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Holding a Savings Account
from:Introduction
A savings account is basically defined as a bank account designed to help the customers set aside a portion of their liquid assets, while also earning a monetary return.
Offered and maintained by a series of commercial banks, savings and loan associations, credit unions and mutual savings banks, these accounts require that the amount deposited cannot be used directly as money, thus encouraging savings.
Features and Provisions
In most of the cases, such savings account requires that the funds be kept on deposit alteast for a minimum length of time, though some also allow unlimited access to funds. In other words, there is a limit on withdrawals, payments and transfers that might be performed through a savings account.
While some of the banks will not allow any transfer of money beyond this limit, the other will notify the account holder that such a regulation has been violated. Each of the savings account holders are offered an itemized list of all financial transactions, either through a passbook or through a bank statement.
However, withdrawals from a savings account are occasionally costly and at times much higher and more time-consuming than the same financial transaction being performed on a demand account. Though most of the savings accounts do not offer cheque-writing privileges, yet there are many institutions that refer to their higher-interest demand accounts or money market accounts as savings accounts.
Latest Developments
The introduction of internet into the world of banking has made the concept of high yield savings accounts highly popular. Available through virtual banks, such an internet savings account business model is based on an attempt to offer interest rates which are higher than those available at storefront banks. A few amount of retail locations along with low customer service costs through automated and computer systems makes such a business model quite effective. In fact, internet operated banking systems are highly effective and recommended if the customers concerned are well-versed with nuances of internet and are aware of how the system works.
Experts suggest that holding at least one of such savings account is crucial if you want to develop a consistent regimen of savings and investments. The stringent regulations of most of the institutions offering such savings account do not allow you to withdraw frequent or high amount of savings from your account, which indeed have a favorable effect in the long run. In fact, to encourage and attract a large customer base, quite a few of these institutions also offer special internet rates to specific age groups as well, such as youngsters.
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Savings News
Secret Savings To Continue To Return Good Dividends (Virtual Form Guide)
Stewards would not have been concerned when the imported American Secret Savings may have benefited from outside assistance when he recorded a comfortable win in the Doncaster Handicap at Randwick in the autumn of 1997. It came in the shape of a turquoise ‘eye of Allah' talisman which had been placed around his neck the night before by his owner, His Excellency Nasser Lootah of Dubai.
Read more...Tories to scrap tax on savings (The Herald)
DAVID Cameron yesterday vied with Gordon Brown to be the "do something" party leader as he resurrected the Conservative policy of promising to scrap tax on savings to help the "innocent victims" of what he branded as "Labour's recession".
Read more...Secret Savings Dead (BloodHorse)
Secret Savings, a Kentucky-bred who achieved racing and siring success in Australia, was euthanized in December because of complications from laminitis. The son of Seeking the Gold was 17 and had stood at Emirates Park Stud in Murrurundi in New South Wales, Australia.
Read more...Treasurer-elect proposes safer Oregon college savings plan (KGW NewsChannel 8 Portland)
PORTLAND, Ore. (AP) -- Treasurer-elect Ben Westlund is proposing a college savings plan that he says would be safer for parents than investing in the stock market.
Read more...Tories pledge to scrap some savings tax (Reuters via Yahoo! UK & Ireland News)
The Conservatives called on Monday for taxes on savings to be scrapped for those with low incomes in the party's opening salvo of the New Year in its bid to show voters it can help them in an economic downturn.
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