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What is the advantage of keeping your money in a savings account?
Wiki User
∙ 13y ago
Some of the benefits are:
- You get an easier way to save money
- You get a Debit card that you can use for shopping instead of having to carry cash in your purse
- You earn an interest on the money you keep in your account
- You get a check book that you can use for paying for services like telephone bill, grocery bills etc.
Wiki User
∙ 13y ago
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One advantage of a savings account?
you wont spend as much money
What is one advantage of saving money in a savings account at a bank?
One can withdraw money anytime, can be used as a liquid cash.
How are money market savings accounts different from regular savings accounts?
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.
How can a savings account help in money saving?
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
Disadvantages of savings bank account?
Actually there are no disadvantages of having a savings account. Saving money is a good habit and keeping it in a bank account is even better because it will earn you an interest. The only downside is that the interest earned in a savings account is much much lesser than a fixed deposit but nonetheless the money is liquid and you can take it anytime you want, which isn't the case with a fixed deposit.
What are the uses of a savings account?
a savings account is were you put money for future use if need be and for safe keeping
One advantage of a savings account?
you wont spend as much money
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
What is one advantage of saving money in a savings account at a bank?
One can withdraw money anytime, can be used as a liquid cash.
What are the advantages and disadvantages of a money market account?
A money market account is like a savings account. The disadvantage is that there will not be much interest or return. The advantage is , subject to the restrictions stated when you open the account, you can quickly get all your money out.
What is one different between checking account and a savings account?
a checking account holds your money and allows you to access it very easily at any time you would like.Money in a savings account is harder to access on demand, but the bank will pay you a small percentage of the total for keeping your money in that account.
What is a CD savings account used for?
A CD savings account is the same as a regular savings account, but for a fixed term such as 6 months or a year or five years. The interest rate on a CD savings account is typically higher than a standard savings account because you are keeping your money in the account until maturity. Once it matures, you can withdraw the amount plus interest accrued.
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 are money market savings accounts different from regular savings accounts?
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.
Why open an savings account?
A savings account is a good place to keep money safe for future needs.
Does my bank offer a high interest savings account, and is it a good way to save my money?
You will have to check with your specific bank to see if they offer high interest savings accounts but most major banks do. A high interest savings account can be a great way to invest your money. One advantage you have with a high interest savings account over a certificate of deposit is that your money is available at no penalty if you need to withdraw it.
How can a savings account help in money saving?
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
