"Poetry is not a turning loose of emotion, but an escape from emotion; it is not the expression of personality, but an escape from personality. But, of course, only those who have personality and emotions know what it means to want to escape from these things."T. S. Eliot
|
| |
5 ways to super savings internet shopping
Save at least 200 dollars for 1000 dollars of shopping– that is 20% of the total money spent. With common sense and little prudence you can save hundreds of dollars on your holiday shopping bills. From my past experiences, I have chosen the five ...
Barclays launches their new High Interest Savings Account
Barclays is launching a market leading 10 percent Regular Saver account, whilst completely revamping its savings range to make it simpler. It is the latest move from Barclays in its campaign to deliver good value for money products to attract ...
September Means Savings For Vacationers
Most vacationers travel during peak travel times, but if you're looking to save money this year, make your travel plans for September. For the most part, vacation sites come in two flavors: 1. Beautiful in the summer, but intolerable in the winter 2. ...
|
|
|
| |
Savings accounts are an important part of banking... most people have at least one, and they are a recommended first step in working on a retirement plan or savings and investment strategy.
There are many people who aren't even sure how their savings account really works, they simply deposit money into the account and interest is paid monthly.
While this is essentially true, there are several factors that can influence the amount of interest that an individual pays... and the difference in accounts from one bank to another can sometimes be quite large.
Below you'll find some basic information about different features of savings accounts, as well as how to find the best deals in savings that you can get.
Purpose
Obviously, the main purpose of a savings account is to put money aside for later, all the while drawing interest on your deposit. Different accounts may have different features, however, and can be used in different ways depending upon those features.
Some savings accounts are used as security for certain credit and debit cards, and others are used as a buffer to prevent overdrawn cheques. It is important to inquire about the various types of savings accounts available at your bank so that you can find the account that best suits your needs.
Interest
Interest on a savings account is the additional amount that is paid to your account based upon the balance that you keep. The interest rate is paid as a percentage of the total balance, and is based upon rates that are set nationally. The rate that is paid may differ from one bank to another, especially depending upon the local economy and the policies of the bank in question.
Withdrawals
One of the features that are common to most savings accounts is that the number of withdrawals allowed each month is quite limited. In most locales banks only allow you to make 3 to 6 withdrawals within a month's time before small fines are added onto the transaction fee.
In many cases, these fines are mandated by federal law in an effort to prevent abuse of the higher interest offered by savings accounts and to encourage bank patrons to carry a balance in their savings until later in life.
These fines are often quite low, however, so should you need to make one more withdrawal in a month's time you won't severely reduce your balance from the fines.
Account Features
As mentioned above, there are a variety of uses for savings accounts... because of this, different accounts have different features that can be used to make some of the uses easier. They may have a minimum deposit for opening the account, for instance, or the account could be linked to a chequeing account. Make sure you know the features of the savings account that you're considering before making your final decision.
Finding the Best Deal
In order to find the best deal on a savings account, it's important to shop around and find the bank that has the best offer on interest rates and features.
Request interest rate quotes and information about the different types of accounts that are offered at several banks in your area... by comparing these quotes and the information on the available accounts, you can make a decision on which savings account would offer you the best return on your money.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
|
|
|
|
|
|
 |
Your 2012 Memorial Day Sales Savings Cheat SheetDailyFinance"The time required to search for the best possible deal keeps shoppers from comparing prices, even if that means saving them a lot of money." That's where these bargain-finding search engines come in handy, he says. They'll "not only save you time and ...and more » |
|
