Choosing the Right Savings Account?

1 Answer

Answer :

When making the decision to open a savings account, there aremany considerations a savvy consumer must keep in mind. Bycarelessly opening a savings account, a consumer risks throwinghimself or herself into an account that may cost them money in thelong run. In addition, it may difficult to close a particularsavings account depending upon the bank. A person also does notwant to choose the wrong savings account and then later have toclose it. Sometimes, closing a savings account can reflect verypoorly on a credit report. This is every consumer's worstnightmare, so it is important to research thoroughly and avoidmaking this mistake that other consumers have made in the past.First, it is important to consider the interest rate of asavings account. If one is new to the process of opening a savi

Related questions

Description : Is it normal to get $0.01 interest on $750 savings account?

Last Answer : Sounds normal. Interest rates are so flipping low. You could shop around for a higher rate somewhere.

Description : What type of savings institution pays the most interest on a savings account?

Last Answer : In the US, there are all sorts - like dozens and dozens - of banks that are offering 2.50 or 2.60% on money these days. Go to https://www.bankrate.com and click on either Savings ... but there are some mild restrictions on how many transactions per month. Really easy to find alternatives these days.

Description : What is an average interest payment on a savings account?

Last Answer : I was told that my interest is half a percent per month if I don’t take any out. I was told that when I reach a minimum of $5,000 a month that my savings interest would be 1.5 percent if I switch to a high interest savings account.

Description : What is the interest for a typical savings account on $5,000?

Last Answer : Edit I just called the bank. It is $3.50 a month. $42 a year.

Description : If you had just enough money in your savings account to pay off your house, would you?

Last Answer : It would depend on the interest rate, @chyna, and other things like they type of loan, how much equity I had in the house, amount of mortgage payment, value of the home…

Description : Whats the highest savings account interest rate, and CD interest rate, you know of?

Last Answer : For savings I use smartypig.com. It works great.

Description : "Are there any credit cards that pay interest like a savings account?

Last Answer : You mean a debit/credit card? I have one of them.

Description : Should I open a Money Market Savings account or general Savings account?

Last Answer : Stay away from Monkey markets; otherwise the interest on a conservative (Vanguard.com) money market fund is about 0.17%. Pathetic, but at least your principal is safe and if the feds raise the prime rate ... is a list of some banks that are paying slightly higher rates ($16.90 vs. $2.40/annum).

Description : What is the difference between a savings and a money market account?

Last Answer : Vanguard Money Market Funds pay better interest than most savings accounts; plus they offer the convenience of check-writing privileges. Check out vanguard.com for your state; If you are interested in long- ... rates for savings and CDs. Capitalone has a good MM rate if you use their Master Card.

Description : How do you set up a savings account for a child?

Last Answer : Any bank officer will help you. Try to find the best interest rates online as well.

Description : Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Last Answer : A person with 10 million dollars probably has a diversified investment portfolio with a variety of risk levels and return levels. As a result, his insurance is that not everything will collapse at the ... 10% above inflation, banks are a very poor choice for someone with lots of money to invest.

Description : How much is in your savings account currently?

Last Answer : 22 bucks

Description : what Calculate the new balance after one year on a savings account if the previous balance was $230.10 and the interest rate was 4%.?

Last Answer : 239.3

Description : What is Home Savings Account ?

Last Answer : The savings account through which the bank allows the people to save money at home is called home savings account. Such calculations are usually conducted to increase the savings tendency among the poor and uneducated population.

Description : What is a savings account ?

Last Answer : : A savings account is a bank account which is usually used by a person of fixed and fixed income for savings purposes. Banks offer low interest rates on savings accounts. Money can be deposited ... accounts can be of different types. For example: 1. Home savings account 2. School savings account

Description : What is female savings account ?

Last Answer : The savings account through which the bank provides banking facility only to women is called women's savings account. These accounts are managed according to the general savings account and such accounts are usually conducted by women.

Description : What is a Labor Savings Account ?

Last Answer : : The savings account through which the bank increases the savings tendency of the working population and collects savings is called labor savings account. Banks usually operate these accounts in large industrial areas of the country.

Description : What is insurance savings account ?

Last Answer : The savings account of the people through which the people can insure their life as an additional benefit with all the benefits of a savings account. The bank account is called insurance savings account.

Description : What is Home Savings Account ?

Last Answer : The savings account through which the bank allows the people to save money at home is called home savings account. Such calculations are usually conducted to increase the savings tendency among the poor and uneducated population.

Description : IF TCF CLOSES A CHECKING ACCOUNT CAN YOU OPEN ANOTHER ACCOUNT WITH WHETHER IT BE SAVINGS OR CHECKINGS?

Last Answer : They will likely deny your checking account application. You may be able to open a savings account with them.

Description : Do you prefer savings or current account?

Last Answer : Account is like a wallet usually designed for customers for easy saving and transactions with the aim if monitoring aand sustaining a dependable financial transactions and satisfying customers desires. ... is high per transactions even the use of its check book involves transactional charges.

Description : Businessman generally operates savings bank account.

Last Answer : State whether the following statement are True or False with reason : Businessman generally operates savings bank account.

Description : Distinguish between the following: Current Account and Savings Account.

Last Answer : Distinguish between the following: Current Account and Savings Account.

Description : When Valentina invested 6500 in a savings account with a yearly interest of 4 for 7 years how much simple interest did she earn?

Last Answer : 1,820-apex test answer

Description : If you have a traditional savings account you could be charged a fee if?

Last Answer : Need answer

Description : When a customer opens a bank savings account the bank essentially becomes a(n) .?

Last Answer : borrower

Description : What has cidney savings account with National Bank. She earns 4 interest compounded yearly on 1250.00. What amount will she receive in interest in three years?

Last Answer : What is the answer ?

Description : When a customer opens a bank savings account the bank essentially becomes a(n) .?

Last Answer : borrower

Description : Health Savings Account (HSA) Goal Calculator?

Last Answer : Health Savings Account (HSA) Goal CalculatorAre you looking at the Health Savings Account (HSA) as a retirement account? Do you have an amount in mind that you want to carry over into retirement? This calculator will help you determine what you need to do in order to reach your goal.

Description : The Importance of a Personal Savings Account?

Last Answer : Owning a personal savings account is one of the best things that a consumer can do to ensure that they are financially secure. A personal savings account is a bank account in which a consumer can ... business, the contents of most savings accounts are insured by the FDIC for up to $100,000.Anoth

Description : Opening an Educational Savings Account?

Last Answer : Upon the birth of their first child, most couples immediatelyopen a savings account for their child in order to pay for theircollege expenses. Since the account will not be used for almost ... without having to betaxed for interest earnings, appreciation or dividends. There is acatch, however -

Description : How is a money market savings account different than a regular savings account Can I make more money in it?

Last Answer : A simple savings account generally pays the owner a set amount of stated interest on his or her deposits based upon an particular annual rate. Money market savings accounts typically require higher balances ... rate. Both kinds of accounts are guaranteed in the United States by the FDIC and NCUA.

Description : What are the interest rates for a savings account from Chase bank?

Last Answer : Chase currently offers an interest rate of .5 on their savings accounts. These are not high rates.

Description : Is the yield for a Chase money market savings account high?

Last Answer : The yield for the Chase money market savings account is in line with the National average.You will find the highest rates with online accounts like www.DiscoverBank.com

Description : Why do bank savings account interest rates change over the years?

Last Answer : The interest rate at which they lend out money changes, which changes your interest rate. Banks are a buisness and if their interest rates are lower then your interest rates, they make no ... pay to the govenrment changes. Whnever the federal reserve rate changes,your interest rates can change.

Description : Do you know if banks will still give high interest rates on savings accounts compared to a regular checking account?

Last Answer : Most savings accounts hold little to no interest rate currently. They are basically the same as a checking account. If you are looking for higher yield interest, consider purchasing a CD.

Description : Is there an age requirement for opening a savings account?

Last Answer : No, parents can open savings accounts for children or children can open savings accounts for themselves. If a parent has opened a savings account for a child then they can put it in their name once they turn eighteen.

Description : What is the best savings account offered by online banks?

Last Answer : The "best" is subjective and will depend on the features that you are looking for in a bank. Personally, First Command Bank is an awesome bank with a high interest money market savings account. American Express Bank currently has a 1.3% interest rate for their savings accounts.

Description : Which banks offer the best savings account rates?

Last Answer : You will find the best rates for savings with an online account. THe larger your deposit the better your rate will be,try Netbank.

Description : How could I start a health savings account and what are the benefits?

Last Answer : A health savings account can be started from your employer. The benefits include various tax savings when it comes to medical expenses.

Description : Is there a maximum number of withdrawals I can make from my savings account each month?

Last Answer : Your bank or credit union will not have a limit on the number of withdrawals you can make, but they may have a limit on the number of withdrawals or amount of money you can withdraw within a short ... ). In addition, they may charge a fee once you pass a certain number of withdrawals in a month.

Description : What distinguishes a direct savings account from a standard account?

Last Answer : A direct saving account is very similar to a standard account. One of the differentiating features is that a direct savings account has a higher interest rate.

Description : Where can I find the best possible intrest bearing savings account on the internet?

Last Answer : There are sites which compare interest rates on all types of banking products. Bankaholic.com and Bankrate.com are two sites which will give you a list of all the best interest rates on savings accounts , ... accounts and any other type of bank account or CD. what is tthe best dsl service for home;

Description : What bank offers the best savings account?

Last Answer : ING currently offers the best online savings account. They have the highest rates. The North Middlesex Savings Bank Rates as of Mar. 5th are 2.75% APY. Ridgestone Bank is 2.50% annual percentage rate.

Description : Does Chase offer a free savings account along with a free checking account?

Last Answer : Yes, Chase Bank has a really great offer. You can get a linked savings and checking account with no monthly fees. They even have a sign on bonus. 1 year fees

Description : What banks offer a High Interest Rate Savings Account in Wilmington, NC?

Last Answer : You have several banks to choose from for a good rate. I would use Bank of America.

Description : Should I open both a checking and a savings account, or is one better than the other?

Last Answer : Having both a checking and savings account is often a good idea. A checking account is designed to help you deal with the cash inflows and outflows to run your life (writing checks, ATM/cash cards, ... from the one you use for your regular expenditures (you will be less likely to spend it!).

Description : How many days does it take to transfer 11.5 million dollars into a savings account?

Last Answer : It depends on what type of transfer you are trying to do. If it is online the transfer should go through immediately.

Description : Which bank in has the highest interest in checking and savings account?

Last Answer : Karnataka bank in India has highest interest in savings account. For the amount kept between 7 to 45days you get 4.5% as interest

Description : Where can I find an interest calculator for my savings account?

Last Answer : Financial institution sites such as banks offer different form of calculators to help you manage your finances. Fanniemay, Chase, and Citi bank offer a lot of calculator tools to help you.