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What are some of the limitations of a savings account?

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Answered 2012-04-12 13:06:51

One limitation of a savings account is the amount of withdrawals you can make per month. Unlike a checking account, which let's you withdraw money until there are no funds left, savings accounts are restricted to 6 withdrawals per month. Another limitation is that withdrawals usually can only put into a linked checking account- you can't directly transfer funds from a low-interest savings account to a savings account with a higher yield.

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What is an advantage of a saving account over a cheking account?

One advantage that I can think of is the fact that Savings Accounts usually offer an interest on the money held in the account whereas Checking accounts offer very little or on most cases zero interest on the money held in the account. On the flip side, there are limitations on the number of transactions you can make on your account in case of Savings accounts whereas there are no such limitations for a checking account.

How is a checking account different than a saving account?

Both Checking Accounts and Savings Accounts are basic types of bank accounts provided by banks to their customers. The difference is: a. There are limitations on the number of trasactions that can be performed in a savings account on a per month basis whereas for checking accounts there are no limitations b. The interest rate offered by banks on savings account is much higher than what is offered on checking accounts because banks offer almost no interest in them

Is saving account a bank account?

If you have a savings account at a bank, then it is a bank account. If you have it in another kind of institution, such as a Credit Union or Savings and Loan, then it is not a bank account, although some people use the term "bank account" loosely and apply it to any savings account anywhere.

Which pays a higher rate of interest a checking account or a savings account?

Generally a savings account pays more interest, but there are some checking accounts that offer rates that are very competitive to savings accounts.

Can you change a savings account to joint account?

You may be able to add someone to your savings account ..contact the bank where you have the savings account for details

How much cash is required to open a savings account at American Savings Bank?

Opening a savings account through American Savings Bank will vary. All depended on if you'd like a Holiday Savings Account or just somewhere to stash some money. Some select accounts cost $100 to open and others might be free.

How can you get money that was in a savings account with stockport and district trustee savings bank in 1967?

To get money from a savings account from 1967, you will need some information proving that the account is yours. Contact the state unclaimed funds department in the state where the account was held and request your money.

Can a savings account trust have an age at which the beneficiary is entitled to it?

Yes a savings account trust can have an age when a beneficiary is entitled to it. For example, some people maybe entitled to it at age 18. It is best to contact the bank of the savings account to inquire.

What are the limitations of profit and loss account?

"What are the limitations of profit and loss account?"

Why open an savings account?

For you can put money in it. Like it is an savings account.

What is the cost to set up a kids savings account?

It will depend on your bank's policy (local or int'l). Some banks would not cost you to open up a kids savings account, some may do. Some also allows you to open one as an add-on benefit to your main savings account. There's a resource link of a sample kids savings account below courtesy of Heritage Bank based in Queensland Australia.

Does Scotiabank online offer competitive interest rates?

With around five different savings plans to choose from Scotia definitely offers competitive interest rates. Some of their plans are as follows: a daily interest savings account, power savings account, money master savings account, and a money master for RSP's account.

Is there a monthly service charge to have an Eggs Savings account?

No, the Egg savings account called "Egg Savings Account (internet) Issue 2" does not have a monthly service charge. This type of savings account is accessible online.

Where can you get a checking savings account?

You can get a checking or savings account at SunTrust, Bank of America, and Citizen's Bank. These are just some of the many banks that offer this type of service.

What is a compound interest savings account?

Its where your savings account earns interest on the interest.

What does a CD savings account do for me?

A CD savings account might earn money for you. This type of savings account earns interest for the person who purchases the CD.

What is the difference between a savings account and a checking account?

The main difference between a savings account and a checking account is that a savings account has an interest rate. A savings account is also mostly used for saving money, although, both accounts allow you to take money from them as you please.

How can you make money using a savings account?

You cannot make much money out of a Savings account. The purpose of this account is to save some money for our future. It does not earn much because of the high liquidity banks have to provide to the account holders. The returns in a savings account would be between 3-4% per year.

How does one start an online savings account?

You first need to sign up for a savings account through a local bank and get a savings account number. Then you can go online and access your account on there.

What are some top rated savings accounts?

GE Capital is a top recommended banking institution which provides savings account options. They have a 0.90% APY rate on every savings account, along with no transactions fees.

What is the primary difference between a business and a personal savings account?

A business savings account his connected to a business. While a personal savings account is connected to an indvidual.

What letter to change a salary account to savings account?

I don't get interest in my salary account so I want to change it to savings account

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