All about savings accounts you should know

Once you finish the process of opening a bank account, you will have to start with some savings for your future. You shouldn’t spend all your cash down. Bad times can befall you at any time and there is no guarantee for how long a good time can exist. Hence you will have to be prepared for your bad times as well. This is why saving accounts by banks have been introduced. There are even high yield savings accounts with which you can earn good returns. Let us look about it more.

What are high interest bank accounts?

Holding on your money has become little hard these days because the prices of almost all the commodities have reached its pick where saving has become quite impossible for a common man. Investing in stock market at such financial condition can really be foolish because the market rates are fluctuating and with the thirst of making your money double, you will end up losing all. This is when high interest bank accounts come to rescue. There are many banks offering such facilities to the public. We must be wise enough to pick the ideal one that suits all our needs. With such accounts there will be 100% guaranteed income and they have less risks. You can earn the interest on the amount you deposited and since it is bank, they are completely safe.

What are high yield savings accounts?

These types of accounts are for people who don’t want to take high risks but still want to possess a sturdy income. There are many savings account which offers high yield and hence you will have to make a thorough research on them so that you can be sure that you are picking the ideal one. Some of the banks that offer high yield savings are as follows:

  • Discover Bank: This bank offers about 1% rate of interest when you at least sustain 500 US dollars in your account. It is well known and reputed bank with complete security.
  • Ally Bank: It also offers high yield when it comes to savings account. This bank offers about 0.89% interest to the public. This bank has positive feedbacks from its customers as there is no requirement of having a minimum balance.
  • ING Direct: This is yet another bank which offers good yield and is trustworthy for the dropping your money in. It offers an interest rate of about 0.85% on the cash you deposit and doesn’t require any minimum balance.
  • Ever Bank: This requires you to have a minimum balance but the yield is really high and offers about 0.76% interest rate. You are supposed to have a minimum balance of about $1500.
  • FNBO Direct: This offers 0.70% interest and it does not require any balance in the account you open with them.

Before you decide to move on with the accounts, you will have to examine with all the things. You must know about all the charges involved with the transactions.

What is savings account interest calculator?

When it comes to savings, definitely you will have to maintain the account with calculations. Sometimes calculations can really be very complex and this is why the savings account interest calculator has been introduced in the market. They are there in online and can be readily downloaded. It helps you in knowing about the future earnings and assists in customizing the financial situation. It helps in making complex calculations easier for you. You can even calculate the compound interest which you can earn on the cash you have saved in the bank. Before you download one such calculator, you will have to check about its reviews and ratings.

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