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Online Savings Account Article
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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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Online Savings Account News
ScholarShare Announces College Savings Account Giveaway - MarketWatch (press release)
ScholarShare Announces College Savings Account Giveaway MarketWatch (press release) About the ScholarShare 529 College Savings Plan: ScholarShare accounts may be opened online with as little as $25 per investment portfolio. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum contribution limit ... |
Home lender to dip into savings - NEWS.com.au
 TheMercury.com.au | Home lender to dip into savings NEWS.com.au MORTGAGE lender RAMS now has a foot in both sides of the money business after launching an online savings account. The home loan specialist, owned by Westpac, yesterday said it would offer online savings accounts to new customers in a move that would ... RAMS now offering savings accounts Billions lost in interest, RAMS Financial Group's Savings Satisfaction Survey ... RAMS expands into high interest deposit market |
Barclays Introduces New Online Savings Account and Certificate of Deposit in ... - MarketWatch (press release)
 TheStreet.com | Barclays Introduces New Online Savings Account and Certificate of Deposit in ... MarketWatch (press release) US consumers can now earn one of the highest interest rates in the nation by opening a new FDIC-insured online savings account or CD with Barclays at www.barclaysus.com/deposits . The high-yield online savings account from Barclays features ... Barclays to offer online US savings accounts: FT Barclays Plans Online U.S. Bank: Reports |
ING Direct scrambles to reinvent itself - Macleans.ca
 Macleans.ca | ING Direct scrambles to reinvent itself Macleans.ca The high-interest savings account, which ING followed with discounted mortgages, helped attract nearly two million Canadian customers to the upstart bank, a successful test launch for what would eventually become the world's largest online bank. Are Canadian parents good financial role models? 25% grade themselves a 'C' |
Reward Checking and Savings Accounts at First Utah Bank - Deposit Accounts (blog)
Reward Checking and Savings Accounts at First Utah Bank Deposit Accounts (blog) Also, the rates and balance caps are lower than what we remember in the "good old days", but these reward checking accounts continue to be a reasonable alternative to internet savings accounts. The latest new reward checking account is the Kasasa Cash ... |