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Banks charge you fees to keep your money and dispense it as requested. But you can avoid those fees with smart use of a savings account. You can open a savings account at any bank, but they will charge you monthly fees to have it. Avoid the fees by opening your account where you already have your checking account. You will probably be able to avoid monthly fees on the savings account and may even be able to have the fees for your checking account waived. If you already have a checking account, all you will need is your account number and your driver's license or state ID card. If you do not have a checking account, the bank may want to see your social security card or birth certificate, as well.
What else can I help you with?
What is Savings?
Savings is anything that you do to save money and time. You can save money in bank accounts and investments and you can save money everyday buy using coupons, turning off the lights, cancelling services you do not need etc.
What exactly are high interest savings accounts?
It's exactly like low interest savings accounts except this time it's high. This way you can save more money in a high interest savings accounts. You have got to be high not to get this account.
Where can money market savings accounts be found?
Money market savings accounts can be found on online investment sites. Money Market accounts are a type of investment with certain benefits over a savings 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.
How are money market savings accounts different from traditional ones?
Money market accounts are typically tied to a stock that can rise in price. Regular savings accounts are not.
What are some services a bank offers?
Deposit money to save and gain interest on. Opening various savings accounts such as the IRA or 401k
How can I tell if a saving account rate is fair?
Most savings accounts that have good rates are around 3% APR, however most savings accounts that are not money market savings go down after a while to about .5%APR or lower. Your best bet is to save up and get a money market savings account, or find a bank offering 3% Fixed APR for a good period of time. For more info try BBT.com and look at their tips on savings which is not bad. Want to also save money? Check out www.creativesavings.media.officelive.com.
What do banks do with some of the profits they make by loaning out the money in their customers savings accounts?
They invest the money in high interest money markets and various other accounts. They don't loan out their customer's savings accounts, they loan out the money they make off these accounts.
What kind of interest could I get on money market savings accounts now?
You can get below 0.1% of interest on money market savings accounts now. You can ge the rates at www.PersonalSavings.AmericanExpress.com or www.citibank.com/savings
Savings accounts usually offer interest rates than checking accounts. It is to access your money in a savings account than in a checking account.?
Savings accounts usually offer higher interest rates than checking accounts because they are designed for long-term savings and often have restrictions on withdrawals. This limited access to funds encourages account holders to save rather than spend. In contrast, checking accounts provide easier access to money for everyday transactions, which is why they typically offer lower interest rates.
What are the benefits of monthly saver accounts and how can they help individuals save money effectively?
Monthly saver accounts offer higher interest rates compared to regular savings accounts, encouraging individuals to save regularly. By committing to save a fixed amount each month, individuals can develop a disciplined savings habit and accumulate a significant amount over time. This can help them achieve their financial goals, build an emergency fund, or save for a specific purpose, all while earning more interest on their savings.
Why you might save money in a saving account?
It's useful to save money so that when you need to buy something or pay a bill, you will have the money to do so. Savings accounts as compared to checking accounts will normally pay a higher interest rate (although at the moment, in Feb. 2013, interest rates are quite low).
