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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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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?

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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.


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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?

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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


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