low-risk investments. When the Fed announced last week that it likely will keep rates at rock-bottom levels through 2014—almost three full years from now—some risk-averse ... How To: Make low interest rates work for you Key moves for surviving low interest rates |
College Savings Bank Introduces New High Yield, FDIC Insured Savings Account ... - MarketWatch (press release)
College Savings Bank Introduces New High Yield, FDIC Insured Savings Account ... MarketWatch (press release) The College Savings Bank Honors(TM) Account offers one of the highest yielding, FDIC-insured savings account rates within the 529 industry. PRINCETON, NJ, Feb 02, 2012 (BUSINESS WIRE) -- With one of the highest rates available in the 529 market, ... Another Salem Five Direct Savings Account Promotion - Available Nationwide |