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More than 60% of Americans have a savings account. It is often the first type of account a person opens in his or her lifetime. There are several different types of savings accounts, and these can be a great place for the beginning investor to start. more »
Savings accounts are financial investment vehicles that provide a safe place to store your money for future use. In return for placing your money in a savings account at a financial institution, you obtain a monetary gain relative to the interest rate offered. Typically, the interest rate for savings accounts are lower than other... more »
It is true that even in times when interest rates are not at historically low levels, earning money from a savings account can be a little difficult. Most do not offer interest rates of much better than 2 percent, even in times of higher interest rates. The rate of return has many people looking at different types of savings accounts... more »
Originally, checking and savings accounts were two completely different animals. Checking accounts were meant as a place to deposit checks, make withdrawals and manage bill payments. Saving accounts were meant to put money away for rather long periods of time. Today, the line between checking and savings accounts is rather blurry, but... more »
A healthy savings account should be top priority in every household. Whether you're single or married, with or without children, a savings account is a necessity not to be ignored. A savings account can help you and your family survive a job lay-off, economic downturn, unexpected bills and more. Building a savings account can be... more »
Building your savings will not only teach you to manage money properly, but can help keep you...
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Both money-market accounts and savings accounts serve the same purpose---to protect investors' principal and generate a modest income. However,... more »
Health savings accounts were passed into law in 2003 to provide a way for individuals to save money for health expenses. A health savings account... more »
Health savings accounts provide individuals a way to put away tax-deferred money to pay for qualified health care costs. In much the same way as... more »
A standard savings account, while sometimes viewed as old fashioned and offering weak returns, is an important component of any financial plan.... more »
People open savings accounts because they want to put cash away for future use in case of emergencies, travel and other things they want in life.... more »
Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money ( for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return.
Overview
Savings accounts are offered by commercial banks, savings and loan associations, credit unions, building societies and mutual savings banks.
Obtaining funds held in a savings account may not be as convenient as from a demand account. For example, one may need to visit an ATM or bank branch, instead of writing a check or using a debit card. However, this transference is easy enough that savings accounts are often termed "near money".
Some savings accounts require funds to be kept on deposit for a minimum length of time, but most permit unlimited access to funds. In the US, Regulation D, 12 CFR 204.2(d)(2)] limits the withdrawals, payments, and transfers that a savings account may perform.http://www.access.gpo.gov/nara/cfr/waisidx_01/12cfr204_01.html Banks comply with these regulations differently; some will immediately prevent the transfer from happening, while others will allow the transfer to occur but will notify the account holder upon violation of the regulation. True savings accounts do not offer cheque-writing privileges, although many institutions will call their higher-interest demand accounts or money market accounts "savings accounts."
All savings accounts offer itemized lists of all financial transactions, traditionally through a passbook, but also through a bank statement.
About 65% of people in the United States have savings accounts.
Notice deposit account
In some countries, such as the United Kingdom and Burkina Faso, an account called the notice deposit account is available. A slight interest premium is paid, with the caveat that one must give up to 90 days notice to make a withdrawal without a fee. Often, withdrawals ca read more at » http://en.wikipedia.org/wiki/Savings+account
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