Monthly Archives: March 2013

The answer to how to hack a bank account is really tough to answer as it is the work of criminal hackers which is against the law. But let us concentrate more on opening a bank account or how to open a bank account. It is essential for every individual to hold a bank account because this is the place where you can save all your earnings in a safe way. Even when you are in need of a loan, you can get the help from them by looking for some best bank interest rates.

How to open a bank account?

Opening an account can either be done directly with the respective bank or through online. People of today prefer more to go on with online process as it is completely easy and saves a lot of time with all the formalities. Internet has been a boon to the society and helps to carry out all the work easily without moving around anywhere. All you need is an internet connection along with a computer. The following are some procedures for opening a specific bank account:

1. The first and foremost step is to decide in what bank you will want to open an account. You will have to research about all the details of the specific bank. You will have to look if the bank is really reputed in the market or not. You can check its ratings as well as reviews.
2. The second step is to know the type of bank account you want to open. It can be either savings accounts or recurring account or current account or fixed deposit accounts. You will to decide properly on the account type you need for yourself.
3. The third step is to approach the bank officer for opening an account. As you decide the type of account, you will have to begin with by filling all the basic formalities. You will be asked to fill the application form which is offered by the bank. The form comprises of some basic questions related to your personal and official life. It asks for your name, occupation, photos, residential address, contact numbers, ID, income information etc. You can even open the account as joint but it requires the signature of both the persons involved.
4. You will have to provide with the references as well to the bank. If you have an existing account holder in the same bank, then you can ask them to introduce you so that you can open the account as quickly as possible.
5. Once you fill in all the details in a form, you will be asked to submit them so that the process of verification can begin. Along with the form you will be asked to provide some documents as well so that it is a proof that you are the person who wishes to open an account in the bank.
6. Once the formalities are over, the bankers will verify with all the details provided by you. They will check down all the information you have written down. Only if they are satisfied, you are allowed to open the account.
7. The account will be then opened for you and you will have to deposit with some amount initially. Once you drop the amount to them, you will be given a check book, pay-in slip book and a pass book if you have availed for a saving account. If it is of fixed type, then you will be provided with fixed-deposit receipt and check book if it is of current type. In this way you will be able to maintain your transactions that you make.

Bank account is necessary for all the businesses and humans as this is the way you can keep your cash safely. There are times when bank accounts might get blacklisted in ChexSystems and it can be hard to find a bank account for bad credit. Almost all the bank will deny opening an account for you. But there are certain banks which might offer bank account for bad credit and all you need to do is to make some research with the help of internet. But the bad credit bank accounts have certain rules and regulations which you will have to follow so that you can improve your bad score into a good one. Before making a step towards it, you will have to make a thorough research on the bad credit bank accounts offered by various service providers.

Almost all the business today needs a good bank account so that they can carry out all the work smoothly. With the help of bad credit accounts, you can improve your credit score drastically. Once you get access to such accounts, you will have to take advantage of that and begin using the account in the right way. Only when you use the account according to the rules, you can have a good score in the end. In order to know about the best account, you will have to read about all the policies properly and clearly because the policies varies from one bank to the other. The initial step to repair your credit history is by making a proper plan of what you need to achieve. You really will need some patience to build the credit history. You will have to get the current credit copies from the 3 major credit agencies which are:

• TransUnion
• Equifax
• Experian

You will have to make a list on the debts that you have so that it can help you clear about how much and to whom you owe. Once you get the reports, you will have to check for the information written on it. You will have to check if there are any errors in your credit report. If there are, then you will have to report them immediately so that it helps you to improve your credit history. Then next, you will have to pay all the bills on time and avoid having any more debts. Even if you have debts, you will have to pay them on time and clear them up as soon as possible. An account holder of poor credit should always sustain their bank accounts carefully. They will have to be cautious at every single step. One must move on with secured bank credit-card which is backed with some money. It is always advisable to pay off all the bills on time and clear out all the debts. A good credit score is one essential thing which is required by every individual in order to face the hard times. Only when you possess a good score, you will be able to get loans from banks as well as other financial sectors with low interest rates. Many banks will be ready to offer with you awesome loan packages. You should pay off all the dues associated with your credit card and always check for errors form the credit reports. File an error immediately when you see them in your credit report. Avoid stuffs like: possessing high limits on your credit card, low credit scores and multiple applications for your credit. One must never hold too many credit cards as this has a high impact on the credit score.

Businesses either big or small, they need a separate bank account in order to maintain all the business transactions. You can even have an online business bank account so that you don’t have to go all the way to the respective bank. You can do transactions from the place where you are living and all you need to have is an internet connection along with a computer. Since there are many providers offering best small business bank account, it is really hard to find the perfect one. A best small business bank account has many benefits as it assists your business in maintaining all the transaction records.

Before you decide to step into it, you will have to make a thorough gen up on all the facilities offered by the bank. Once you decide about the small business bank account which you need to go with, you can fix an appointment with the bank officer for further formalities. You will have to prove with various documents that you own a business. If you are the sole proprietor of a specific business, then it is mandatory to show a certified copy of your business to the respective bank. If you have any employees working in your firm, then you can even open up a corporate bank. The formalities for corporate accounts differ from a normal business account.

When you own a business, it might be hard to always make transactions through direct banking. This is why many business and other potential clients prefer online business bank account as it is completely simple and easy. It saves a lot of time and sustains all the records. You can now focus more on your business rather than your account transactions. You can fill the necessary details of an application form in order to open a virtual bank account. When you run a business, it becomes necessary for opening up an online account so that everything goes smoothly. It can be difficult to maintain more than one bank account. It becomes complex but with certain online tools, it becomes easy to manage even many accounts. All you have to do is to make few clicks on the screen. There will probably be no extra paperwork and unloads a lot of burden of a business. It is more convenient and easy to handle all the financial records. You can access your bank account at any time and this becomes a big time advantage. Next advantage is that, almost all the banks will have the facility of giving alerts through either emails or short messages. Alerts can help you to know about the transaction made. No matter where you live, you can make transactions. When it comes to smart phone, it becomes even more convenient to use as there are lot of apps developed for it. You can just download them and begin to use. They are user-friendly and have a lot of features. It is necessary that you make a complete research on the specific bank you choose. Look at all its facilities given to the customers so that you don’t have to regret later for choosing the wrong bank. You can either check through the official bank website for its reviews and ratings. Also take a look at all the public comments about the bank so that you can know the real story behind the bank. Once you move on with online way, you no more require paper work regarding the financial things. You can maintain everything online and take prints of various transactions made in a particular month. But make sure that the bank has the facility of taking online statements.

Savings are always necessary for a human being because this is the only money which helps you in your bad times. All the banks offer savings account facility and you can even earn interest on the amount you add in it. There are many types of savings account like for example: health saving account, fixed deposit savings account, instant access savings account etc. Apart from the savings account a virtual bank account that attracts the customers. Let us know in deep about these things.

What is a health saving account?

This type of account follows the concept of “self-insuring”. It helps you in maintain all your expenses that are associated with your health. The balance is completely owned by you and you can withdraw the cash from your account for certain qualified expenses related to health. A big time advantage is that these accounts are completely tax-deferred. You can reduce your charges of your health insurance by getting this plan. It helps you in saving cash which are been spent for whole lifetime.

What is instant access savings account?

With the fast moving world, this account has become a necessity for a common man. It is undervalued and assists you in gaining grip during weak economy. You will have to make a complete research on this type of account offered by various service providers so that you can get the best returns at the end. You will see an instant access saving account with various interest rates. With certain tolls, you can make a comparison so as to find the best account that suits your needs.

What is virtual bank account?

Things have changed a lot with the help of internet. Internet has been giving multiple facilities to customers. With internet, you can do shopping, order your favorite meals, buy shares, educate yourself and many more. When it comes to banking, how cannot internet help you? It definitely does. This concept is often called as virtual banking. It is really hectic to go all the way to a bank and get your number and sit down until they call out your number. You need everything to be quick. You can use the service with the help of a computer or laptop or a phone. All you need to have is just an internet connection. Technology has been always helping banks and other financial sectors to a large extent. Today you can see all the banks getting connected to internet so that they can provide the best as well as easy services to customer. Only when they provide good service, they will be able to gather more and more customers. It is convenient for every customer to use and saves a lot of time. You don’t have to walk all the way to a bank just to make some transactions. You can be anywhere and it can be at any time. All you need to have a computer with an internet connection. Today virtual banking has been used by almost all the customers and businesses. In fact this is the easiest and simplest way to bank. Since there are many scams happening out there in online, there has been a huge misconception by people that online banking is unsafe. It is true that scams happen every day but it is completely secured to do with the official website of a specific bank. Remember, you must never ever do the mistake of replying bank details through emails because scams can happen in mails and not with the official website. Thus these are the things you should know about the virtual banking.

There are many factors which one must know about the savings accounts interest rates before opening it. You need to research about various things so that you can pick the best savings account suiting your basic requirements. The savings account interest rate will differs depending upon the economical condition of a country. The rates can be low or high, it completely depends on the place where you reside. When you really have lot of cash piled with you, rather than investing in stock market with the intention of making it double, you will have to drop them in best bank with high savings account interest rate. They are the safest place to let your money grow over time. They are also insured by FDIC (federal Deposit Insurance Company) which means that even if you bank fails to take guarantee for your money, then FDIC will. You can earn interest based on the money you drop in the savings account. The more is the amount of money; more will be the interest because the banks operate on tiered levels which literally means that you can have your money grown based on the money you deposit in your savings account.

The savings accounts interest rates will differ from one bank to the other and can be classified in to 2 types which are: Fixed and variable interest rates. The fixed interest rate is the one whose value doesn’t changes till the time period of the account ends. Once they are fixed by the bank, they are constant and will be carried out till the term ends. The variable rates are the ones which will change over time and it completely depends on the current market value. It can either increase or decrease. It will entirely depend on the present economical condition of the country. They are little riskier to take because you might end up paying more sometimes if the interest rates raises. This is the reason why fixed ones are better.

Most of the savings account will have different requirements and it will vary from one financial institution to the other. Some will ask you to have low minimum balance whereas few banks will ask you to have high minimum balance. There are certain banks which will entice you with high interest rates but they might have hidden charges which one might not be aware of and hence don’t go for it blindly. Investigate about the banks and the associated bank account properly through online website or through local newspapers or through reviews or through people whom you know. There are also certain banks which will ask to have limited transactions in a month for your savings account and if you exceed the limited transactions, then there will be penalties. You need to know the entire details of the saving account associated with a specific bank.

Monthly savings calculator

When you have your savings account opened, definitely maintain it is really important. There might be complex calculations connected to it and hence you will have to use monthly savings calculators which are there in online for free and can be downloaded at any point of time. There are many online websites offering these calculators with advanced options. They are user friendly and completely easy to use. You don’t have to remember any more mathematical formula. You need to just input with certain values in the associated fields in order to achieve accurate result related to your savings account. The calculator will help you to know about amount of cash deposited in a period, intervals in your deposit, annual return, savings balance, inflation rate etc.

There are many things associated with the question what is a savings account, that one would literally get perplexed if they are a newbie. Before investing your money in savings account, you will have to know about certain basic things which can help you. This article completely concentrates on savings account for children and savings bonds.

Savings accounts for children

The price of everything today is growing and it is getting difficult for a common man to make ends meet. It is really important to save now for your children so that it can help them a lot in future. It is every parent’s responsibility to save for their kid’s future. The money which is saved now for your children can later be used on their expenses and education. There are many banks who are readily offering the customers to open a saving account for their kids. Look for the ones that have best saving rate. Only if there is high saving rate, you can yield high on your savings account. It is highly recommended to open the accounts in banks as they are completely safe. Saving the money in banks is completely secured and there is guaranteed return as well. You can earn with the interest rate offered by the bank. This is one of the ideal reasons why parents open a savings account for their kids. It will help the money to grow with the help of interest rates.

There are some parents who feel that keeping the money in house is rather safe than keeping it in banks. But this is completely riskier because there are chances of your home getting robbed and there may not be anything left. All you can do is sit and regret for the money you have lost. If the money is deposited in bank, then it will be insured and in mean time it will increase as well. It completely depends on you as to how you want to save your money for your kids. Your responsibility doesn’t end by opening and depositing cash in the savings accounts for kids. You will have to teach your kids as to how to deposit the money you earn in the bank’s savings account. You will have to teach the importance of saving money to your kids and how can it be used during emergencies.

Savings bonds rates

The savings bonds are a kind of security which can earn interest for about 30 years. They are payable only to the associated person who is registered. It cannot be resold but you can cash them out after 1 year and if you redeem before 5 years, then you will have to pay a 3 months interest penalty. The saving bond rates can be of 2 types:

• Fixed
• Variable

The fixed is the one whose interest value doesn’t change until the time period ends. The interest rate that is fixed in the beginning will remain till the end. The variables are the ones whose interests change with respect to time. It can either increase or decrease based on the current market conditions. The savings bond issued by government can be of 2 different types:

• I bonds
• Series EE patriot bonds

I-bond is referred as the inflation indexed bond. The interest rates are fixed for the entire term. Each month the I-bond’s value increases, the interest will be compounded semi-annually. These bonds are generally used for paying the college fees as there are 100% free from the federal taxes. The series EE patriot bonds are generally referred as “war bonds” and have the interest rates as variable type.

The savings accounts rates vary from one financial institution to the other. There are people who might not know “what is a savings account”. This article can help you know better about the savings accounts. Before opening it, you will have to find out the best savings accounts rates offered by the banks that meets your requirements. You can look through various websites which are related in giving the best savings account offered by the banks. You can shortlist few service providers and compare them with the tools. Once you pick an appropriate bank for opening the savings account, you can use the savings account calculator to manage everything easily. There are many benefits of using these savings account calculators. They are readily available in online and can be downloaded for free.

What is a savings account?

A savings account is an account through which an account holder deposits money and in turn the bank pays him or her interest. It is the best way to earn interest and since it is bank, they are completely secured. As you put more money, the more is the interest rates. Banks will have various tiers on savings account which literally means that based on the money you have in your account, you will be earning interests. When it comes to risk factor, it is completely low. They are not like stock markets and other money market funds. Since the banks are reputed and trustworthy, the money you drop in is completely safe. To find the best savings account, you will have to do a complete research with the help of internet and also by knowing things from people whom you know. The following are certain things which you need to look for before opening a savings account:

• Rate of interest: The first initial thing to look for while opening savings account is none other than the interest rates offered by the financial institution. If the interests are high, you can take them so that you can have a high return in the end. You can earn good amount on the balance with high interest rates.
• Minimum balance: The balance requirement differs from one bank to the other. Certain banks will ask you to have high minimum balance, whereas some requires you to have low minimum balance. It completely depends on the financial institution. There are certain banks which puts a penalty if there is no adequate minimum balance. Look at this feature properly before opening a savings account with a bank.
• Transactions: Look for the transaction fees charged by the financial institution. There are even certain banks which puts a limit on the quantity of transactions which you can make with your account in a month.
• ATM card: Know if you will be able to access an ATM card for the savings account because there are times when you might want some money and accessing your savings account with an ATM card can really be very helpful.
• Check Book: When you literally don’t carry cash, then check books can be of great help. Make sure that the bank provides a check book for your savings account so that you can take out the cash at any point of time.
• Online facility: Today in this fast moving modernized world, definitely you will want things to be quick. You will never like to wait. With the advancement of internet technology, the banking system has been entirely changed. The savings account that you open can be accessed through online. Check if this facility is there in the bank. with online, you can access your savings account without going out.

 

The savings accounts will be opened by an individual when he or she wants to save cash for the future. It is always best to get the high interest rate savings account so that one can get high yield in the end. A saving account can be opened in 2 ways:

• Directly by visiting the bank and carrying out all the formalities
• Open the internet savings accounts which is far more convenient than the traditional way

Before opening an account, you will have to investigate a lot of things about the financial institution so that you can get the best savings interest rates. Don’t stop yourself by looking for one or two service providers. You can gather lot of information about many banks from the internet. From the whole lot of service providers, you can shortlist a few and then check them with the help of online comparison tools so that you can get to know about the best savings interest rates. Don’t limit yourself with the comparison websites alone, you need to meet the official website of those financial institutions and find the exact interest rates offered by them. Make sure it is able to fulfill all the basic requirements. If you literally feel that going with that particular bank is right, then you can visit its website and open a free online bank account. There are many banks who offer the facility of opening a free online bank account so that a customer feels completely convenient in making transactions.

Benefits of internet savings accounts

• Low cost: The internet saving account has less cost and charges associated with them when compared to the physical banks. It is absolutely free or even if there is cost, then it is completely low.
• High interest rates: The savings account opened through online banking system will basically offer you high interest rate on the funds that you maintain in your account. However, not all the online accounts will offer high interest rates on the accounts.
• Easily accessible: The main advantage of using the internet saving account is that, it can be used at any point of time despite of the location. All you need is a computer and an internet connection. You will be able to easily access the account you have from any part of the world.
• FDIC insurance: Almost all the savings account which is based on internet will provide FDIC insurance which literally means that FDIC will secure you money even if the concerned bank fails.
• Special offers: when compared to traditional way of banking, online banking offers a lot of hot deals and discounts. You might find deals comprising of high interest rate on the savings account. You can garb one once you see these offers. This thing doesn’t happen with traditional or direct banking.
• Unlimited free transactions: Almost all the online banks offer free transactions to be made by a customer. They do not set any kind of limit on it.
• Free checking: There are many internet saving accounts which provide free checking with the savings. It lets to write checks down as well as schedule the electronic debts from an account rapidly and easily.
• 24 hours around the clock: Almost all the banks in online will give the facility of accessing it for 24 hours in a day including the holidays as well. This feature may not be there with traditional or direct banking system.
• No travel: You can sit in your comfort zone and access your account. You don’t have to roam all the way and reach to the bank just for making a transaction.

A saving account interest rate differs from one financial institution to the other. Look for the high interest rate savings account so that you can earn a high yield at the end. The high interest savings account is an account where you can place your cash at complete security along with an income.

What is high interest savings account?

The high interest saving accounts is a kind of account that helps you in earning interest based on the cash you deposit. Every bank makes massive money by issuing various loans to the borrowers. The borrowers will have to pay the loan amount as well as the interest rate. To loan some amount of money to the lender, the bank must have cash first. For this, the banks will operate on savings accounts programs. Only when many customers drop their money in the savings account of a specific bank, the money will be used by the bank to lend it to the people who are in need. Any savings account that yields you 1% or more interest on the amount, then it is referred as high interest saving accounts. Since the banks will want more and more customers to drop their money into their savings account, they will most probably not charge any kind of fee. But there are certain banks as well who charges for the service offered by them. There are even banks who want their savings account holder to have high minimum balance in order to get the most out of their high interest rate savings account. Before deciding to drop your money in the savings account, you will have to consider about the inflation at first. Inflation is nothing but devaluation of money or currency due-to printing of more currencies. As the economy grows, central bank has the rights to print more currency without causing any inflation.

People always will want to save some money for their future. High interest rate savings accounts can indeed be the best option to go with. Savings are very important as they can be used in emergencies like accidents, buying a new home, car etc. Though there are many financial institutions through which you can save your money but normally people will prefer banks in order to save their money. The reason for choosing banks can be of 2:

• Depositing the money in banks is completely safe and secured.
• One can literally earn cash on the deposited amount with the help of high interest rate.

Depositing the money in savings account will grow every year depending on the kind of scheme one selects. To select the best bank for saving your money, you need to look at the interest rate offered by them. Apart from interest rates, you will also have to look at various factors as well. You need to gather as much information you can about the bank so that you can literally come across various things associated with the bank. You need to look for the minimum balance which is expected by a bank from an account holder, its liquidity, market rates, transaction charges and graduated savings. These factors will help you to know if the bank is really worth to open a savings account. The graduated savings and money market interest rates will help you yield high if you invest a huge amount of cash in the account. Apart from all these, you need to check the APY (Annual Percentage Yield) as well. You can look at various online websites which can help you in knowing about the various interest rates offered by banks on savings account.

Savings account opened with reputed and trustworthy banks are the safest way of investing your money. It is completed secured and helps you to lock your money. There are many types of savings accounts like: joint savings account, regular savings accounts etc. You need to pick the savings account that suits all your requirements. Before picking one, you need to look at the saving account rates. You need shortlist certain financial institutions and then compare their saving interest rates with the help of comparison tools. The saving account rates vary from one bank to the other. Some banks might have high saving interest rates whereas the others might have low rates. Investigating the bank is really essential so that you can decide accordingly if it is really worth to drop your money in that specific bank.

How to compute saving account interest rate

• The initial step begins with consulting the recent bank statements in order find the average balance present in the account and rate of interest paid in a month.
• Secondly, you will have to divide the rate of interest which is paid by average balance in the account so s to calculate the monthly interest.
• Thirdly you will have to multiply the rate of interest in a month with 12 so as to get the annual rate of interest.
• Finally multiply this annual rate of interest with 100 so that the decimal value is converted into percentage.

The interest rates grow when you drop in a lot of cash in the savings account. Almost all the banks will pay you the interest at every month.

Comparing savings account rates

Use the reputed comparison website like Bankrate.com so that you can get to know which the best interest rate is offered by the financial institutions. It will help you to know about the interest rates, charges or fees, minimum deposit etc.

With the help of comparison websites, you will have to shortlist certain bank accounts whose interest rate entices you. Then you can visit the official websites of those shortlisted financial institutions and get to know about them in detail. Knowing about the interest rates exactly from the source is better because certain comparison websites might not have updated the interest rates of certain banks which have changed.

Get to know how the Annual Percentage Yield works. It is generally referred as APY. The APY is deeply connected with the current interest rates and thus you will have to know about them as well. APY is the interest amount earned with the account after a year. The savings account will basically make use of compound interests which literally means that each time the account holder pays an interest; it gets accumulated with the prior paid interest rates. In this way, one will be able to get high return after 1 year. APY is the most useful figure to look for when it comes to savings accounts. As there are many accounts with various interest rates, this APY will take the differences in consideration.

Apart from the interest rates, you will have to look on other factors as well. It is not necessary that the account which is paid with the high APY is an ideal option. No! There are some accounts which charge some hidden fees as well even if the APY is good. Hence you will have gather as many information about the bank so that you can know if it’s suiting all your basic requirements and will it be really worth taking the savings account with that particular bank.