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Answered 2010-12-01 19:46:22

Banking and one's financial stability are two entities that go hand in hand. Financial institutions help many people grow their wealth in a number of ways and establish useful strategies to reach both short term and long term financial goals. One of the most popular and traditional ways for one to start saving for the future is to open a savings account in one of the many major banks. Savings accounts are the best way for one to start some type of plan for reaching long term goals. Not only do savings accounts help families and individuals save for long term goals such as the purchase of a car or new home, but it also pays interest on the amount of money that is held in the bank's trust.

There are many types of savings accounts one can choose from when he or she decides to begin saving for the future. However, the most basic savings accounts are far more easier to manage and track. A simple savings account from a major bank will allow the person to set aside money in a separate account that is to go untouched for a due amount of time. Unlike checking accounts, savings accounts usually have no checks or debit cards that accompany that particular account. Savings accounts cannot be accessed like a checking account, and there are many savings accounts that penalize those who withdraw money from the account. Most of the savings accounts that accrue penalties for withdrawals are high interest savings accounts, which normally have a due amount of time that a person must wait to withdraw his or her money. High interest savings accounts pay the person who opens the checking account a higher interest rate than other savings accounts. For this reason, he or she may not be able to withdraw his or her money for up to six months without a penalty. These types of savings accounts have often been compared to CD's and money market accounts although there are many ways in which these accounts differ.

Find the Best Rate

For those people who know he or she will be able to keep their hands away from their savings account, he or she should find the bank with the highest interest rate. By reading all of the rules and regulations on the savings account, many will find this the best way to begin saving for the future.

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Why should a company open a business savings account?

A company open a business savings account because it makes transaction and payment much easier. You can read more at www.citibank.com/savings

Why open an savings account?

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

Where can you open a savings account?

You can open a savings account at any bank or credit union. There are online bank savings accounts, too.

How much does it cost to open a savings account with INTRUST bank?

There is no cost to open a savings account at INTRUST; there are minimum that are needed to open one. For Money Market the minimum is $5,000.00, for a regular savings account, $100.00 and for the Youth Savings Program, $10.00

At what age should a person consider opening a banking account?

You should open a savings account for your child the same day you receive their social security card. You should open a checking account on your 18th birthday.

Can I open a savings account if I have a judgment against me?

Yes, you can open a savings account if a bank allows you to. Usually banks are not as strict with savings accounts as they are with checking accounts.

How much do you have to keep in a Bank of America savings account to keep it open?

You can have no money and still keep it open. Bank of America doesn't care if it doesn't have any money in it . If your savings account is linked to your checking account then it should be fine.

How does one start a CD savings account?

In order to open a CD savings account one would need to go to the bank in which one wants to open the account at. Once there, they will be asked to fill out paperwork and provide a valid photo ID as well as other identifying information. It should take a few minutes tops to open a CD savings account.

Can you open a savings account while in chapter 13?

yes you can open a savings and a checking both

Can you open a bank account at sixteen?

no you can only open a savings, not a checkingYou can open an account with an adult's signature

What is the minimum deposit to open a savings account with SunTrust?

The minimum deposit required in order to open a savings account with Sun Trust in one hundred dollars and with this you can start your own savings account with Sun Trust.

How old do you have to be to open a Tesco savings account?

The application paperwork to open a Tesco savings account states that you must be at least 18 years of age to open an account. This also applies to their checking account service as well.

Can you open a savings account for another adult?

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How to you open a post office account?

i would like to open a post office savings account

Is there an age requirement for opening a savings account?

No, parents can open savings accounts for children or children can open savings accounts for themselves. If a parent has opened a savings account for a child then they can put it in their name once they turn eighteen.

Can a corporation have a savings account?

Sure. Anyone or any organization can have a Savings account. A savings account is one of the most basic types of accounts which is open for everyone. In this type of account, the account holder (Individual or business or corporation) stores up money for their future use and there is no restriction on who can open such an account.

Can you open a savings account after filing chapter 13 bankruptcy?

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Can you open a saveigs account for a friend?

No. You cannot open a savings account for your friend. Only the concerned person who wants the account can open the account. Proxy account opening is not allowed.

How much to open a savings account at woodforest bank?

I would like to open a saving account at woodforest

Does the Bank of America allow you to open a savings account online?

Yes they do and they make it easy for you. Simply go to the website, click open and account and fill out the relevant information and you will have a new savings account!

How do you open a savings account?

p.s the bank tellers will do it with you.

How does one open a savings account?

You can go to your nearest bank and see a consultant and ask them to help you open a savings account.They will assist you in making a new card and account.

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