Paper currency is more liquid than a savings account. In theory, you can withdraw money from a savings account at any time, however, banks do reserve the right to delay such payments (if too many people want currency at the same time, the bank may run out).
A money market savings account is a special kind of savings account. Money market account holders receive more money on their return. Money markets are secure.
I can easily withdraw the money from a savings account, making it a liquid financial investment. However, I cannot easily get money in my hand from a house. The house is a long term investment, and requires more hoops to jump through to actually receive the financial benefit in my hand.
It does not really matter how much money you put in a savings account. The more you put, the more interest adds to the amount. You can add money to the account at any time.
Yes, a high interest account is a very desirable savings account because you will gain a decent amount of interest on your money. You will gain much more money if you get compound interest by saving more money into the account monthly.
x > $425.00
A money market savings account is a special kind of savings account. Money market account holders receive more money on their return. Money markets are secure.
I can easily withdraw the money from a savings account, making it a liquid financial investment. However, I cannot easily get money in my hand from a house. The house is a long term investment, and requires more hoops to jump through to actually receive the financial benefit in my hand.
It does not really matter how much money you put in a savings account. The more you put, the more interest adds to the amount. You can add money to the account at any time.
Yes, a high interest account is a very desirable savings account because you will gain a decent amount of interest on your money. You will gain much more money if you get compound interest by saving more money into the account monthly.
It's easier to spend the money in a checking account.
It depends on what you are trying to do and what you are looking for. Basic cash accounts (checking, savings) are very liquid and are insured by the FDIC up to $250,000. The next step up is a money market account. Also liquid in that you can put cash in and take cash out quickly but it carries more risk as the account is based off of investments which maintain the value of your money. An example of non-liquid would be a house. While it's not an account, it's also not easy to sell it. Meaning it would take time and money to get your money out of the house (sell).
x > $425.00
It wouldnt be wise to combine unless you are putting money from checking into your savings. A savings account is a little more protected and shouldn't be used as a checking.
A savings account is a great way to store your money safely and have access to it regularly as well. You savings also earn interest witch helps you earn more money over time.
The benefit of having a a savings account is that your money is safe and protected in a bank. Not only that but there is an interest rate which will add to you account generally at the end of every month. It also makes your money more easily accessed.
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Savings account are made for saving/investing and therefore gain interest. The longer you have more money in them, the more you make on interest. So, the impact savings accounts have on an individual's money is that it increases the amount as long as minimum balance requirements are met and money is kept in the account.