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Answered 2010-02-23 20:22:01

A full-time babysitting job would pay better than the yield on a savings account even if you had $100000 in the account.


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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.

Well first of all a checking account is much better than a savings account and that is how it is better

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.

If you want a higher rate of interest compared to what you get on your current account you will need to look for a savings account. If you are keeping a lot of money in your current account you may be missing out. Compare rates and see if there is an account that would suit you better.

A savings account may pay higher interest rate than a checking account. Also, you don't have bounced checks, and NSF fees, normally.

You will find the best rates for savings with an online account. THe larger your deposit the better your rate will be,try Netbank.

No, CD rates are higher, but you cannot withdraw the funds as easily as a bank savings account.

Since a savings account acquires interest it can be a good intensive to put away money that is better spent on large purchases. A savings account can also create a healthy habit of saving money for a rainy day.

This depends entirely on what it is that you want the account for. If you're trying to gain interest on your money, probably a savings account is better, but by how much depends on the bank and the rates they are giving you. If you mainly want an easy way to store and spend money, a checking account is probably the way to go.

College savings accounts are tax free and tax deferred when they are withdrawn by the individual. The returns will vary.

According to a certificate of deposit is money deposited for an agreed upon amount of time that generally pays better interest rates than a regular savings account.

It is better to invest in a high quality frame no matter if it is discounted or regular price.

Because they earn a higher interest rate than savings accounts. The interest on CD's is atleast 2-3% higher than savings accounts. On the downside, the money in your CD is not as liquid as your savings account and your bank may charge you a penalty if you withdraw the money before maturity date.

Savings accounts usually have higher interest earning rates as the money is more stable than a checking account whose balance fluctuates with income and expenses.

A good retirement fund has a varied portfolio that includes GIC's, mutual funds and regular tax savings account and a retired savings program fund. Going to a financial institution and obtaining information is also a good source for retirement options.

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. has some pretty good rates. Also check with one of your local credit unions. They typically have better rates than most regular banks, and the fees are often lower.

Capitol Federal Bank offers seven different options for savings accounts. These include Statement Savings, Money Market Select Accounts, CDs, Kid's Savings (Blue Bucks), Teen Savings Accounts (Blue Chips, Coverdell Education Savings Accounts, and the Better Savings savings account.

Having both a checking and savings account is often a good idea. A checking account is designed to help you deal with the cash inflows and outflows to run your life (writing checks, ATM/cash cards, automated bil payments). A savings account will pay interest on the money in it. There may be restricitons on how you can access your money in the account -- this allows the bank to pay you a higher interest rate. A bank or credit union usually has a range of accounts or set of acounts that will meet your needs. There are hybrid accounts that allow you to earn interest and write checks, have an ATM card, etc. A separate savings account can help you manage your money buy removing it from the one you use for your regular expenditures (you will be less likely to spend it!).

In many cases, people put money into a savings account almost out of habit. We are taught from a very young age that having a savings account in case of a financial emergency is a good idea. But with the instability in the financial markets these days, the best savings account rate is looking much more secure than any other investment available. That is why you should take the time to look for the best savings account rate when you are opening an account.No LossOne of the things about savings accounts that appeals to people who are trying to protect their money is that savings accounts are an investment vehicle that will not lose money. When you put your money into an IRA or a mutual fund, there is a chance that you could lose some or all of your money. With a savings account, the interest may not grow as quickly, but you will not lose any of the principle you have invested.Money For NothingAs was mentioned earlier, most people start a savings account out of habit. If you are going to have good financial habits like that, then you might as well benefit from them. When you find a savings account with a good interest rate, it is like finding free money. The interest that accumulates will be enhanced with a better interest rate and you will be getting a better return on money you would have set aside anyways.SecurityAs you look for financial institutions with the best savings account rates, make sure all of the institutions you are looking at are part of the FDIC program. This is the federal government's assurance that your money is protected up to a certain amount. If the institution is robbed or becomes insolvent, then you can rest easy knowing that you will get your money back thanks to the steps you took to find the right savings account.Opening a savings account is a good financial habit that we are taught at a very young age. When we get older, we should look for ways to enhance that good habit with high interest rates on savings accounts.

Due to the poor economy the federal government has kept key interest rates at historically low levels. While this may be a great way to encourage people to borrower money and spend it on goods and services, it has made interest rates on savings and checking accounts very low. While those rates are very low, there are ways that a consumer can receive a better rate.One effective way to get a better savings interest rate would be to deposit more money into the account. While rates on savings accounts are lower than their historical averages, banks today have been placing a greater emphasis on attracting consumers who have the money to open significant deposit accounts. If you have the ability to open an account and maintain a balance of $50,000 or more, you could receive a much better interest rate than you would receive if you had a smaller balance. However, in order to avoid penalty you will need to keep at least that amount in your account at all time.If you are hoping to get a better rate on a savings account, you could also benefit by setting up some form of direct deposit into the account. While direct deposit is not as common with a savings account than it is with a checking account, many banks like to offer better rates to customers who some form of a direct deposit into the account. Most employers will allow you to deposit your paycheck into more than one account. By directly depositing even a small portion into your savings account, you could qualify for an account which pays up to 0.25% better than a traditional savings account.While you could get a better rate by either holding a larger balance or setting up a direct deposit, the best way to get the best savings interest rates would be to constantly look for new promotions from competing banks. In an attempt to encourage new customers to deposit money, many banks offer promotions that include receiving a higher than market rate on a savings account. By taking advantage of these promotions, you could end up earning a significant amount of more money in interest income.

Benefits for interest savings accounts include having quick access to money in case of an emergency. Although, saving accounts don't make much interests now a days having money in a savings account making interest is better than a checking account not making any interest.

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