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Most of us have had a bank savings account at one time or another. Perhaps your parents opened one for you when you were young, maybe you had one to put your graduation money in after high school. Likely, you originally planned for your savings to be just that, an account where you built up money, storing it away for some unforeseeable rainy day in the distant future. Certainly this type of bank savings is a good idea. In fact, most financial advisors recommend that you keep six months pay tucked away in a savings account just in case something bad happens. However, there are other, less long-term ways to make good use of a bank savings - use it to plan for special events.
Depositing money regularly in a bank savings is a great way to get your money out of harms why while you gather it all together for something special. In fact, if you talk to your mom she will probably tell you that this is a great idea; women of her generation were fond of Christmas Club savings accounts, where they hid away their money in the bank, allowing it to grow with regular deposits, then only withdrawing it after Thanksgiving, just in time to do their Christmas shopping. These limited term savings are a great way to save for the holiday, or a special purchase like a designer purse, new motorcycle or even a vacation.
This type of short term, special occasion savings is made even easier in today's modern world. Most banks today offer no fees or minimum balances to open a savings account. They have no maintenance fees if you are not making regular withdrawals or if you have money automatically transferred from your checking account each month. This allows you to even open multiple savings if you wish: You can have one savings account to save up for that vacation to Disney World, one account to save for that new car and then a third to put away for your six month emergency fund. With automatic transfers you can save money each paycheck without even missing it, as the bank moves the money from your checking account to savings as soon as your paycheck is deposited. So open a new bank savings today and start saving up the money to accomplish all your future goals!
What else can I help you with?
What is the definition of savings?
A savings bank is a bank that is dedicated to savings accounts. They don't have all the freedoms of a checking account, but pay higher interest rates.
Where can one open a business savings account?
Business savings accounts can be opened at any normal bank that the customer does their private business with. If there are any special requirements, one could use a bank that does business accounts specifically.
Is saving account a bank account?
If you have a savings account at a bank, then it is a bank account. If you have it in another kind of institution, such as a Credit Union or Savings and Loan, then it is not a bank account, although some people use the term "bank account" loosely and apply it to any savings account anywhere.
What is a reliable commercial savings bank?
The bank you may want to use is Reliable Savings Bank Pa S A. It is situated in Pennsylvania and was established in 2007. Other such companies are US Bank Internet,Tcf Bank, etc.
How do you use account in a compound sentence?
She drove to the bank and she opened a savings account.
A percentage of the amount in the savings account which is a reward for the bank's use of the money?
interest
What is an internet savings account?
"They have becomes duds, they use to be savings you can just deposit money in and they will act likes a regular bank account. but now they are gone.So long internet savings."
How does a person go about setting up a savings account?
To set up a savings account a person needs to decide what bank they want to have the account set up at. Once the person knows which bank they want to use they must then go to that bank.
How do I find a reputable Internet bank so that I can open an online savings account?
You can use a search engine to locate a reputable Internet bank that will give you an online savings account. However I suggest using a bank like BB&T (Branch Banking & Trust) to setup your online savings account, they are a solid bank offering good service. You can find them at: bbt.com
What do the people do to deposit their saving in a bank?
To deposit their savings in a bank, people typically visit the nearest bank branch or use online banking services to transfer funds from their personal account to their savings account. They can also deposit cash or checks into their savings account through an ATM or mobile deposit.
What is money paid for the use of money called?
Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.
What is the money paid for the use of money called?
Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.
