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What are the various types of bank accounts?
* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits
Does Second Chance Checking offer savings as well as checking accounts?
"As far as I can tell, second chance checking does not offer any savings accounts. They strictly provide checking accounts to individuals with less that perfect credit histories."
What are the fees for checking at the Randolph Savings Bank?
At Randolph savings bank, free checking accounts are free to open. The minimum to open is $10 but there is no minimum balance required. You can also select their interest checking account, which charges a monthly service charge of $8 unless you have a minimum balance of $500.
What are the similarities between a current account and a savings account?
Similarities between current accounts and savings accounts would be: a. They both accept deposits b. You can withdraw money from both accounts c. You get an ATM card for both accounts d. You get a cheque book for both accounts e. You get a bank passbook for both accounts f. You get internet banking for both accounts The differences are: a. You get little or no interest in checking accounts whereas you get a small interest for savings accounts b. There are limitations about the number of transactions you can have in a savings account but there are no limits on the number of transactions for current accounts.
Why does a savings account make a better investment than a checking accounts?
Savings accounts earn interest.
Are there more fees in a checking account compared to a savings account?
Most checking accounts have no fees. Savings account has more fees than checking accounts because of the higher interest yields available in a savings account.
What are the disadvantages of using checking accounts?
Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.
Why are saving accounts not subject to the fed reserve requirements?
savings accounts are not subject to the Fed's reserve requirements because savings accounts are not as liquid as checking accounts.
Which has a higher interest rate checking or saving?
Generally a savings account pays more interest, but there are some checking accounts that offer rates that are very competitive to savings accounts.
What is the difference between a checking and savings account in terms of interest rates?
Usually, most checking accounts don't pay interest at all or if they do, a very high minimum balance is needed. Usually when it is available, savings does have more interest paid, but not a significant amount more. Because checking accounts are made to be used, interest is often lower. Savings, and variations of it, tend to be higher because it is not touched...as often.
Do mortgage companies check for savings and checking accounts?
Yes they do.
What amount of money in a checking or a savings account upon which interest is based?
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
