Want this question answered?
Savings accounts earn interest.
A savings account should be a vital part of everyones financial planning. It is good to have separate savings and checking accounts to better prepare for your future.
form_title=Credit Union form_header=How can joining a credit union benefit you? Better rates and fewer fees are just a few of the many reasons as to why. Have you used a credit union before?*= () Yes () No Are you looking to open a checking or savings account?*= () Checking () Savings Do you have any outstanding accounts with another bank?*= () Yes () No
You will find the best rates for savings with an online account. THe larger your deposit the better your rate will be,try Netbank.
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.
A savings account earns interest.
A savings account earns interest.
A savings account earns interest.
Savings accounts earn interest.
This way the money that you put into the bank account will be saved rather than given away.
A savings account may pay higher interest rate than a checking account. Also, you don't have bounced checks, and NSF fees, normally.
A savings account should be a vital part of everyones financial planning. It is good to have separate savings and checking accounts to better prepare for your future.
A high yield savings account is more of an investment than a regular savings account. Most people put money into the high yield account without removing it for extended periods of time, so interest can compound. If you're living paycheck to paycheck, or are saving to travel in 6 months, a regular savings account is a much better choice.
Checking accounts are used for frequent credits (deposits) and debits (withdrawls). Whereas a savings account follows the idea of a piggy bank, where one saves a bulk of money for exceptional circumstances or goals.
You can spend your money without having to withdraw cash first.
That's up to you. It can prevent overdrafts, but it also allows someone who gets your checking account information to clean out both accounts, not just your checking account. You'll need to evaluate the risks and benefits yourself. Most banks now offer online banking which allows you to transfer funds from your savings account to your checking account at home, so if you're reasonably diligent about keeping track of your checks, keeping the transfers under your control might be better. You might also want to check with your bank regarding their policy. If you have substantial funds in savings, they may waive the occasional NSF fee on the grounds that they know you're ultimately good for it.
A full-time babysitting job would pay better than the yield on a savings account even if you had $100000 in the account.