Archive for July, 2015

Savings Account

Wednesday, July 29th, 2015

savings accountBanks have different types of accounts which are formulated on the basis of the needs of the depositors. Like current account is opened by the business entrepreneurs to operate their business transaction, checking account to regulate the routine affairs of the depositors and not to involve money their routine transactions. Like that savings account also plays their role in the banking field. The most used account in the banks, financial institutions or the credit union is the savings account. Savings account is very helpful for the depositors who want to deposit their money in their respective banks. Savings account can also be considered as the account which provides a rise to the money deposited by the account holders.

Savings account is provided to pay off the interest on the money you have deposited in the account. Account holders can make deposits, withdrawals of cash from their savings account. This account is considered similar to that of the checking account but with different features of it. Opening a saving account in the bank is very easy and simple. This account can be opened with the nominal fee which is charged by the bank at the time of opening the account. This amount is just for the deposits and the proof of the savings account opened in the name of the depositors. Savings account is found in all the banks, financial institutions or the credit unions so any one can access this account with their respective banks.

Savings account provides with the facility of interest rate on the amount which is deposited in the account. This rate is higher than that of the checking account but is less than the certificate of deposits or the money market account. Transactions which are going to be performed are not restricted in savings account. It limits specific number of transaction of withdrawals because it is considered as the saving s account which has the main purpose of saving the money deposited. Now the facilities of multi banking have increased, so the person can withdraw or deposit the money in any bank to their respective bank account.

Savings account provides with the facilities of bank statements, passbook, Debit account to the account holder because this will maintain the track record of the transactions which are taken place. Debit card is very useful for the account holders because it helps the holder of not going to the bank for withdrawing the money but can easily access the amount they want to withdraw from the ATMs. People can now withdraw their money from different ATMs of different banks but a nominal fee is charged by the respective bank whose ATM is been used. There are many benefits of savings account.

Some of the banks charge the minimum balance fee. This means if there is minimum balance in the savings account than additional fee is charges for maintaining the minimum balance in the account. Every bank has their different rules and regulations which can be differed from other banks. The facility of messaging to the account holders is been regulated by the bank, so that if any transaction takes place, direct message is end to the holder including and stating all the details regarding the transaction done by him in the bank.