Savings Accounts
Savings accounts are bank accounts which are used by bank customers to save or accumulate money. Banks encourage depositors to store cash in their savings accounts by paying interest on those accounts. Regular savings pay a up to a few percent interest to the customer regardless of the amount saved, while Certificates of Deposit (CDs) pay higher interest rates but require the money to stay in the account for months or years.
The bank does not pay interest simply to be nice to depositors. It uses the cumulative deposited money in its daily operations, such as making loans for businesses, mortgages, cars, and other financial transactions. The interest earned is a payment for the use of the deposited money. Select banks that pay high interest on savings if possible. This allows your saved cash to grow slowly but surely. The Rate of Return (ROI) of savings interest is likely lower than markets such as the stock market, but the savings are FDIC insured, and the interest rate is usually guaranteed. Online banks have no building overhead, and so may be willing to pay higher interest rates than physical banks or credit unions.
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Tractor Supply finishes 2-for-1 stock split - BusinessWeek
Fri, 03 Sep 2010 17:27:56 GMT+00:00 Tractor Supply finishes 2-for-1 stock splitBusinessWeekGet Started Now. American Express – Savings Accounts FDIC Insured Savings Accounts with No Monthly Fees or Minimum Balances.and more » |
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Fri, 03 Sep 2010 16:28:36 GMT+00:00 It May be Time to Break Up with Your Savings AccountVisual EconomicsDepending on when you originally opened your savings account, you may or may not have done a lot of research on where to open it. Before the interest rate ...and more » |
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