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What are the different types of savings accounts?

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With the exception of online banks, savings accounts can be expensive if you don't keep a large balance in your account. Banks charge monthly fees, and they pay little or no interest on small accounts. For students (who spend most of their time studying - not working), that's a problem. Some banks offer "student" savings accounts which help students to avoid fees until they get a job and can qualify for monthly fee waivers.
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Taken from http://money.howstuffworks.com/personal-finance/budgeting/savings-accounts1.htm
Banks usually offer two types of savings accounts: a basic savings account, and a money market account.
· The basic savings account (sometimes called a passbook savings account) will usually have either no minimum balance requirement or a low one, but will offer a very low interest rate (meaning your money won't earn that much). In April 2004, the average interest rate at banks for basic savings accounts was less than one percent. A typical basic savings account lets you withdraw your money whenever you want.
· Money Market accounts usually pay more money in interest, but will typically require you to have more money in the account. You also may be limited to how many withdrawals you can make in a month. Sometimes, in addition to the withdrawals, you can also write up to the three checks on a money market account each month.

Posted on Aug 14, 2013

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1 Answer

What is a Money Market Account at the bank?


A money market account is a type of savings account offered by banks and credit unions just like regular savings accounts. The difference is that they usually pay higher interest, have higher minimum balance requirements (sometimes $1000-$2500), and only allow three to six withdrawals per month.

Sep 01, 2014 | Computers & Internet

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What is a Personal Savings Account?


For the average person, a personal savings account is the most common type of account other than a checking account for day to day banking activity.

Savings account are different as they provide you with a safe place to keep your money and earn some extra interest on it. Each bank has it's own rules as to whether you need to put a minimum amount in the account and how much interest they pay.

Savings accounts are a great idea for people who have extra cash that they kept around the house. Spare money is much safer in a bank account which is an insured environment, than stuffed under a mattress.

Studies have also shown that people who put money aside in a savings account are much less likely to spend it than those who don't.

Savings accounts are not hard to open. You just find out from your bank what the minimum desposit is and ask how and when you can withdraw money.

Higher interest accounts tend to have more restrictions ie you can only withdraw once a month without incurring a fine of some kind but these are details that you can work out with your bank.

on Sep 10, 2013 | Finance

1 Answer

What is a Money Market Account?


A money market account is a type of savings account offered by banks and credit unions just like regular savings accounts. The difference is that they usually pay higher interest, have higher minimum balance requirements (sometimes $1000-$2500), and only allow three to six withdrawals per month..

Sep 01, 2014 | Computers & Internet

1 Answer

Which is the best type of account to save money for a rainy day?


Check out this really informative video. It describes the difference between savings accounts and money market accounts. This should give you some helpful insight.

Aug 19, 2013 | Finance

1 Answer

Is there any difference between a regular savings account at a bank and an online savings account?


According to Wikipedia: "Some financial institutions offer online-only savings accounts. These usually pay higher interest rates and sometimes carry higher security restrictions. Online access has opened the accessibility ofoffshore financial centresto the wider public."

Aug 14, 2013 | Finance

2 Answers

What is a savings account?


A savings account is an account where you set aside money and earn a small amount of interest on the money every month. These types of accounts often need a minimum balance.

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