Articles Tagged ‘savings account’
Tips for Choosing the Right Bank Account
Thursday, February 5th, 2015
Choosing a bank account can be challenging. There are many types of accounts, and each account comes with benefits, and potential drawbacks. Some accounts require minimum balances and incentives for high balances. Others are more suited for day to day accounts that support bill pay and transfers.
The company you bank with may impact your decision as well. For example, you may prefer a local bank or credit union over a national bank. Before you start researching accounts and banks, decide what you want to accomplish. What is the bank account for and what are your goals for the...
Banking Advice on How to Jump Start Your Savings This Year
Friday, January 9th, 2015
The start of the new year is a time when many of us look to improve our lives by making resolutions. Along with health-related resolutions, new years goals that relate to personal finances are particularly common. Two of the most important financial goals are to pay down debt and to save more.
The benefits of paying down your debt are immediately apparent, but sometimes the benefits of building up your savings sometimes aren’t clear until a number of years down the road. This means that sometimes personal savings gets neglected.
With that in mind, here are some tips for jump...
How to Choose a Savings Account When Yields are So Low
Tuesday, November 25th, 2014
Interest rates have been low for several years now, and while that might be good for people with good credit ratings who are looking for a new mortgage, it has proven costly for savers. Bank CDs and savings accounts currently offer interest rates that would have been considered shockingly low just a decade ago. In this low yield environment, savers are looking at other account features in deciding where to open a new account.
For something that seems to be almost a generic service, there is a surprising amount of variety in the terms and conditions that apply from one...
Time to Open a Money Market Account?
Wednesday, April 10th, 2013
When you open a new savings or checking account at your local bank or credit union, you may be asked if you also want to open a money market account. Money market accounts are similar to savings accounts except that they generally offer higher interest rates, have a higher minimum balance requirement, and only allow you to make a few withdrawals each month.
If you’ve never had a money market account before, then you might not be familiar with the situations in which having such an account makes good financial sense.
Here are some instances in which it might be...
When Should Your Child Get a Savings Account?
Wednesday, May 9th, 2012
Along with “when should I start giving my child an allowance,” one of the early financial questions a parent is likely to face for their child dealing with money is likely to be when to get them their first savings account. You’d like that first savings account to be something that your child genuinely takes an interest in, so that they start wanting to save, instead of you having to constantly remind them to do so.
The answer to the question will vary for each child, of course. But there are some factors you can take into consideration when trying...
What is a Bank Money Market Account?
Friday, February 11th, 2011
A bank Money Market Account, or “MMA” for short, is a special kind of savings account that allows you to get higher interest rate by reducing the liquidity of your cash. The account is a great way to increase the return on your capital while still having your savings protected by FDIC insurance.
In exchange for a higher interest rate, your account will be subject to a number of limitations that are not applicable to more traditional savings accounts. Some of these limitations may be significant to you, depending on your personal financial situation and savings needs.
The key is...
How to Find the Best Savings Account
Thursday, February 3rd, 2011
The first financial service that most people have direct experience with is a savings account. Perhaps you had your own savings account before you were old enough to understand what it was.
Even today, in our complex financial world, savings accounts can still serve a vital role in many individuals’ financial planning. Savings accounts are where we store money for significant purchases and investments (such as a down payment for a home), college expenses for our children, or simply as our emergency or rainy day fund. And unlike our mutual funds, stocks, homes or other investments, with...