0
With the uncertainty of today's economy, people are wondering where they can put their money and keep it safe. Many people put their savings in long or short-term investments to help get the maximum return from their deposit. But with investments failing all over the financial industry. It has become common for people to turn to the best rate savings account for a safe money haven.
Protect Your CapitalWhen you invest your money in a certificate of deposit or an IRA, you take the risk of losing some or all of your initial capital. While the interest rates on savings accounts are not has high as those other accounts, the trade-off is that you will not lose your initial capital when you put it in a savings account.
Shop AroundBefore you put your money into a savings account, you want to shop around to find the best deal. The most important thing to look for is the best available interest rate. Savings accounts allow you to accumulate interest over long periods of time. When you find an account with the best possible rate, you are going to get more in return for your deposit.
Another thing to look for when comparing savings accounts is the fees each bank charges. Many banks will charge fees for ATM transactions and for balances that fall below a certain level. The more fees you can avoid, the better off your investment will be.
Add To Your SavingsWhen you find a savings account with a great interest rate, then you will want to take full advantage of that by adding as much to your account as you can. You can develop a monthly budget to help monitor your money and make your savings account one of your payments. Each week that you get paid, a certain amount will go into your savings account. Adding to the principle in your account will help you to make more interest income and get you a better rate of return.
A savings account with a good interest rate is a safe way to get a return on your money without the risk of losing money that an investment can bring. Find a good savings account and protect your money from a bad economy.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How much is an account at beneficial savings bank?
To have an account at Beneficial Mutual Savings Bank you need to deposit at least$50. The interest is compounded daily. It has the best rates also. Good place to have an account.
What is the difference between a savings account and a fixed deposit account?
A Fixed Deposit Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account
How To Open A Savings Account?
In times when money is tight, it is important to make use of a savings account. It is definitely not uncommon for a person to live paycheck-to-paycheck and not have enough left over for a potential emergency. If you are in this particular situation, you may want to consider opening a savings account at your local bank so that you can save up some money for your future. Savings accounts are different than checking accounts because they allow you to build up interest as your cash sits in the bank. And while the interest rates for most banks are relatively low, this amount can add up over time the longer you have your money in there. And when compared to a checking account that yields nothing, the savings will at least give you a little back.In order to open your new savings account, you will want to make a trip to your local bank. A friendly teller at the desk will be able to educate you on what that particular branch offers as far as savings accounts are concerned. You should always look for the bank that offers the highest interest rates. The higher the amount, the more money you will be able to earn each month. The things that you will want to keep away from are high banking fees. Many branches will charge their customers a fee when it comes to opening a savings. But many banks will overcharge their customers with the promise that their interest rate is the best out there. It always pays to shop and compare for the very best bank.Once you have found a good bank and have a savings account under your name, it is time to begin depositing money into it. If you are on a tight budget, you may only want to start off by putting a little bit of money into the account each month or each time your employer gives you a paycheck. It is so important that you do not forget about your savings account and that you continue to deposit money into it for your future financial stability. You will be amazed at how much money you can save with this type of account.
What A Savings Account Can Do For You?
Savings accounts are great ways to save money and build your wealth. They are usually free to start up and most require no minimum balance to start out, though having a small deposit usually helps. These are great ways to save up for big purchases, and to help little children learn the importance of saving money.Gain Interest On Your MoneyThe best part of a savings account is that you can gain interest on the money that you are holding in the bank. This is because you are lending the bank money while it is in the account. The bank will use your money to give out other loans and cover costs. In return, you can expect to be paid with interest on that loan. Interest rates vary and range from current rates of around 1 percent to as high as 4 percent during good economiesDifferent Types Of Savings AccountsYour typical savings accounts will see you put money in the bank and just keep it there until you need to withdraw it. A CD, or Certificate Of Deposit, is when you deposit money in the bank and agree to not take it out until the end of the term, usually six months. The interest rates are usually the same as a typical savings account unless you put in more money. Higher balances usually garner more interest.Automatic Savings AccountsSome banks will allow you to automatically save money each month. You can either direct portions of your paycheck into your savings, or simply place a certain amount from your checking into savings each month. Other banks will allow you to transfer any change from a purchase directly to your savings. Say a purchase was for $4.65, you would get 35 cents placed right into savings.Savings accounts are great tools that come with many advantages and perks to the user. Not only do they garner interest, but there are tools available to help you save and grow your money for a brighter financial future.
What is the explanation for the types of bank accounts?
Savings Account: A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account. Recurring Deposit: A Recurring Deposit account is one in which the customer deposits a small sum of money (usually a few hundred or thousands) every month. The bank accepts a deposit every month and at the end of the deposit period (usually 12 months or higher) the bank would return the money deposited with them along with a good interest. Fixed Deposit: A FD Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit Checking Accounts are also called as Current Accounts. A checking account is one in which customers keep some money and use it for their day to day transactions. The money in this account does not earn any interest and is available for usage to the customer at all times. These are the 4 main types of accounts provided by banks
Why open an savings account?
A savings account is a good place to keep money safe for future needs.
How can a savings account help in money saving?
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
Where is the best place to have a mutual savings account?
A mutual savings and loan is the best place to have a savings account. There are plenty of good and reputable savings and loan banks out there. You can just look for them.
How do I find the best savings account if I don't have much money?
You can find the best savings account if you don't have much money at www.best-savingsaccount.com. Another good site is www.moneysavingexpert.com/savings/
What is a money market account good for?
Money Market accounts are just like having a savings account, only they usually offer a higher interest rate than a normal savings account. Unlike regular savings accounts, Money Market accounts have limitation on how often you can make a withdrawal.
When it comes to saving money what is a good rule of thumb?
Keep most of your savings in your checking account
How much is an account at beneficial savings bank?
To have an account at Beneficial Mutual Savings Bank you need to deposit at least$50. The interest is compounded daily. It has the best rates also. Good place to have an account.
Does my bank offer a high interest savings account, and is it a good way to save my money?
You will have to check with your specific bank to see if they offer high interest savings accounts but most major banks do. A high interest savings account can be a great way to invest your money. One advantage you have with a high interest savings account over a certificate of deposit is that your money is available at no penalty if you need to withdraw it.
Why You Want The Best Savings Account Rate?
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.
Is an AXA variable annuity a good savings option for a young person?
No it is not a good savings investment. It's best to have a savings account with your preffered bank choice. Save some money and never touch. As a young person saves money interest starts paying up.
Disadvantages of savings bank account?
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.
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.
